One of the things I really love about Bookkeep is its compliance area. I can find everything quickly and can see exactly how the entries are calculated and booked, since it’s linked to platforms like Square or Shopify. I have no worries if there is ever an audit… No one else does this. Bookkeep works so well, I forget I’m using it!
– Sherri-Lee Mathers, CPA, CFE
Summary
Sherri-Lee Mathers of Balsam Way is a pioneering figure in adapting to advanced business systems. In the challenging landscape of Canadian sales tax and complex data integration, Sherri-Lee found an indispensable ally in Bookkeep.
Meet Sherri-Lee Mathers
Sherri-Lee, based in British Columbia, is renowned for guiding craft brewery businesses from their inception to fully-fledged operations. An early adopter of QuickBooks Online in 2014, she earned the title of CPB Canada’s Professional Leader of the Year in 2021 and has been a constant presence in the Insightful Accountant’s Top 100 ProAdvisors since 2018.
The Problem: Streamlining Diverse Business Systems
The integration of financial data from platforms like Square and Shopify into QuickBooks Online posed a significant challenge. This task was exacerbated by the shift towards online ecommerce during the COVID-19 pandemic, which increased the complexity of managing financial data across various digital platforms. This was particularly pressing in the brewery industry, where razor-thin profit margins necessitate precise accounting. It’s been estimated that one in five Canadian breweries could face closure this year due to a sharp rise in operating costs.
On top of this, all bookkeeping in Canada must be accrual based.These factors made it crucial to have a robust solution capable of adeptly handling the nuances of Canadian ecommerce accounting and tax compliance.
The Partnership with Bookkeep
In her search for an effective automation solution, Sherri-Lee turned to Bookkeep. What distinguished Bookkeep was its seamless integration with multiple e-commerce and payment platforms, along with its expertise in accrual accounting and the nuances of Canadian tax compliance.
“One of the things I really love about Bookkeep is its compliance area. I can find everything quickly and can see exactly how the entries are calculated and booked, since it’s linked to platforms like Square or Shopify. I have no worries if there is ever an audit.”
The Solution
Bookkeep has significantly simplified the accounting process for Sherri-Lee. It efficiently consolidates financial details from various platforms such as Shopify, Stripe and Square, allowing for accurate record-keeping without the need for extensive system-specific knowledge. The platform efficiently navigates each service, providing clear and usable data mappings.
In addition, the tool aligns with the Canadian tax framework, particularly in its capability to handle varied provincial rules and sales tax.
“No one else does this. Bookkeep works so well, I forget I’m using it!”
Outcomes and Business Growth
The adoption of Bookkeep has led to a substantial improvement in efficiency and enhanced compliance for Sherri-Lee. It has facilitated a transition from labor-intensive data entry to strategic client service, which has deepened client relationships and broadened her access to business insights. Additionally, the reliable support from Bookkeep has been instrumental in maintaining a smooth operational workflow.
She attributes all of this to the fact that Bookkeep employs a team of accountants who understand the accounting and obsess over the accuracy as they expertly develop these seamless integrations.
“Like Hello Fresh has a team of ‘chefs’ who distill complex recipes into easy-to-follow steps, Bookkeep’s team of accountants simplifies the complexities of ecommerce accounting into straightforward, manageable processes.”
In summary, Bookkeep has not only streamlined the complex accounting processes but has also opened new avenues for business development, allowing Sherri-Lee to broaden her client base and service offerings.