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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

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.

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. 

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Cloud Accounting While Traveling

Recently, I traveled to Costa Rica for two weeks on vacation. While it was not an opportune time to travel, the time was needed to recharge and experience the sun, nature, and beaches of the Nicoya and Central Valley.  The plan was to do some work to test the cloud accounting while traveling experience of working while away in an exotic locale.

However, I mentioned to my business partner, Mike Widdis that I was skeptical on how this would work.

My Doubts Included:

  • How good are the wireless connections?
  • Can I really get motivated at the beach, beside the pool, in the hotel?
  • Will all my programs and connections perform adequately to be productive?
  • Does working abroad, in the cloud, really work?

Did it Work?

After a few days of exploring, parties, and R&R, I found myself in the village of El Castillo, in the shadow of Volcan Arenal. After a few ill-fated attempts at the wireless, I was connected and… getting some things done! Before long I was working on a QBO customer, publishing Hubdoc receipts and reconciling bank accounts. My biggest challenge was dodging the direct sunlight so I could see the screen! All in all, life is good if dodging the sunlight was my only struggle. There were moments when I looked over my shoulder and smiled at my accomplishment and reaping the benefits of cloud accounting as Arenal loomed not too far in the distance.

I can now profess that working on cloud accounting while traveling can produce results. Choose your location carefully, make sure your connection is strong, and hunker down for a day of work. When you are done, take a dip in the ocean/pool, have a cold drink, and enjoy your playground.

Get your head in the cloud, what app are you waiting for!

Pura Vida

Traveling

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Firm of the Future

September 20, 2016–CAMBRIDGE, ONTARIO: UpSide Accounting places runner-up in Intuit Inc.’s Firm of the Future 2016 contest. Firm of the Future winners are selected from an international pool of accounting firms dedicated to dynamically changing the landscape of business bookkeeping from a necessary service to a supporting role in the clients’ success. As a runner-up in the Firm of the Future contest, UpSide Accounting is being lauded as one of the top 20 forward-thinking firms supporting small business on an international stage.

Contest entrants push the boundaries of traditional accounting with cloud-based accounting and value-based billing, enabling the firm to serve progressive small business owners from anywhere. UpSide Accounting also provides support to clients with business development consultations in addition to financial management. Incorporating technological advancement into their regular workday–like apps and social media communication–allows UpSide Accounting to meet with clients on their terms, and speaking the same language.

While UpSide Accounting takes the initiative to train clients on cloud-based accounting apps, new clients seek them out because of this specialty. The increased efficiencies provided by cloud accounting allows the partners to engage with clients anytime, on any platform, “We always tell our clients that we won’t charge them for a five-minute phone call because we want them to save money and be confident that they’re doing the right thing,” says Mike Widdis, CPB at Upside Accounting.

Over 95% of UpSide Accounting’s clients use cloud-based accounting software and third-party apps to conduct business. However, Widdis says, the most noticeable difference between forward-thinking firms and traditional isn’t so much the technology as it is the company mindset. Accountants embracing technology are talking to each other and learning together as equals rather than distancing competition. “We have a niche clientele,” says Widdis, referring to their client-base consisting of creative start-ups and solopreneurs, “and we will send clients who don’t fit that to firms better suited to their needs.”

Intuit Inc.’s Firm of the Future contest is open to cloud-based accounting firms using Intuit financial management solutions in Canada, Australia, The United Kingdom, and The United States of America. The top prize is $10,000 USD and the winner is chosen by public voting committee from 4 finalists – one from each eligible country. Fifteen runners-up are selected from the international pool of entrants and are awarded $2500 USD.

About UpSide Accounting

UpSide Accounting supports startups, entrepreneurs, and solopreneurs with customized financial and business solutions, providing a rich source of support for businesses at every stage. The greatest source of career satisfaction for partners Mike Widdis and Phil McTaggart rests in their open communication platforms which straddle the traditional lines and ever-evolving social media. Embracing cloud-based accounting techniques and third-party app efficiencies puts UpSide Accounting on the leading edge of frustration-free accounting and business management skills to suit every definition of success.

Intuit’s Press Release

UpSide Accounting - Firm of the Future

UpSide Accounting – Firm of the Future

Contact Us!

Mike Widdis and Phil McTaggart 

Website: www.upsideaccounting.ca  

Address: 10 Queen St. W, Cambridge, ON  N3C 1G1