Complete your Bookkeeping in Minutes (not hours)

Complete Your Bookkeeping In Minutes (not hours)

In today’s video, I’d like to introduce our online bookkeeping tool or bookkeeping software . As long as there have been taxes, there have been issues around bookkeeping and bookkeeping services. It’s an onerous and often un-rewarding task that most people dislike. As a result, it’s often left until the very last minute, or even delayed beyond filing deadlines.  When it finally gets addressed, you’re facing an overwhelming stack of receipts that can take hours – if not days – to sort through.

Over the past few years, CA4IT has introduced several products whose objective was to address this very issue – and simplify the bookkeeping process. We’ve been working diligently to address exactly what it is that you face when preparing your books. Our goal is develop a system that’s quick, easy and accurate.

Recently we launched our new online tool whose purpose is to do just that. This new system will replace our existing Capturing Revenue and Expense Data manual, or CRED for short. While continuing to support our CRED manual, we’re encouraging our clients to switch to the new online manual, as we believe doing so will dramatically reduce the amount of time you spend preparing your books.

I’ve personally worked on the development of this tool to ensure it meets your and my own needs. As an independent contractor, I face the same issues as you when preparing my corporate books. Before developing and using this tool I was the king of procrastination when it came to preparing my financials.  And you can guess what always happened: delaying only made the job all the more painful, because now I had even more data to sort through, and it was even harder to remember what all those transactions were about. Not fun. Not fun at all! My goal in developing this product was to make all that bookkeeping quick and painless – so that I could complete the job in minutes – and if possible – even enjoy doing it!

This new tool abides by the “kiss” principle and keeps everything super simple. Here are the 4 easy steps it’s based on:

1. Upload bank and Credit card statements;
2. Enter any expenses not on the bank statement;
3. Enter any invoice not on the bank statement, rather accounts receivable; and
4. Use our Integrity checker to allocate transactions on the bank to the appropriate account.

Sound easy? Well it is!

By allowing you to upload your online bank accounts and credit card statements, we’ve eliminated most of the data keying that’s required with other systems like our CRED. Once this was accomplished, we needed to create a way to allocate – en-mass – all the transactions from these statements. Our Integrity Checker tool facilitated this by allowing users to either allocate one item at a time – by selecting from a drop down and clicking submit -or en-mass – by entering a vendor description, a date range and selecting the account you would like the transactions to be allocated too.

Let me explain a little further: for example, because I can’t get through the morning without my “Timmy’s”, I can enter “Tim Horton’s” as the description of my full year end as the date range – and business promotion as the account. For me this would instantly allocate somewhere in the neighborhood of 300 – 350 transactions, thereby taking a job that would have taken me hours, and completing it in seconds!

Now what’s left to deal with are items in my bank account statement, and corporate credit card statement, director paid transactions, rather items not on the bank or credit card, and outstanding receivables. These items can be handled in one of two ways:

1. By entering the data into the relevant form or
2. By uploading scanned images to the “EZ-as-Abc” Site and have ca4it process them for you.

Now that I use this system personally, I put every single transaction on either my corporate credit card – or my corporate bank account – and upload them to the online tool each month.  Since I put all my transactions through the bank or my credit card, there are no director paid transactions to enter.  I simply upload the bank and credit card statements, and override the transactions using the online tool. At the end of the year I usually have one outstanding invoice: I enter that invoice, and quick as a flash,  my year end is ready for processing by my team.

I’m sure you’re going to find this practically unbelieveable, but with this new tool, my bookkeeping has become SO simple and painless, that  a few weeks ago, my wife saw me doing something on my Iphone: I was using the integrity checker tool – and asked me what game I was playing.  When I told her I was doing my bookkeeping, she said it looked like I was having way too much fun to be doing bookkeeping -  and then SHE wanted to try it! It’s the first time in the 11 years that I’ve worked for this firm that I’ve ever heard someone call bookkeeping fun!

Bet you never believed there was a better way to face that daunting pile of paperwork that just never seems to go away! Well, now there IS! If you’d like to find out – just exactly – how easy and how much fun this new product is, please contact our customer service centre at: customer serve @ customerservice@ca4it.com.

Now, I think it’s time for a “Timmy’s”!

I’m Andrew Wall and I Hope you enjoy this product as much as I do! See you next time!

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