Online accounting software is mostly pretty good – but only if you understand bookkeeping. Self-employed businesspeople can’t expect to do a good job of ‘automating their accounting system’ simply by signing up for an online accounting system. While there are organizations that ‘certify’ bookkeepers, the common denominator for professional bookkeeping services is that they charge money for bookkeeping. No bookkeeping service can ‘audit-proof’ your records to withstand a tax audit. No bookkeeping association provides credible training in taxation
Artifical Intelligence - Why it doesn’t work for bookkeeping
Here we explain that actual intelligence – in other words, an understanding of basic bookkeeping principles is critical in developing a useful record-keeping system.
Cash Basis vs Accrual Basis
Most of our smallest businesses use cash basis accounting and then adjust to accrual
A study by STATISTICS CANADA that looked at the compliance burden on Canadian business.