Improved functionality of cloud-based accounting means businesses are performing bookkeeping functions in-house and looking for accountants who specialize in cloud software
Vancouver, BC -- (ReleaseWire) -- 04/04/2019 --As a team of Vancouver Chartered Professional Accountants, Mew + Company has noted the vast improvements of cloud-based accounting software. There have been considerable improvements with both the software and the users making the most of the software's capabilities, but it still falls to the owner to check the competency and thoroughness of the bookkeeper. For more, go to: https://www.mewco.ca/blog/cloud-software-only-getting-better-with-time/
Improvements to the Internet over the last few years have meant that cloud software is no longer clumsy and slow during high use periods. Users can work for longer periods of time efficiently during "busy" periods and are no longer being expelled from the software abruptly. For users who have to reconcile accounts—a more involved bookkeeping task—the "smoother" functioning of the cloud software throughout the day is a time saver.
Entries can still be posted to prior closed years with few obstacles from the software. Many users do not have the training to know that a closed year is not to be touched, even when the user thinks an error exists. Even professional bookkeepers make this mistake and override security in place to fix what they think is an error.
In this case, an external accountant will need to unfix the fixed "error." A common example of this is bank or credit card transactions that are not downloaded onto the software for whatever reason, yet the external accountant is aware of this during the year-end process and makes adjustments, unbeknownst to the business owner and the bookkeeper.
The cloud-based bookkeeping industry has proliferated in recent years. For those businesses working with a competent and thorough service provider, the timely financial reporting and information available have helped business owners reach their goals.
Yet there are still bookkeepers who treat cloud software as a data dumping exercise while overcharging businesses for undelivered promises. At year-end, the owner is stuck with monthly bookkeeping fees, wrong financial information, and a messy general ledger to hand over to the external accountant.
Cloud software will continue to improve how entrepreneurs, bookkeepers, and external accountants do business. However, the onus is still on the business owner to review financial statements and ensure everything is correct. Advances in tech and AI do not mean the owner can be absent from the financial reporting process, because ultimately that's who answers to the CRA.
To learn more about working with the Vancouver Chartered Professional Accountants at Mew + Company, please contact 604-688-9198.
About Mew + Company
Mew + Company, Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.
To learn more about Mew + Company and discuss their services, log on to http://mewco.ca/
Lilly Woo, CPA, CA, CFE, CFP
Mew + Company Chartered Professional Accountants
604 688 9198
Company Website: https://www.mewco.ca