Do you know how to setup your accounting software for your business?
Many businesses get their new software package and install it on their office computers immediately but do you know how to setup the accounting software properly to gain maximum value? We at Debits & Credits can help you get your accounting software setup properly by providing some expertise to gain that maximum value. Let’s look at 6 different areas you will need to look at to get your business software setup up and running.
- Bank Statements required for all business accounts
Be sure to gather all of your bank statements either by paper copy or online banking. The statements are required to ensure that all transactions completed by the business have been entered into the accounting software. It’s important to know the opening balances and closing balances of accounts to setup to have original accurate books. If online access is not given, we have the ability to scan the bank statements and convert to excel for batch uploading into most accounting software. This is one of the top services we can provide for you at Debits & Credits.
- Invoices by Number
Numbered invoices are required to ensure all sales are reported as backup to provide evidence that you have reported your sales. If the invoices are stored in an excel spreadsheet there is a potential to operate on an accrual basis which may benefit some companies. You can also batch enter the invoices into AR which can be advantageous.
- Online bank access for speed
Improvements in technology now allow accountants to access your bank account which can be advantageous. A bank feed feature in your software can minimize data entry required as transactions can be uploaded directly from the online bank into the software and categorized all at once instead of individual transactions one-by-one. This will save you time and money. CRA remittances can be completed online through the CRA website in the same day instead of having to go into the bank.
- Deposit breakdowns
Deposit breakdowns are needed to verify groups of cheques that are deposited into the bank simultaneously. A bank statement will only provide the total. To reconcile the bank, these deposits must be matched by payments towards open invoices. Without clear breakdowns, accounting becomes less clear and disrupts the audit trail.
- Receipts paid in cash and non-business account
If you provide your accountant with a box full of receipts, this can be time consuming and relentless to go through. Transactions made through business accounts are already accounted for in the bank reconciliation process, however, payments made in cash in non-business accounts for business purposes are required to minimize financial burden on the company operator. You should keep receipts from your business accounts, but don’t overwhelm your accountant with unnecessary receipts that are not directly related to your business bank statements.
- CRA Authorization
CRA Authorization is needed to research the current and future requirements of your company. It provides access to view HST/Payroll/Corporate returns which includes past remittances, balances owing and future required action. CRA mail is readily available for accountants’ viewing and action. Remittances are able to be completed online. By providing this authorization, your accountant will be able to speak on your behalf. Sometimes the accountant needs further information (not provided on the website) such as an HST Arrears report by directly contacting the CRA.
Set it up Right!
Speak to us about setting up your accounting software for your business. Call our office at 705-735-0022 or 1-855-735-0022 Toll Free where one of our experienced professionals will be more than happy to sit with you and go over your needs.
You need someone to take care of accounting software setup while you can attend to running your business!
Grow your business, not your workload!