How Wave Accounting Can Help You This Tax Season 2014

Wave Accounting

Tax season is fast approaching and many are scrambling to get organized...  

At ConnectCPA, Chartered Accountants we have two very different types of clients.  The first is the small business owner that has a shoebox full of receipts, bills and invoices all shuffled together like a deck of playing cards. Then there is the second type of client: They are paperless, they are organized and they can collaborate with us from the comfort of their own living room, all thanks to the power of Cloud Accounting platforms.

As a Cloud specialist firm, our ultimate goal is to have all of our clients adopt a Cloud platform.  This would not only make our clients’ lives easier, but it cuts down on overall accounting costs and the time it takes us as a firm to complete their tax file.  Going from a shoebox to a Cloud platform is very much like the first time you went from your old cell phone to a brand new smartphone with a touch screen. There is a “WOW” factor; and once you make the change, there is no going back to the old way of doing things.

Wave accounting is one of the primary platforms we recommend to sole proprietors and small businesses. If you are still performing your accounting in an excel document with your backup in a shoebox, here are the key benefits you will obtain from day one when you adopt Wave’s accounting platform:

1)      Your business bank account and credit cards will directly link to your Wave accounting system. This means that as you spend or receive money into your account, you can just log into a securely encrypted browser that will display all of your information and even recommends where the entry should be booked.

2)      You can now manage receipts through your smart phone! Just snap a picture of a receipt and let Wave’s OCR technology recognize the amount, date and vendor. All you have to do is check the receipt to ensure the information is accurate, select the account you want the expense to be booked to and click to publish. This allows you to throw away unnecessary clutter and paper, while managing purchases while you are on the go!

3)      You can bulk categorize your transactions. All you have to do is sort by Vendor and book multiple entries simultaneously to the account of your choice. Simple!

4)      Wave has a “Personal” and “Business” section built into the software, allowing you to toggle between the two.  This feature provides a clean separation between your personal and business activities.

5)      The software will provide you with beautiful reports, charts and graphs so that you know exactly how much money is coming in each month and exactly how your expenses were allocated.

6)      You can invite your Chartered Accountant to collaborate with you online so that they can help you reconcile your books.  And best of all, you don’t even have to travel to their office.

So how much does all of this cost???? Well, it’s FREE.  Wave is one of the greatest kept secrets in the accounting world.

This may be new to many of you, but it is not difficult at all. The whole point of adopting a cloud platform is to make your life easier.  Many of you will have questions along the way about tax, accounting or just setting up your accounting system. As Cloud specialists, we at ConnectCPA can help you answer those questions.