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Work from Home Like a Boss

It has become more common to work from home. Working from home has many benefits – but it also has some downfalls. Although it offers flexibility and convenience, it can also get lonely and be less motivating. After reading our tips, you will master how to work from home like a boss!

Create a Motivating Workplace

The most important step is to create a motivating workplace at home. First, choose an area of your house designated as your home office. Then place everything you need to conduct your daily tasks in that area. Once you have collected everything you need in your designated workplace area, make sure to keep it well organized. If your space is aesthetically pleasing, you will feel more organized, in control, and relaxed.  Any clutter will distract you and make you feel less productive. Another good idea is to decorate your workplace with motivational art or plants to make the space more lively.

Simulate a Beginning and End of Workday

It can be difficult getting yourself in and out of a work mindset. Since you’re not physically entering or leaving a business office, it can be a challenge to dive into work at the beginning of the day and to leave your work behind after the day is done. You can avoid this by simulating a beginning and end of your workday. For example, before your shift starts and after it ends you can go for a short walk around your block. This will help trick your mind in believing you have traveled to work and back home. A little exercise is also good for clearing your mind and increasing concentration (who knew?!).

Change it Up

Sometimes it can get boring or lonely working from home. That’s why working at a local cafe for the day, or even for just a few hours, can make all the difference. Being at a fresh new place and surrounded by people may be all you need to feel more lively and productive.

Use a Chatting App Between Co-Workers

Since our team at UpSide works remotely the majority of the time, we have discovered effective ways to stay connected. The collaboration hub that we use to chat is Slack. Slack allows you to instantly send messages to your co-workers and get back to each other faster than emailing. You can also create group conversations between your entire team or select people. It’s great for keeping in contact with your team if you aren’t always in the office to speak face-to-face.

If you work from home, you will understand these daily challenges. We hope that by reading this you learned some tips on how to work from home like a boss by staying productive and motivated! If you want to learn more about what we do, please contact us and we would be happy to chat.

Stacey Leonard No Comments

5 Ways Bookkeeping Eliminates Stress

Bookkeeping eliminates stress in many aspects of your life. At UpSide, we believe entrepreneurs should enjoy work time and family time. Why limit yourself? Experience business growth, be present, and make your life an adventure.

1. More Time Spent with Your Family

Do you find that you are missing family events, time with friends, or constantly being late for dinner? By having a professional take care of your bookkeeping, you will be surprised by how much time they save you. That way you can spend more quality time with your family and loved ones.

2. Have Piece of Mind that Your Finances are Handled

If accounting is not exactly your forte, then handling your business’s finances can be a huge burden. Worrying about your taxes for the CRA and getting audited can also be stressful. If this sounds familiar, then having a professional handle your taxes and bookkeeping eliminates stress (yay!). More importantly, you can trust that your taxes are being filed correctly and that your tax returns are being maximized (double yay!).

3. Spend Work Time More Efficiently

Moreover, instead of dedicating critical work time on your books, you can spend your time more efficiently on what matters most. This can include sales, operations, networking, marketing, and more. Get back to what made you so passionate about starting your business and continue spending your efforts on growing it.

4. Be More Present Outside of Work

Furthermore, having a professional bookkeeper means that you have someone to talk to about your finances. At UpSide, we are here to listen and give you advice. This means that you can keep your business and personal life separate – as it should be! We give you someone to talk to so that you can spend meaningful time with your loved ones (and talk about something other than your business for once!).

5. Get Advice when You Need It

Lastly, our team at UpSide will listen to your worries and give you business and financial advice. We are here to help your business’s growth and success. In addition, your bookkeeper will be familiar with your financial situation. This means that they can give you professional advice on ways you can improve your business, both in the short-term and long-term.

We know that being a small business owner can be stressful. However, we strongly believe that bookkeeping eliminates stress. At UpSide, we take care of your books so that you can spend your time on what matters most to you and for your business. If you are a small business owner looking to relieve stress, contact us and we can see if we are a good fit.

Stacey Leonard No Comments

Benefits of Cloud Accounting

There are several benefits of cloud accounting. If you do not know what cloud accounting is, it is accounting using software that is hosted on the cloud, or rather, online. Cloud accounting thus differs from the traditional accounting software hosted locally on a computer’s hard drive. Most importantly, cloud accounting holds many benefits over traditional accounting.  Read further to discover the many benefits of cloud accounting.

No More Hoarding Receipts

Is one of your pet peeves having to store physical records of all your business receipts? If so, I have good news for you! There is no longer a need to store physical records of your business receipts. For cloud accounting, you use receipt apps like Hubdoc and Receipt Bank and simply take photos of your business receipts. They are then stored digitally on your chosen receipt app that is accessible by you and your accountant.

Available Anytime, Anywhere

Since your data is stored in the cloud, it is available anytime, anywhere. This means that while you are traveling, whether it be for work or pleasure, you can still access and manage your business’s financials. Moreover, you can submit your business receipts immediately instead of hording them for the entire trip.

Real-Time Overview of Financials

Another one of the many benefits of cloud accounting is that your data is able to be updated in real-time. This allows you to have a clear overview of your current financial position. By being able to access your financial data and information quickly, you will be able to make more informed business decisions with less delay.

Greater Efficiency, More Time Spent Where it Should

Cloud accounting software has automatic updates so you can spend more time doing what you love. Furthermore, the time saved from eliminating the need for sorting receipts and driving them over to your accountants office means more time spent where it should. Instead, the minute you get your receipt you can quickly take a picture of it on your receipt app and then forget about it. Let the receipt app do the sorting and labeling for you. On top of that, you no longer have to worry about downloading and emailing or printing all of your business bank statements on a monthly basis. Cloud accounting software such as Quickbooks Online or Xero and receipt apps connect to your bank accounts and update your transactions and statements in real-time.

Save Money

Another one of the benefits of cloud accounting is that you are able to significantly reduce upfront business costs. Cloud-based software does not incur costs such as upgrades, maintenance, system administration costs, and server failures like those associated with traditional software.

Environmentally Friendly

Cloud accounting facilitates a paperless environment by eliminating the need to physically store paper documents. This is beneficial not only to the environment, but also from a cost and office space perspective.

Security

As a small business owner, there is much concern about the security of the cloud. Contrary to popular belief, the cloud is actually a more secure way of storing information. There are several reasons for this. First of all, cloud accounting software has automatic backups. This ensures that your data is never lost and ensures that your information is always protected and accessible. Secondly, if your device is stolen, no one can access your data without your login information. This is because your data lives online instead of on your hard drive. Finally, in the event of a fire or natural disaster, your data is not affected because all of your information is securely stored off-site. As long as you have access to the internet through a computer or mobile device, you are good to go.

The cloud is the future and it is important for your business to keep up and work smarter and faster. Cloud software can save your business valuable time and money. If you want to learn more about growing your business and maintaining a competitive edge, please contact our team. We would be pleased to help you through this transition smoothly.

Stacey Leonard No Comments

Tax Deductible Expenses for Small Business Owners

Being a small business owner allows you to have many tax advantages. With tax season nearing an end, learn about some deductible expenses to keep in mind so you can maximize your tax return for the next tax season.

Advertising

All advertising expenses can be deducted if your advertising is directed at a Canadian market and the original content in the publication is 80% or more of the publication’s total non-advertising content. Otherwise, if it is less than 80%, you can deduct 50% of the advertising expense.

Business Tax, Fees, and Dues

You can deduct annual license fees and business taxes incurred to run your business. You can also deduct annual membership fees or dues if it is for a trade or commercial association.

Delivery and Freight

You can deduct delivery and freight expenses related to your business in the year they were incurred.

Insurance

You can deduct all commercial insurance premium expenses on any buildings, equipment, or machinery used in your business.

Legal & Professional Fees

You can deduct the fees you incurred for your business for external professional services or advice, including consulting fees. You can also deduct accounting and legal fees you incurred to get advice and help with your financial statements. Moreover, fees incurred for preparing and filing your GST/HST and income tax returns can be deducted.

Meals and Entertainment

The maximum amount you can claim for meals and entertainment expenses is 50% of the lesser of either the amount you incurred for the expenses or an amount that is reasonable in the circumstances. This limit also applies to meals when you travel for business. In addition, entertainment expenses include gratuities, room rentals, cover charges, and tickets and entrance fees to a sporting or entertainment event.

Office Expenses

The cost of office expenses for small items, such as pencils, pens, stationary, paper clips, stamps, and more can be deducted.

Telephone and Utilities

Expenses for telephone and utilities can be deducted if you incurred them to earn an income. In addition, if you have a home office space, you can deduct the proportion of your home utilities that apply to that space.

Travel

You can deduct travel expenses incurred to earn a professional or business income. These expenses include meals, public transportation fares, and accommodations.

For a more detailed, exhaustive list of deductible expenses and all limitations or exclusions, please visit the Government of Canada. If you want to find out more ways your business can save you money, feel free to contact us and we would be happy to chat!

Stacey Leonard No Comments

How to Successfully Target Millennials

Why target millennials you might ask? Well, the fact that there are 9.6 million millennials that account for 27% of the total population in Canada is reason enough (Doug Norris, Millennials: The Generation Du Jour). That means that millennials account for more than a quarter of Canada’s total population. Not only that, millennials are highly influential and trendsetters across all industries. Convinced yet? Keep reading for some tips on how to successfully target millennials.

Brand Authenticity and Ethics

Millennials place high value on brand authenticity and ethics. Your brand image and transparency plays a big part in their loyalty. Millennials generally are attracted to brands that contribute in a positive way to the environment and to society. Thus, you should find a small way to make a positive impact to society and promote awareness of this contribution. It can be as simple as using less plastic in your packaging or donating a small percentage of your sales to a good cause. Moreover, millennials seek brands that are transparent with their motives. In other words, if you advertise false or exaggerated product features or omit information and they discover this misrepresentation, you will lose their trust and loyalty. As such, it’s important for your brand to be authentic and genuine at its core.

In-Store Experience

If millennials aren’t online shopping in the comfort of their home, they want their in-store experience to be worth their while. In-store experience doesn’t necessarily have to be events or activities. It can take the form of friendly, knowledgeable, and helpful staff. It could also simply be providing free testers and demonstrations. The experience that millennials get from making a purchase impacts their purchase decisions and post-purchase loyalty and gratification. Whatever your brand image is, your customer should feel as though they embody your brand after making a purchase. For example, if your brand represents innovation and sophistication, your customer should feel innovative and sophisticated after making a purchase.

Convenience

As mentioned previously, millennials like the convenience of online shopping. It is becoming critical for businesses to have an efficient and user-friendly online website. Having a website allows customers to easily find your business and discover what products or services you offer. Convenience is a really important factor in the millennial customer’s buying decisions.  They will be more likely to buy a product online that offers free ship-to-your-door convenience, than purchasing the same product only available in-store or online with a shipping charge. Millennials favour products that offer maximum convenience at the lowest price. They want everything available to them at their fingertips, when possible.

Content Sharing Capability

As I’m sure you know, millennials love social media. They like to capture their experiences and share them with others. This is actually an advantage for your business! If you can provide an incentive for them to share their experience with your business or of your product, others will become aware and be more likely to purchase as well.

Hopefully you now have a better understanding about how to successfully target millennials. Truthfully, it’s really all about providing additional value beyond what they are purchasing. Interested in gaining more business advice? Contact us and we would be more than happy to advise.

Stacey Leonard No Comments

Build Better Business Money Habits

It’s an unfortunate reality that so many of us always wonder why our wallet is suddenly much lighter than we remembered not long ago. Developing better business money habits can help you save money and help create the lifestyle that you always dreamed of.

So why wait for the New Year or to pay off your debt to start saving money? Start now and you can begin seeing results sooner. Don’t wait for the “right time” because there won’t be one. Here are some tips to help save money now!

Keep Track of Receivables

One sure way to create better business money habits is to increase your collection of receivables. The faster you collect your receivables, the faster the cash flows into your business. There are a few ways you can do this. First, always try and follow up with customers to ensure that they received their invoice. This will either give them a friendly reminder to make a payment or, if they didn’t receive the invoice, give you the chance to send it over. If possible, an Accounts Receivable clerk should be appointed to manage the collection of receivables. This will further encourage fast collection of receivables if they are being closely and constantly monitored.

Another way to increase collection of receivables is to implement a sales contract with payment terms, such as 2/10, N/30. This means that if the customer pays their invoice within 10 days, they get a 2% discount off the original price. Otherwise, after 10 days they must pay the invoice in full and after 30 days interest is typically charged. By creating fast payment incentives and late payment consequences, you encourage the customer to pay their invoice a lot faster than if there were no payment terms. In addition, this also minimizes the likelihood of uncollectable accounts due to delayed receivables.

Discuss Payment Terms

Another way to develop better business money habits is to discuss payment terms with your suppliers. Your payment terms should be longer than or equal to your accounts receivable terms in order to maintain positive cash flows. Although, be mindful that you don’t want to delay your payment terms so much that you harm the relationship between you and your suppliers.

Start Small for Big Results

Don’t try and change all your finances at once. This will only create an impossible feat. Instead, identify the area of financial reform that will make the most significant impact, and focus on that. These small changes are easy to incorporate into your everyday life. Moreover, make sure that this area fits with your priorities so that you’re invested in the end result. Then, once you improve this area you can move on to other areas. Before you know it all of these small changes will lead to significant results. Some areas to prioritize in order to improve your financial life include:

  • Spending less
  • Paying down debt
  • Saving for retirement or a down payment on a house

Everyday Decisions Add Up to Larger Profits

Last, but definitely not least, the best way to save money and increase cash flow lies in your everyday decisions. By being mindful and making it a habit to save money wherever possible on a daily basis, you will notice your unnecessary expenses decrease which will lead to greater profits. Soon enough, you won’t even have to think about these decisions anymore as they will become a habit during your everyday life.

We know that saving money can be a difficult feat. Hopefully these tips will help improve your business money habits. Interested in learning more? Contact our team and we would be happy to advise.

Stacey Leonard No Comments

Bitcoin’s Rise: Should I Invest in Bitcoin?

Bitcoin is the flagship of cryptocurrencies. With Bitcoin reaching its all-time high combined with attractive future value predictions, it’s no surprise people want to invest. But the real questions is: when and how much? Although we can’t provide an exact answer, we can give you the information you need to.

Bitcoin’s Rise and All-Time High

“The bitcoin price set another all-time high yesterday, rising as far as $8,380 on bitcoin exchange Bitfinex after recovering from the post-Tether hack market volatility. The bitcoin price has since receded to $8,292, but this still represents a 24-hour gain of almost two percent. This provides bitcoin with a market cap of $138.4 billion, making it just larger than French “Supermajor” Oil and Gas Company Total S.A.”  Josiah Wilmoth, Bitcoin Price Sets New All-Time High as Crypto Market Cap Nears $250 Billion.

Bitcoin has dramatically risen from $966 on January 1, 2017 to a high of over $8,200 on November 22, 2017.  Everyday there is news fueling Bitcoin’s rise. This is caused by the increasing amount of prominent investors, billionaires, and fund managers who comment on Bitcoin. These knowledgeable individuals’ opinions generate public trust and interest.

All-Time High… For Now

“Billionaire and ex-fund manager Mike Novogratz has restated his belief that bitcoin will end the year at $10,000, adding that ethereum could close at $500.” Sujha Sundararajan, Mike Novogratz Doubles Down on $10,000 Bitcoin.

“Wall Street strategist Tom Lee raises bitcoin forecast, now predicts 40% increase.” Tae Kim, Wall Street Strategist Tom Lee raises bitcoin forecast, now predicts 40% rise.

As these predictions and comments become prominent headlines, more people are taking note and investing in cryptocurrencies. This only further fuels Bitcoin’s rise. While all of this is intriguing and compelling, investors should exercise with extreme caution.

Proceed with Caution

“As the price of the digital currency continues to smash through record highs, hitting $US8200 for the first time, a growing number of commentators are drawing comparisons to the dotcom bubble and even the Dutch tulip mania of the 17th century.” Frank Chung, ‘Every generation gets sucked in’: Bitcoin bubble worse than dotcom boom, price ‘should be $US100’.

“Finance chiefs say bitcoin is ‘real’ but many think it’s in a bubble right now.” Arjun Kharpal, Finance chiefs say bitcoin is ‘real’ but many think it’s in a bubble right now.

If you are considering investing in bitcoin or any other cryptocurrency: do your homework, proceed with caution, and prepare for volatility. Due to the risk of these types of investments, only invest what you can afford to lose.

Did you know? Here at UpSide Accounting, we accept Bitcoin! Contact us and we would be happy to talk more about Bitcoin or any other financial questions you may have.

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HSA Medical Expense Tax Deduction

As a small business owner, is there a way to save on tax using my family’s medical expenses? The short answer is, absolutely! There are a couple of different ways.

Eligible Medical Expense Claims for all Taxpayers

First, not only business owners, but every taxpayer has the right to claim eligible medical expenses on their personal tax return every April.  There are a couple of downfalls though.  The medical tax credit doesn’t kick in until you have more than 3% of your net income in expenses or $2,237 (whichever is less).  So, a taxpayer with an income of $75,000 would get no benefit from spending over $2000 on medical expenses.  Also, this is a credit, not a deduction, and deductions are always better!

HSA Deduction – Small Business Owner Benefit

One benefit of being a small business owner is that you can choose to have your business set up a Healthcare Spending Account (HSA) which is a deduction to your business income. Every dollar your business spends is eligible, no minimum like the tax credit. You get to choose the monthly amount that makes sense for your situation. When you have an eligible expense, you can submit the receipt and be reimbursed 100% from this account (up to the account balance). On top of that, this reimbursement usually only takes a couple of days! Moreover, even if your spouse has benefits from their employer, which may only cover a portion of the difference, can also be reimbursed from your HSA. It includes everything that you are out of pocket for yourself, your spouse, and all dependents.

There is a long list of eligible expenses on CRA’s website www.cra-arc.gc.ca/medical. Take a look, you may be surprised at the items that you may have missed taking advantage of in the past. Getting a HSA setup is just one way to maximize your hard earned dollars and save on tax. If you want to learn more about the HSA deduction and other benefits of being a small business owner, please contact us and we would be happy to chat!

Stacey Leonard No Comments

How to Become a Student Entrepreneur

We all know the struggles of being a student. Whether it’s relying on loans to get by, or living by the few dollars left in your pocket, money is definitely an issue. Even once you graduate, you might have years before all those loans are paid off. So how is it possible for any student to become an entrepreneur with all this debt? Keep reading, and we will demonstrate how you can become a student entrepreneur, despite your financial situation!

Decrease Student Debt

Loan debt is a huge problem for new graduates. Add on low starting wages and increasing housing costs, and it’s no wonder students have such little cash flow. Becoming a student entrepreneur is probably the last thing on their mind. However, the good news is that there are student loan forgiveness programs. Keep in mind though, that most of these programs are only for publicly funded student loans.

The Canada Repayment Assistance Plan (RAP) is for graduates who are having trouble making  their minimum student loan payments. This program allows you to reduce the amount you have to pay each month or eliminating the payment altogether. Every province has their own RAP, as well. Furthermore, if you’re a current student and have Ontario student loans, there are 24 grants and bursaries available to you through OSAP.

Canada also has student loan forgiveness for doctors and nurses if you’re working in a remote or rural area. Doctors can qualify for up to $8,000 per year in Canada student loan forgiveness for five years. Moreover, nurses can qualify for up to $4,000 per year in Canada student loan forgiveness for five years.

Increase Cash Flow

Now that you’re informed about how to decrease your student debt, it’s time to talk about the many opportunities available for financing your startup. Since accessing capital can feel impossible for students, governments and organizations offer secured loans and grants to qualifying young entrepreneurs.

Ontario Programs

There are several financial aids for becoming a student entrepreneur in Ontario. The Young Entrepreneurs Program Summer Company is just one example. The Summer Company program is for current students, between the ages of 15 and 24, who will be returning to school in the fall.  This program provides start-up money up to $3,000 to help you start and run a new summer business. Further, the program will connect you with local business leaders for advice and mentorship. Mike Widdis, Founder & Partner at Upside Accounting, was one of those mentors for this past Summer 2017.

There is another Starter Company Program for young entrepreneurs, between the ages of 18 and 29, who are not attending school full-time. If eligible, this program provides funding of up to $5,000 and connects you with a business advisor, mentoring from a local entrepreneur, and training for your business. In order to be eligible, 25% of the grant must be contributed in cash or similarly.  

The Youth Accerlator Fund provides funding through MaRS up to a maximum of $250,000! This program is targeting youth who have participated in university or college-based accelerator programs or who are currently enrolled in a Regional Innovation Centre Program. However, this isn’t mandatory if the other qualifications are met.

The Northern Ontario Young Entrepreneur Program provides funding that covers up to 85 per cent of eligible costs, to a maximum of $25,000 per project. In addition, it generally doesn’t have to be repaid. Residents of Northern Ontario, between the ages of 18 and 29 are eligible. In addition, the Youth Entrepreneurship Partnership Program provides money for not-for-profit organizations. 

National Programs

There are also multiple financial aids for student entrepreneurs across Canada. The Futurpreneur Canada Start-Up Program  is one example. This program is for young entrepreneurs, between the ages of 18 and 39, and are a Canadian resident with a good business idea. The program can provide $15,000 to help you start and run your business. There is also a similar one for newcomers in Canada.

Another method of financing Nation-wide is the BDC’s Young Entrepreneur Financing Program. There are two financing options under this program. You can apply for start-up financing if you’re in the startup phase of your business or within the first 12 months of sales. Alternatively, if your business has been operating for at least 24 monhs, you can apply for a small business loan. Under this alternative, you can receive up to $50,000 to support your business.

The Youth Social Innovation Capital Fund provides loans up to $25,000 to start or grow a business that is working towards achieving social or environmental goals. In order to be eligible, you must be between the ages of 18 and 29, and can be running either a for-profit or not-for-profit social enterprise.

Lastly, the Leadership Grant provides financial assistance for Canadian residents to support the starting or growing of a small business. An important note, Leadership Grants are not loans and thus, don’t need to be repaid.

Note, however, that these lists are not exhaustive. There are even more opportunities in Ontario and Canada-wide for student entrepreneurs. Additionally, be sure to check the the full eligibility requirements for all of the programs before applying. Thus, despite your current financial situation, it is possible to become a student entrepreneur. For more advice about becoming a student entrepreneur, contact us and we would love to chat!

Stacey Leonard No Comments

What is Bitcoin and the Blockchain?

Blockchain is the future of finance, and the future is right around the corner! With technology constantly advancing, it’s critical for your small business to keep up to date. Otherwise, you risk falling behind and getting lost in the past. To stay informed and learn more about Bitcoin and the blockchain, including its benefits, keep on reading!

What is Bitcoin and the Blockchain?

“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” – Don & Alex Tapscott, authors of Blockchain Revolution

So what is Bitcoin and the Blockchain that everyone’s talking about? A blockchain is a public ledger of all Bitcoin transactions that have ever been carried out. The completed blocks are constantly added to the growing blockchain in a chronological order. More specifically, the blockchain contains the full history of the transactions, where you can think of the blocks as being individual bank statements. Thus, the blockchain creates a permanent and unalterable database of all Bitcoin transactions.  Also, since the blockchain is decentralized, you can carry out Bitcoin transactions directly, without any third-party intermediary. In sum, the blockchain’s mission is to create more a open, fair, and accessible financial future.

Benefits of Using Bitcoin

“As revolutionary as it sounds, Blockchain truly is a mechanism to bring everyone to the highest degree of accountability. No more missed transactions, human or machine errors, or even an exchange that was not done with the consent of the parties involved. Above anything else, the most critical area where Blockchain helps is to guarantee the validity of a transaction by recording it not only on a main register but a connected distributed system of registers, all of which are connected through a secure validation mechanism.” – Ian Khan, TEDx Speaker

No Intermediaries

Wait, so we don’t have to wait for days for a transaction to clear the banks? That’s right! Bitcoin allows two users to make an exchange without the intermediation of a third party. As a result, Bitcoin transactions only take minutes to complete and are processed constantly. Hence, people around the world can now validate and transact immediately using Bitcoin. Moreover, by eliminating third party intermediaries, costly transaction fees will be minimized.

Decentralization

The blockchain consists of decentralized networks that are spread over millions of computers. Therefore, this eliminates the risk of a central point of failure or weakness. In effect, the blockchain is more resistant to malicious attacks since no centralized information exists for a hacker to exploit. The data is accessible to users all around the globe and is secured by encryption technology. Encryption technology is more secure because it uses randomly generated strings of numbers that can only be decrypted using a private key. This is much more effective in comparison to the common “Username” and “Password” security method.

Transparency

Any changes made to public blockchains can be viewed by all parties, which creates transparency. The data is public because it is embedded within the blockchain network as a whole. Furthermore, all Bitcoin transactions are immutable. This means that they cannot be altered or deleted, which minimizes fraudulent activity. Consequently, the transactions are internally audited through blockchain technology. In other words, small business owner’s won’t have to worry about keeping track of these transactions (say goodbye to hording receipts!). On top of that, the stress and pressures of an audit are reduced, since all of the transaction information is permanently stored.

High Quality Data

Lastly, Bitcoin transactions provide high quality data that is complete, accurate, timely, and universally available. Since blockchain technology records every Bitcoin transaction ever executed, it can also provide historical insight. 

Hopefully, after reading this you have gained some insight about Bitcoin and its benefits. In brief, the blockchain and Bitcoin provide endless opportunities to those around the world, such as secure cost- and time-saving benefits. At UpSide Accounting, we are now accepting the digital currency, Bitcoin! If you’re a small business that currently operates using digital currency, contact our team and we would love to see if UpSide is a good fit for you.