FAQ

Is it easy to switch to Versaccounts?

It’s easy peasy, lemon squeezy. At its most basic level of functionality, all you need is to enter your opening and closing balances, then import your bank and credit card transactions, and you’re ready to start small business accounting with Versaccounts.

If your small business is a bit more complicated than most, Versaccounts also includes utilities that allow you to upload customers and suppliers, inventory items, pricing policies, and payroll information.

I’m in the USA. Will Versaccounts work for me?

Yes. Versaccounts can be used by any small business, in any country, under any tax authority.

I sell in many states and provinces and need to track their sales taxes. Will Versaccounts allow me to do this?

Yes. With Versaccounts, you can track any number of taxes that you pay and collect. Versaccounts tracks both cascading and value-added taxes.

You can configure how Versaccounts calculates taxes. For instance, Quebec calculates QST on top of the item value plus GST. Versaccounts is flexible enough to handle any tax situation.

You can also set which taxes apply to each of your customers and suppliers. This saves time when you create invoices or enter bills.

What are your security and backup policies?

We use the same 256-bit encryption used by banks. The connection between your computer and our servers is totally secure.

We use dedicated servers, not cloud servers. That means no processes belonging to other firms run on our hardware.

We store your data in a known location, in Canada, which has more stringent privacy laws than in the USA.

Our servers use redundant disk drives. If one disk fails, the other takes over with no interruption in service and no loss of data.

We also backup your data every hour. We store our backups in two locations: at our data centre and off-site.

I sell products or services of several different types. Will Versaccounts allow me to track and report on margins by product type?

Yes. Versaccounts lets you create categories, each having their own dedicated revenue and expense accounts, to which you assign products and services. This allows you to quickly calculate your gross margin from the corresponding revenue/expense lines on your income statement.

My business is mostly project-based. Will Versaccounts let me track my project costs? Can I track sub-projects? How about labour costs?

You can create projects with any number of nested sub-project levels. Each project (or sub-project) can track estimated versus actual revenues and costs (including labour). These results can then be rolled-up and reported in the top-level project. Labour rates are based on standard rates for a given resource, or can be customized to suit the project’s requirements.

Can I download my data? If so, in what formats?

You can download every last keystroke… and then some. More specifically, you can download your data in GIFI format, for Canadian tax preparation software; CaseWare format, which is used by many professional accounting firms; and XML format, which can be imported to common desktop database applications like MS Access and OO Base, for ad hoc reporting.

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