New! Bill Pay and Reimbursements

Float is proud to announce two new solutions: Float Bill Pay and Float Reimbursements. 

These additions make Float the first business finance platform in Canada designed to offer an end-to-end solution that simplifies all non-payroll spending, driving up to 7% savings on corporate spend for Canadian companies and teams by offering 1% cashback, 4% yield on deposits, eliminating FX fees, and helping employees save up to 20 hrs per month on manual expense submissions.

“Four years ago, we embarked on a mission to revolutionize corporate spending in Canada,” said Rob Khazzam, CEO and Co-Founder of Float. “We noticed a significant gap in the market – Canadian businesses were either forced to rely on international solutions that weren’t localized for Canada or settle for outdated local options. Today, we are proud to introduce Float Bill Pay and Float Reimbursements, designed specifically for Canadian finance teams.”

Float’s business finance platform is the only solution in Canada to integrate reimbursements, corporate cards, a credit facility and bill payments — including bank, EFT, wire, and ACH payments — into a single, streamlined platform. This consolidation allows businesses to manage all their spending in one place, eliminating the inefficiencies and frustrations associated with fragmented systems.

“It’s amazing to see how Float has grown from offering smart corporate cards to becoming an entire payment processing platform with its new addition, Bill Pay. They’ve listened to the needs of their target market and delivered an all-encompassing tool, which allows for greater visibility into cash expenditures. In a world where software is becoming more specific and less of a one-stop shop, having a centralized platform for all our accounts payable needs means one less software to manage and more time for meaningful work.”

Eleni Kasimos, Director of Finance at CPA education platform LumiQ

New Angus Reid Group survey data reveals the productivity challenges Canadians are facing when it comes to managing their corporate expenses and payroll. In a survey of 200 Canadian finance leaders:

  • 71% said that expense reporting needs to be more efficient
  • 69% feel that processing and paying vendor invoices needs to be more efficient
  • 56% spend 1-7 days per week processing invoices, with 18% 4-7 days per week

Key features of Bill Pay and Reimbursements include:

  • Robust and Fast Bill Intake Process: Utilizing advanced OCR and AI technologies, Bill Pay extracts relevant information from bills, significantly reducing manual data entry and streamlining the process.
  • Automated Approval Policies and Workflows: These features ensure bills are managed efficiently, freeing finance teams from manual oversight.
  • Embedded EFT, ACH, and Wire Payments: Bill Pay supports payments in both CAD and USD directly from the platform, eliminating the need for outdated bank account management.
  • Seamless Reconciliation: Bill Pay integrates smoothly with QuickBooks Online (QBO), Xero, and Float, ensuring accurate and effortless reconciliation.
  • Reimbursements: Eliminate manual expense reports, keep all company spending in one platform, and speed up approvals and payouts

These innovations highlight Float’s commitment to addressing the specific needs of Canadian SMBs and enhancing the efficiency of their financial operations. As Canadian businesses adopt these new tools, they can look forward to more efficient operations, reduced administrative burdens, and a unified approach to managing non-payroll expenses. Companies can sign up for early access at www.floatfinancial.com/bill-pay

4 Free Online Bookkeeping Courses for Canadian Businesses

Looking to sharpen your bookkeeping skills without breaking the bank? We’ve rounded up 5 free online bookkeeping courses online that’ll help Canadian small businesses owners and finance teams.

Why Bother with Courses on Bookkeeping?

Let’s face it, training in bookkeeping isn’t the most thrilling part of running a business. But it’s crucial for:

  • Keeping your financial records in order
  • Making tax time less of a headache
  • Understanding your company’s financial health
  • Making smarter business decisions

So, let’s dive into these free online bookkeeping courses that’ll transform you from a numbers novice to a balance sheet boss!

Introduction to Bookkeeping and Accounting

The Open University - 5 Free Online Bookkeeping Courses for Canadian Businesses

Are you keen to grasp the essentials of bookkeeping and online accounting? The Open University offers a fantastic free online bookkeeping course that’ll set you on the path to financial wizardry.

Introduction to Bookkeeping and Accounting is a gem for anyone looking to:

  • Master the numerical skills crucial for bookkeeping
  • Understand the accounting equation and double-entry bookkeeping
  • Learn how to record transactions like a pro
  • Create balance sheets and profit & loss accounts

This course is completely free and self-paced. You can learn at your own speed, fitting it around your own schedule.

What’s included:

  • 8 hours of study material
  • Beginner level content
  • A free statement of participation upon completion
  • Option to earn a digital badge

Whether you’re a small business owner wanting to get a handle on your finances, or you’re considering a career change into accounting, this course provides a solid foundation.

Head over to The Open University’s website and create your free account. Your journey into the world of bookkeeping starts now!

Free Online Payroll Course: Master the Basics of Bookkeeping

Free Bookkeeping Accounting - 5 Free Online Bookkeeping Courses for Canadian Businesses

Are you a small business owner or aspiring bookkeeper looking to get a handle on payroll accounting? Look no further! FreeBookkeepingAccounting.com offers a fantastic free online payroll course that’ll have you crunching numbers like a pro in no time.

This course covers all the essentials:

  • The complete payroll process
  • Understanding wages journals
  • Fundamentals of payroll accounting
  • And much more!

No registration required – simply scroll down and start learning at your own pace. Perfect for beginners, this course breaks down complex concepts into bite-sized, easy-to-digest modules.

Key topics include:

  • Decoding payslips and key payroll terms
  • The five main steps of the payroll process
  • Creating and understanding wages journals
  • Accounting for deductions and employer costs

Whether you’re looking to handle payroll for your own business or kickstart a career in bookkeeping, this free course is an excellent starting point. It’s packed with practical knowledge, clear explanations, and even includes visuals to illustrate key concepts.

ACCA’s Free Online Courses

ACCA (Association of Chartered Certified Accountants) is a globally respected body for professional accountants. They’re offering a treasure trove of knowledge to help you level up your career.

Here’s what’s on offer:

  • Dive into the world of Machine Learning for Finance
  • Master the basics with Financial Accounting and Management Accounting courses
  • Get tech-savvy with Robotic Process Automation and Cybersecurity for finance pros
  • Build a solid foundation with Intro to Bookkeeping and Management Accounting

The best part? These courses are completely free to audit, with the option to earn a verified bookkeeping certificate for a small fee if you want to showcase your new skills.

Intuit Academy Bookkeeping Professional Certificate

Intuit Academy Bookkeeping - 5 Free Online Bookkeeping Courses for Canadian Businesses

Are you looking to dive into the world of bookkeeping or level up your financial skills? Look no further than the Intuit Academy Bookkeeping Online Professional Certificate offered on Coursera! This comprehensive program is designed for beginners and career-changers alike.

Here’s why it’s worth your time:

  • No prior experience needed – start from scratch and build a solid foundation
  • Learn from industry experts at Intuit
  • Flexible, self-paced learning – complete in about 2 months at 10 hours per week
  • Earn a respected credential to showcase on your LinkedIn profile and resume

What You’ll Learn:

  • Essential bookkeeping concepts and accounting principles
  • Navigating the accounting cycle to produce financial statements
  • Analyzing financial data to make smart business decisions
  • Hands-on practice with real-world scenarios

While this course isn’t free, you can always apply for financial aid with Coursera. This bookkeeping program is included with a Coursera Plus subscription, making it an incredibly cost-effective way to invest in your future.

FAQ: Your Burning Bookkeeping Questions Answered

Q: Do I need any prior experience to take these courses? A: Most of these courses are designed for beginners, but check the individual descriptions for any prerequisites.

Q: Will I receive a certificate upon successful completion? A: Yes, some of these courses offer fairly sophisticated bookkeeping training and offer certificates upon program completion.

Q: Can I access course materials after completion? A: This varies by course. Some may offer ongoing access, while others might have time limits.

Q: Are these courses recognized by professional bookkeeping organizations? A: These free courses are great for personal development, but may not count towards official certifications. Check with professional bodies for accredited programs.

Q: How much time should I dedicate to these courses? A: Most courses suggest 3-5 hours per week, but the beauty of bookkeeping training online is its flexibility!

Grow Your Business With Float

Canada’s only finance & corporate cards platform that helps businesses save 7% on their spend and close books 8x faster.

Ready to Balance Those Books?

Whether you’re a small business owner looking to get a handle on your finances or an aspiring professional bookkeeper, these free online bookkeeping courses offer a fantastic starting point. Remember, good bookkeeping is the foundation of a healthy business – so why not invest some time in building those skills?

From mastering the basics of the accounting cycle to tackling complex financial analysis, there’s a course here for everyone. So, grab a cup of coffee, fire up your computer, and get ready to dive into the world of debits, credits, and balance sheets. Your future financially-savvy self will thank you!

For more Canadian Business insights and best practices, follow Float’s Industry Insights content!

Top five MUST LISTEN Finance Podcasts in Canada

As much as some of us want to commit to reading books throughout the year, usually there isn’t enough time to read – maybe I will ask for an extra day in the week for Christmas? Here comes to the rescue, 🎙️ Finance Podcasts! Super convenient, easy to listen to, and you are able to multi task. The list is a mix of finance-only,  thought provoking, and leadership podcasts!

Float Team’s Top Choices

LumiQ

  1. With interviews with over 200 successful business leaders like
  2. Jim Balsillie – Founder of RIM
  3. Colleen Johnston – Former CFO of TD bankhttps://floatfinancial.com/platform/corporate-cards/
  4. Michael Katchen – Founder of WealthSimple
  5. Best part is you earn CPD while you learn from Canadian business leader

Cloud Accounting Podcast – David Leary & Blake Oliver

  1. Gives you a taste of part accounting and tech news
  2. Updates and practices in the cloud accounting market
  3. Mostly US focused but still very useful

Accounting Best Practices – Steve Bragg

  1. Steve Bragg covers essential information that actually matters to accounting professionals
  2. Most episodes are between 7-10 minutes long with over 4.7 million downloads
  3. Mostly US focused but incredibly powerful listen

The A16Z Podcast – Andreessen Horowitz

  1. A well known venture capital firm based out of Silicon Valley with companies their portfolio like Facebook, Slack, AirBnB, and 100s more
  2. The finance podcast covers how innovation and technology is ever evolving and the way it impacts all of our lives
  3. Featuring top industry and academic experts

Planet Money – NPR

  1. NPR is a well known, respected, and credible media company that has a number of range
  2. A finance favourite podcast as it is an easy listen that explored the global economy without you feeling like your in ECON101

Bonus: Retained Learnings – Float’s very own Finance Podcast!

  1. Interviews with finance leaders operating the fastest growing companies in Canada
  2. Special guests from the VC and PE background talking about the importance of finance for Founders
  3. Hosted by Float’s CEO & Co-founder Rob Khazzam and multiple Guest Interviewers.

In each episode of Retained Learnings, we’ll share strategic advice and potential solutions to answer some of the finance departments most important questions. We’ll touch on topics like preparing to go public, hiring in a tight talent market, or even moving to an ERP solution like NetSuite.

If you’re a Canadian finance professional, curious about how the best finance leaders in the country do their jobs, be sure to listen to Retained Learnings. Now available on Spotify and Apple podcasts.

If we have missed any that you think are a MUST listen, email is at info@tryjournal.com and we will add it and share it!

Podcasts are a staple for myself on a weekly basis, same goes for audio books. Super versatile and you can multi task!

Float is Canada’s only all-in-one corporate cards, reimbursements, and bill pay platform that helps customers:

  • Earn cashback on all categories and save on FX
  • Generate 4% interest on funds held with Float
  • Eliminate expense reports and receipt chasing
  • Close the books 5x faster at the month-end

Want to learn how companies like Clutch, Neo, Knix, and 1,000s of other Canadian businesses on average save 7% of their monthly spend with Float? Get started with Float today by clicking the button below!

Want to learn more before singing up? Book a demo today to learn more about the product from our team!

Ultimate Guide for Bookkeeping Services in Canada

Are you drowning in receipts and invoices? Losing sleep over GST/HST deadlines? You’re not alone. Many Canadian small business owners find themselves in the same boat when managing their finances.

Why Bother with Professional Bookkeeping?

Let’s face it: you didn’t start your business to become an accountant. You’ve got bigger fish to fry. That’s where bookkeeping services come in handy.

The Perks of Outsourcing Your Books

  • More time to focus on what you do best
  • Accurate financial records
  • Insights to help your business grow
  • Reduced risk of costly errors
  • Stay compliant with CRA regulations

Finding the Right Fit: Bookkeeping Services for Canadian Small Businesses

Not all bookkeeping firms are created equal. Here’s what to look for:

  1. Experience with Canadian small businesses: They should understand your unique challenges and tax obligations
  2. Tech-savvy approach: Online bookkeeping services can save you time and money
  3. Clear communication: No jargon, just direct communication about your finances
  4. Scalable solutions: As your business grows, your bookkeeping needs will too
  5. Knowledge of Canadian tax laws: Including GST/HST, provincial taxes, and corporate tax regulations

Online Accounting and Bookkeeping Services: The Future is Now

Cloud accounting services are changing the game for Canadian small businesses. Here’s why:

  • Real-time access: Check your numbers anytime, anywhere
  • Collaboration made easy: Work seamlessly with your accountant
  • Automatic updates: Always have the latest features at your fingertips
  • Bank-level security: Keep your financial data safe and sound
  • Multi-currency support: Essential for businesses dealing with US or international clients

Note that while online bookeeping services could offer lower costs, they usually work best for simple business models. If your business has a unique revenue model, complex vendor relationships or P&L structure, it might be best to work with a human who can cater to your business needs.

What to Ask when Choosing a Bookkeeping Company?

  1. What services do you offer?
  2. How do you handle communication?
  3. What’s your experience with businesses in my industry?
  4. Can you provide references from other Canadian businesses?
  5. What software do they use and is it compatible with the CRA requirements?
  6. How do you stay updated with Canadian tax laws and regulations?
  7. Which accounting systems do you work with?

How Much Should You Spend on a Bookkeeper?

How much should you shell out for bookkeeping services in Canada? Well, it’s not a one-size-fits-all answer.

Bookkeeping costs can vary widely based on:

  • The size of your business
  • The complexity of your finances
  • The services you need
  • Whether you opt for in-house, freelance, or online bookkeeping services

Here’s a rough guide:

  • For small businesses, expect to pay anywhere from $300 to $2,000 per month.
  • Freelance bookkeepers might charge $30 to $90 per hour.
  • Online bookkeeping services often offer tiered pricing, starting from as low as $200 per month for basic services.

Remember, cheaper isn’t always better. A skilled bookkeeper can save you money in the long run by catching errors, maximizing tax deductions, and providing valuable financial insights.

Consider this: How much would it cost you to do it yourself? Factor in your time, potential mistakes, and the stress of dealing with the CRA. Suddenly, professional bookkeeping services start to look like a bargain!

Professional tip: Many Canadian bookkeepers offer a free consultation. Use this to discuss your needs and get a customized quote. It’s a great way to find a service that fits your budget and your business.

The Cost of Peace of Mind

Investing in bookkeeping and accounting services for Canadian small businesses might seem like a significant expense. But consider this: how much your time is worth, and what’s the cost of a major financial mistake or CRA penalty?

Online bookkeeping services in Canada often offer flexible pricing models to suit businesses of all sizes. From basic bookkeeping to full-service accounting, there’s an option for every budget.

Beyond the Books: How a Bookkeeper Can Boost Your Business

A good bookkeeper doesn’t help you reconcile your bank statements. They can be your financial advisor, offering insights to help your business thrive in the Canadian market.

  • Cash flow forecasting: Plan for the future with confidence
  • Budget creation and monitoring: Keep your spending in check
  • Financial reporting: Understand your business’s health at a glance
  • Tax planning: Minimize your tax bill
  • GST/HST management: Stay on top of your collections and remittances
  • Payroll services: Navigate the complexities of Canadian payroll taxes and deductions

FAQs: Your Burning Questions Answered

Q: How often should I update my books? A: Ideally, daily or weekly. But realistically, as long as you’re consistent, monthly updates can work too. Just ensure you’re prepared for quarterly GST/HST filings if applicable.

Q: Can online bookkeeping services handle Canadian payroll? A: Many do! It’s worth asking about when you’re shopping around. Make sure they’re familiar with CPP, EI, and provincial payroll tax requirements.

Q: I do business in multiple provinces. Can online bookkeeping services handle this? A: Many Canadian online bookkeeping services are equipped to handle inter-provincial business operations, including varying tax rates and regulations.

Q: How secure is cloud accounting for Canadian businesses? A: Reputable cloud accounting services use bank-level encryption to keep your data safe. Many also ensure your data is stored on Canadian servers to comply with privacy laws.

Q: What’s the difference between a bookkeeper and an accountant in Canada? A: Bookkeepers handle day-to-day transactions, while accountants focus on the bigger financial picture and complex tax matters. Many small businesses in Canada need both!

Q: Can a bookkeeper help me with my T2 corporate tax return? A: While bookkeepers can prepare the financial statements needed for your T2, it’s usually best to have a certified accountant review and file your corporate tax return.

Remember, good bookkeeping is the foundation of a healthy Canadian business. Whether you choose traditional bookkeeping services or opt for online accounting services for small business, the important thing is to get your finances sorted.

Don’t let the numbers hold you back. With the right bookkeeping support, you can focus on what really matters: growing your business and living your entrepreneurial dream in the Great White North.

While You Are Looking, Consider New Tools To Streamline Your Finances

While we’re on the topic of making your financial life easier, let’s talk about a game-changer in the world of business expenses: corporate credit cards.

Why Consider a Corporate Credit Card?

  • Simplify expense tracking
  • Improve cash flow management
  • Earn rewards on business spending
  • Enhance financial control and visibility

But not all corporate cards are created equal. That’s where Float comes in.

Float is Canada’s only all-in-one corporate cards, reimbursements, and bill pay platform that helps customers:

  • Earn cashback on all categories and save on FX
  • Generate 4% interest on funds held with Float
  • Eliminate expense reports and receipt chasing
  • Close the books 5x faster at the month-end

Want to learn how companies like Clutch, Neo, Knix, and 1,000s of other Canadian businesses on average save 7% of their monthly spend with Float? Get started with Float today by clicking the button below!

Want to learn more before singing up? Book a demo today to learn more about the product from our team!

Best Accounting Software for a Canadian SmallBusinesses

Running a Canadian small business? You need the right tools to stay sharp and in the know. Keeping tabs on your finances can be a real headache, especially if you’re a small business owner wearing all the hats. We’ve spent years putting accounting software through its paces, and we’re here to share the cream of the crop. We’ve ranked the best accounting apps for small businesses based on user-friendliness, features, and value for money.

Two standouts have earned our top spots:

  • QuickBooks Online shines for small to medium-sized operations.
  • FreshBooks is perfect for solo entrepreneurs and tiny teams.

Ready to find your perfect match? Let’s dive into the best accounting software for Canadian businesses, along with everything you need to know to make the right choice.

Top Picks for Canadian Small Businesses

Our Reviews of Each Solution

Quickbooks Online – website

QuickBooks Online has become a go-to accounting software for many Canadian businesses, and for good reason. This cloud-based solution offers a robust set of features tailored to meet the needs of small to medium-sized enterprises.

Key Features

  • Invoicing: Create professional invoices and easily track payments.
  • Expense Tracking: Capture receipts with your smartphone and categorize expenses automatically.
  • Bank Connections: Sync with your bank accounts for real-time financial updates.
  • Canadian Tax Support: Automatically calculate GST/HST and prepare returns.
  • Payroll Integration: Manage employees’ pay and taxes (additional fees may apply).
  • Reporting: Generate detailed financial reports to gauge your business health.
  • Multi-User Access: Collaborate with your team or accountant in real-time.
  • Mobile App: Manage your finances on-the-go with iOS and Android apps.

Who It’s Best For

QuickBooks Online is particularly well-suited for:

  • Small to medium-sized businesses
  • Service-based companies
  • Retailers with inventory needs
  • Businesses looking for scalable solutions

Its versatility and comprehensive feature set make it a solid choice for many Canadian businesses looking to streamline their accounting processes.

Xero – website

Xero is a powerful cloud accounting solution gaining traction among Canadian businesses. Known for its user-friendly interface and robust features, Xero offers a fresh alternative to traditional accounting software.

Key Features

  • Bank Reconciliation: Automatically import and categorize bank transactions.
  • Invoicing: Create and send professional invoices, with online payment options.
  • Expense Claims: Easily track and manage business expenses.
  • Inventory Management: Keep tabs on stock levels and costs.
  • Project Tracking: Monitor time and costs for client projects.
  • Payroll: Manage employee payments and taxes (through integration with Payroll.ca).
  • Multi-Currency: Handle transactions in over 160 currencies.
  • Financial Reporting: Generate customizable reports for better insights.
  • Mobile App: Access your accounts on-the-go with iOS and Android apps.

Who It’s Best For

Xero is particularly well-suited for:

  • Small to medium-sized businesses
  • Companies with inventory management needs
  • Businesses that work internationally
  • Teams that value collaboration and need multi-user access

Its clean interface and strong feature set make Xero an attractive option for businesses looking for a modern, scalable accounting solution.

Canadian-Specific Features

  • GST/HST tracking and reporting
  • Integration with Canadian banks
  • Compliance with Canadian accounting standards

While Xero is newer to the Canadian market compared to some competitors, it’s rapidly evolving to meet the specific needs of Canadian businesses. Its cloud-based nature means you’re always using the latest version, with updates and improvements rolling out regularly.

Freshbooks – website

FreshBooks is the only free accounting software that’s gained popularity among Canadian freelancers, small business owners, and service-based professionals. Known for its user-friendly interface and focus on simplicity, FreshBooks offers a refreshing approach to managing finances.

Key Features

  • Invoicing: Create professional, customizable invoices with automatic payment reminders.
  • Expense Tracking: Easily capture and categorize expenses, with receipt scanning via mobile app.
  • Time Tracking: Built-in timer for accurate billing of hourly work.
  • Project Management: Collaborate with team members and clients on projects.
  • Client Portal: Provide clients with a secure space to view and pay invoices.
  • Reporting: Generate insightful financial reports including profit & loss statements.
  • Double-Entry Accounting: Ensures accuracy and is suitable for accrual accounting.
  • Bank Reconciliation: Connect your bank accounts for automatic transaction imports.
  • Mobile App: Manage your business on-the-go with iOS and Android apps.

Who It’s Best For

FreshBooks is particularly well-suited for:

  • Freelancers and solopreneurs
  • Service-based small businesses
  • Agencies and consultancies
  • Businesses prioritizing ease of use over complex features

Its focus on simplicity and strong project management tools make FreshBooks a go-to choice for many service-based professionals.

Canadian-Specific Features

  • GST/HST tracking and reporting
  • Integration with Canadian payment gateways
  • Support for Canadian tax rates
  • Compatibility with Canadian banks for bank feeds

The software’s strength lies in its simplicity and focus on the needs of service-based businesses. While it may not offer the depth of features found in some other accounting solutions, its ease of use and time-saving capabilities make it a compelling choice for many Canadian entrepreneurs.

Wave – website

Wave is a cloud-based accounting solution that’s made waves in the Canadian market, particularly among small businesses, freelancers, and entrepreneurs. Its standout feature? It’s free for accounting, invoicing, and receipt scanning.

Key Features

  • Accounting: Double-entry bookkeeping system
  • Invoicing: Create and send professional invoices
  • Receipt Scanning: Capture and organize receipts via mobile app
  • Bank and Credit Card Connections
  • Financial Reporting
  • Multi-Currency Support
  • Customizable Sales Taxes
  • Collaborator Access: Add accountants or team members

Paid Add-ons:

  • Payments: Accept credit card and bank payments (pay-per-use)
  • Payroll: Full-service payroll for Canadian businesses (monthly fee)

Who It’s Best For

  • Freelancers and solo-preneurs
  • Small service-based businesses
  • Startups and new businesses on a tight budget
  • Businesses with simple accounting needs

Canadian-Specific Features

  • GST/HST tracking and reporting
  • Integration with Canadian banks
  • Support for multiple currencies, including CAD

Wave stands out in the Canadian market for its commitment to providing free, capable accounting software. It’s an excellent starting point for new businesses or those with straightforward financial needs. The software is continuously updated, ensuring users always have access to the latest features.

While it may lack some of the advanced features of paid software, Wave’s core functionality is robust enough for many small Canadian businesses. Its pay-per-use payment processing and affordable payroll services allow businesses to add features as they grow.

Sage 50 – website

Sage 50 (formerly known as Simply Accounting) is a comprehensive accounting solution tailored for small to medium-sized Canadian businesses. Known for its powerful features and deep functionality, Sage 50 is a go-to choice for businesses with complex accounting needs.

Key Features

  • General Ledger: Detailed tracking of all financial transactions.
  • Accounts Payable & Receivable: Manage bills and invoices efficiently.
  • Inventory Management: Track stock levels, costs, and sales.
  • Job Costing: Monitor expenses and profitability for specific projects.
  • Payroll: Built-in Canadian payroll system with tax calculations.
  • Multi-User Access: Collaborate with team members and accountants.
  • Bank Reconciliation: Easily match transactions with bank statements.
  • Fixed Asset Management: Track depreciation and asset values.
  • Business Intelligence: Generate in-depth financial reports and forecasts.
  • Customizable Dashboard: Get a quick overview of your financial status.

Who It’s Best For

Sage 50 is particularly well-suited for:

  • Established small to medium-sized businesses
  • Companies with complex inventory needs
  • Businesses requiring detailed job costing
  • Organizations needing strong audit trails
  • Those preferring a more traditional accounting software approach

Its powerful features make Sage 50 a solid choice for businesses that have outgrown simpler accounting solutions.

Canadian-Specific Features

  • Built-in Canadian payroll with up-to-date tax calculations
  • GST/HST tracking and reporting
  • Compliance with Canadian accounting standards
  • Canadian-specific financial statements and forms

As a long-standing player in the Canadian accounting software market, Sage 50 is deeply attuned to the needs of Canadian businesses. It offers a level of depth and customization that many growing businesses find essential.

While Sage 50 is primarily a desktop solution, it does offer cloud access through Sage 50cloud, allowing for some of the flexibility of cloud-based systems while maintaining the robust features of the desktop version.

Choosing the Right Software for Your Business

Consider these factors:

  • Your budget – pick the tool that you can afford first and foremost
  • Business size and growth plans – make sure to choose something that will scale with your business. Switching accounting systems after the fact can be very time consuming and costly
  • Needed features – research must-have features for your business needs (e.g., inventory, payroll).
  • Ease of use – find something that you will feel comfortable with yourself.
  • Give it a try – most of the tools offer free trials. Consider signing up on a trial and seeing if the software works for your needs.

Tips for Getting Started

If you still can’t decide on the right system, consider asking your bookkeeper for professional advice. Don’t have a bookkeeper? Consider our guide to learn how to find the best financial partner for your business.

If you don’t have anyone to ask for help, consider the following criteria:

  1. Take advantage of free trials
  2. Check for Canadian-specific features (like GST/HST tracking)
  3. Read user reviews from fellow Canadian business owners
  4. Ensure the software can grow with your business

Remember, the best accounting software for your Canadian business is the one you’ll actually use. Don’t get bogged down by fancy features you’ll never touch.

FAQ

Is there truly free accounting software for Canadian businesses?

Yes! Wave is a solid free option. Just be aware that some advanced features may come with a cost.

Do I need special accounting software if I’m a freelancer?

Not necessarily. Simple options like Wave or FreshBooks often suffice for freelancers and solo-preneurs.

Can I switch accounting software mid-year?

You can, but it’s best to do it at the start of a fiscal year to avoid complications.

How often should I update my books?

Aim for at least monthly updates, but weekly is even better for staying on top of your finances.

Finding the right accounting software can transform how you manage your Canadian business finances. Take the time to explore your options, and you’ll be on your way to smoother bookkeeping in no time.

Other Critical Accounting Tools – Spend Management Software

While accounting software forms the backbone of your financial management, there are other tools that can further streamline your business operations. One such crucial tool is spend management software.

Enter Float, a Canadian company offering innovative spend management solutions. Float’s platform is designed to work alongside your accounting software, providing real-time visibility and control over your business expenses.

Bill Pay and Reimbursements

Float is Canada’s only all-in-one corporate cards, reimbursements, and bill pay platform that helps customers:

  • Earn cashback on all categories and save on FX
  • Generate 4% interest on funds held with Float
  • Eliminate expense reports and receipt chasing
  • Close the books 5x faster at the month-end

Want to learn how companies like Clutch, Neo, Knix, and 1,000s of other Canadian businesses on average save 7% of their monthly spend with Float? Get started with Float today by clicking the button below!

Want to learn more before singing up? Book a demo today to learn more about the product from our team!

What is an Expense Reimbursement? Definition and Benefits

As a business owner or manager, you know that keeping track of employee expenses can be a time-consuming and tedious task. But did you know that having a clear expense reimbursement policy in place can actually benefit your company in numerous ways? In this article, we’ll dive into the definition of expense reimbursement, explore the advantages it offers businesses, and provide tips for streamlining the process.

Expense reimbursement is a critical aspect of managing your company’s finances and ensuring that your employees are not burdened with out-of-pocket costs incurred while performing their job duties. By understanding the ins and outs of expense reimbursement, you can create a system that works for your business and your team, ultimately saving time and money in the long run.

Reimburse Employees with Ease with Float

Canada’s only fully-fledged AI-powered expense reimbursement and mileage tracking platform — plus unlimited Visa Corporate Cards with cashback for high-frequency spenders.

What is expense reimbursement?

Expense reimbursement is the process of paying back employees for out-of-pocket expenses incurred while performing their job duties. Common reimbursable expenses include travel, meals, lodging, and supplies. It’s important to note that reimbursements are separate from regular wages and are not considered taxable income.

Why is expense reimbursement important for businesses?

Encouraging employees to make necessary purchases without worrying about personal financial burden is a key benefit of expense reimbursement. This allows companies to maintain control over spending while empowering employees to make timely decisions. Expense reimbursement also provides transparency and accountability in business spending, streamlining purchasing processes and speeding up the supply chain.

What are some examples of reimbursable expenses?

  • Travel costs: Airfare, lodging, transportation, and meals incurred during business trips are typically reimbursable.
  • Supplies and tools: Expenses for items like computers or stationery necessary for job performance can be reimbursed.
  • Client entertainment: Costs associated with entertaining clients, such as meals or event tickets, may be reimbursable.
  • Professional development: Expenses related to attending conferences or training to improve job skills are often eligible for reimbursement.
  • Mileage reimbursement: Employees using personal vehicles for business purposes can be reimbursed for mileage at a set rate.
  • Remote work expenses: Costs associated with working from home, such as internet, cell phone, and home office setup, may be reimbursable.

It’s also important to understand reimbursable expenses under the Canadian CRA requirements. Generally, expenses must be reasonable and directly related to earning business income to qualify for reimbursement.

How can companies streamline the reimbursement process?

Implementing clear expense policies that outline what is reimbursable and set spending limits is crucial for streamlining the reimbursement process. Using automated employee expense reimbursement software can help track and manage expenses more efficiently. Requiring timely submission of expense reports and receipts, setting up direct deposit for quick, paperless reimbursements, and regularly reviewing and updating expense policies are also key steps in optimizing the process.

Reimburse Employees with Ease with Float

Canada’s only fully-fledged AI-powered expense reimbursement and mileage tracking platform — plus unlimited Visa Corporate Cards with cashback for high-frequency spenders.

What are the benefits of automating expense reimbursements?

Automating expense reimbursements can save significant time by eliminating manual data entry and paperwork. Automated systems can reduce errors and fraud by enforcing company policies and providing real-time visibility into spending trends. Integrating with accounting systems allows for seamless reporting and reconciliation, while improving employee satisfaction with a faster, more convenient reimbursement process.

Looking to automate your reimbursement processes with a modern software but struggling to decide with so many options out there? Review our guide on How to Choose the Right Reimbursement Solution in 2024.

How can automated solutions simplify employee reimbursements?

  • Mobile app submission: Allows employees to easily submit expenses on-the-go via a user-friendly mobile app.
  • Automatic policy enforcement: Automatically enforces company spending policies and flags out-of-policy expenses for review.
  • Streamlined approval and reimbursement: Routes reports for approval and reimburses employees via direct deposit, eliminating manual steps.
  • Detailed analytics: Provides detailed spending analytics to optimize budgets and catch potential fraud early.
  • Accounting integration: Syncs expense data with accounting systems to save time on month-end close and ensure accurate financial reporting.

Best Expense Reimbursement Solution for Canadian Businesses — Float

If you’re looking to streamline your company’s expense reimbursement process, Float can help. Float’s automated solution simplifies employee reimbursements, saves time, and provides real-time visibility into spending trends. Learn more about Float’s Reimbursements and Mileage Tracking products.

While free expense report solutions can significantly improve your financial processes, they may lack advanced features like AI-powered automation and direct payout capabilities. That’s where we come in. Get started for free with Float’s powerful expense management platform designed specifically for Canadian businesses.

Frequently Asked Questions

Yes, reputable solutions prioritize data security and comply with industry standards like SSL encryption and regular backups.

Submitting expense reports past the deadline may result in delayed reimbursement or rejection of the claim. Aim to submit reports promptly to avoid issues. Read more about expense report best practices.

Your company’s expense policy should clearly outline what types of expenses are eligible for reimbursement. When in doubt, ask your manager or HR department for clarification.

Float is Free to use on our Essentials plan, where you will be able to issue unlimited virtual CAD/USD cards, earn 4% interest on deposits, reimburse employees and pay vendor bills. If you need more sophisticated functionality, like over 20 physical cards, Netsuite integration, or an API solution, you will have to consider our paid Professional and Enterprise plans.

Float offers Charge Card and Prepaid funding models. You can apply (*Conditions apply. Book a demo to learn more) for unsecured, 30-day credit terms with high limits up to $1M, no credit checks and personal guarantees. Prepaid model offers 4% interest on all deposits with no cash lockups with account opening in < 24 hours.

Unlike traditional cards that get you to spend more, Float is the only corporate card in the world that helps businesses spend less. Through a combination of financial rewards like our 1% cashback, 4% interest on deposits, no FX fees with our USD cards and time savings of at least 8 hours per employee Float’s customers on average save 7% on their spend.

What is Mileage Reimbursement? A Quick Overview

If you drive your personal vehicle for work, you may be wondering how mileage reimbursement works and what expenses it covers. As an employee, it’s important to understand your company’s mileage reimbursement policy to ensure you’re being fairly compensated for the costs of using your own car for business purposes.

In this article, we’ll provide a quick overview of mileage reimbursement in Canada, including what it is, how it works, and what types of trips are eligible for reimbursement. We’ll also cover the CRA’s standard mileage rate, recordkeeping requirements, and some alternatives to traditional mileage reimbursement programs.

Reimburse Employees with Ease with Float

Canada’s only fully-fledged AI-powered expense reimbursement and mileage tracking platform — plus unlimited Visa Corporate Cards with cashback for high-frequency spenders.

What is mileage reimbursement?

Mileage reimbursement is the compensation an employer pays employees for using their personal vehicle for business purposes. This covers costs like gas, maintenance, insurance, and depreciation for the business use portion of the vehicle.

Employers typically reimburse employees at a cents-per-mile rate, which can vary by company. Some use the CRA standard mileage rate, while others set their own rate.

How does mileage reimbursement work?

To claim mileage reimbursement, employees track their business mileage, often using an app or mileage log. They submit expense reports detailing the date, miles driven, and purpose of each trip.

The employer then multiplies the total business miles by their designated cents-per-mile rate to calculate the reimbursement amount. Reimbursements are usually added to the employee’s next paycheck and are non-taxable up to the CRA standard mileage rate.

What mileage is eligible for reimbursement?

Mileage reimbursement generally covers business trips between offices or work sites during the workday, travel to meet clients or vendors, trips to run work-related errands, and travel to the airport or train station for business purposes. Commuting between home and a temporary work location may also be eligible.

However, employees’ normal commute between home and their regular office is not reimbursable. Personal side trips or errands during the workday and travel from home to a second job are also ineligible for reimbursement.

CRA mileage reimbursement rates in 2024

The CRA sets an optional standard mileage rate each year, which is 67 cents per mile for business travel in 2024. Employers can use this rate or set their own lower or higher rate.

Reimbursements at or below the CRA rate are generally non-taxable to the employee. However, amounts above the CRA rate are considered taxable income unless the excess is returned.

CRA Kilometric Rates for 2024

This table indicates the rates payable in cents per kilometre for the use of privately owned vehicles driven on business travel

Province/TerritoryCents/km (taxes included)
Alberta53.5
British Columbia58.0
Manitoba56.0
New Brunswick59.0
Newfoundland and Labrador60.5
Northwest Territories70.5
Nova Scotia59.5
Nunavut68.0
Ontario60.5
Prince Edward Island57.5
Quebec58.0
Saskatchewan55.0
Yukon72.0

Mileage tracking requirements

To claim mileage reimbursement, employees must keep contemporaneous records of their business mileage. A compliant mileage log should include the date, destination, purpose and total miles for each trip.

Many companies allow employees to automate expense tracking using apps that capture trip details via GPS. This can simplify the process of submitting accurate mileage records for reimbursement.

Reimburse Employees with Ease with Float

Canada’s only fully-fledged AI-powered expense reimbursement and mileage tracking platform — plus unlimited Visa Corporate Cards with cashback for high-frequency spenders.

Alternatives to mileage reimbursement

While mileage reimbursement is a common way for employers to compensate employees for business use of their personal vehicles, it’s not the only option. Some companies provide a flat monthly car allowance to cover estimated costs, while others use a fixed and variable rate (FAVR) reimbursement that combines a monthly allowance with a cents-per-mile rate.

For employees who drive frequently for work, a company-provided vehicle may be a more cost-effective solution than mileage reimbursement or car allowances.

If you’re looking for a simpler way to manage mileage reimbursements and other business expenses, we can help. Our all-in-one corporate card and expense management platform streamlines the process, saving you time and hassle. Get started for free with Float today and see how easy expense management can be.

Discover: Virtual Credit Cards for Canadian Businesses

In today’s digital age, online shopping has become the norm, but with convenience comes the risk of exposing your sensitive financial information. That’s where virtual credit cards come in – a secure and flexible payment solution designed for the modern consumer. If you’re a Canadian business looking for a way to shop online with peace of mind, a virtual credit card might be just what you need.

Virtual credit cards are a game-changer when it comes to protecting your financial data and giving you more control over your online transactions like subscriptions and vendor payments. In this article, we’ll dive into the world of virtual credit cards, exploring what they are, how they work, and the numerous benefits they offer. By the end, you’ll have a clear understanding of why virtual credit cards are a smart choice for anyone who values security and convenience when making purchases online.

Instantly Issue Virtual Cards with Float

Canada’s only modern USD and CAD Visa and Mastercard virtual cards solution for businesses — plus cashback and average savings of 7%.

virtual cards

What is a virtual credit card?

A virtual credit card is a randomly generated 16-digit number that is linked to your existing credit card account. This means you can shop online without exposing your actual credit card details, adding an extra layer of security to your transactions. Despite being a separate number, transactions made with a virtual card will still appear on your regular credit card statement, making it easy to track your spending.

Quick history of virtual credit cards for business expenses

The history of virtual cards for business expenses dates back to the early 2000s, when they were first introduced as a more secure alternative to physical cards. Initially, virtual cards were used primarily for consumer online purchases, offering single-use numbers to protect against fraud. However, their application quickly expanded into business environments as companies recognized their potential for managing expenses more securely and efficiently. By generating unique card numbers for specific transactions or users, virtual cards help reduce the risk of fraud and enable more control over employee spending. The rise of e-commerce and digital payments accelerated their adoption, especially in industries like travel and insurance ​(Visa Navigate).

In the 2010s, fintech innovations and the increasing demand for automated, digital financial tools further boosted virtual card use in business-to-business (B2B) payments. Companies began leveraging virtual cards to streamline expense management, reduce administrative overhead, and track spending in real time. The COVID-19 pandemic further accelerated this trend as businesses sought contactless and remote payment solutions​ (CustomerThink)​.

Today, virtual cards are an integral part of corporate expense management, offering enhanced security, flexibility, and operational efficiency​ (CustomerThink)​ .

How do virtual credit cards work?

When you request a virtual card number, your issuer generates a unique 16-digit number, expiration date, and CVV that is tied to your account. You can then use this virtual card number to make purchases online or over the phone, without revealing your physical card’s information. Depending on your needs, some virtual card numbers are for single use, while others can be used for multiple transactions. To learn more about the different types of virtual cards, check out this article on what are virtual cards?

Virtual vs. Physical Cards

Understand the differences of virtual and physical cards for your business.

Benefits of using a virtual credit card

  • Enhanced security: Virtual cards protect against fraud by keeping your actual card number private, reducing the risk of your information falling into the wrong hands.
  • Customizable controls: Many issuers allow you to set spending limits or expiration dates on virtual cards, giving you greater control over your online transactions.
  • Convenience: Generate virtual cards instantly online or in your issuer’s mobile app, without the hassle of waiting for a physical card to arrive in the mail.
  • Privacy: Using virtual cards helps limit data tracking by advertisers when shopping online, as each virtual number is unique and not directly tied to your personal information.

How to get a virtual credit card in Canada?

To get started with virtual credit cards, check if your current credit card issuer offers this feature. If your card offers it, simply log into your online account or mobile app to generate a virtual number. Unfortunately, there are very few options to get access to Virtual Cards in Canada. Good news is that Float in built in Canada and offers best-in-class virtual cards solution for businesses.

Instantly Issue Unlimited Virtual Cards with Float

Canada’s only modern USD and CAD Visa and Mastercard virtual cards solution for businesses — plus cashback and average savings of 7%.

virtual cards

Using your virtual credit card

Using a virtual credit card is just like using your regular card for online purchases. Simply shop online as usual, inputting your virtual card number, expiration, and CVV at checkout instead of your physical card details. If you have recurring payments, you may want to generate a virtual card that doesn’t expire after a single use. Keep in mind that virtual cards won’t work for in-person purchases or anything requiring your physical card, like picking up tickets or checking into a hotel. However, if you need to make a return, the refund will still be credited back to your account even if you used a single-use virtual number.

Virtual cards vs. digital wallets

Both virtual cards and digital wallets help keep your actual card number private during transactions, but they work in slightly different ways. Digital wallets like Apple Pay and Google Pay allow you to make payments in-person or online via your mobile device, while virtual card numbers are typically for online use only. However, you can often store your virtual credit card in your digital wallet for easy access and added security when shopping on your phone or computer.

“Float’s virtual cards continue to give our team the flexibility and autonomy they need and deserve.”

Andy O’Reilly
Senior Manager of Finance & Technology

Choosing the right corporate virtual card in Canada — Float

When deciding on a credit card with virtual card capabilities, consider factors like rewards, benefits, and float features in addition to the ease of generating virtual numbers. Look for a card and issuer that makes it simple to create virtual cards, with options to set controls like spending limits and expiration dates. If you’re a business owner, choosing a corporate card with robust virtual card features can help manage employee spending and prevent fraud.

Virtual credit cards offer a secure and convenient way to shop online, giving you greater control over your transactions and peace of mind knowing your sensitive information is protected. Join the growing number of savvy consumers and businesses who trust us to provide innovative payment solutions tailored to their needs.

Frequently Asked Questions

Float’s virtual cards are issued by Visa for CAD cards and Mastercard for USD spending. They offer direct 1% cashback on all categories after the first 25K of monthly spend. Float operates on a Charge Card or Prepaid funding model. Prepaid model offers 4% interest on all deposits with no cash lockups with account opening in < 24 hours.

Virtual cards are the same as a traditional physical card with the exception that the card number for these cards is presented digitally. You can create and cancel virtual cards for any purchase and set custom limits on a per-card level to avoid overcharges from the vendors. Float’s virtual cards are excellent for recurring subscription expenses, digital ads spend, and one-off small employee purchases as they can be added into Apple or Android Wallet and deleted once the purchase is complete. Float’s Essentials plan offers unlimited virtual cards and <10 minutes account application time.

Signing up for Float takes less than 10 minutes and can be done fully online. Float does not require any personal guarantees and does not perform credit checks to open your account. Ready to get started on our Free Essentials plan? Sing-up today.

Float is Free to use on our Essentials plan, where you will be able to issue unlimited virtual CAD/USD cards, earn 4% interest on deposits, reimburse employees and pay vendor bills. If you need more sophisticated functionality, like over 20 physical cards, Netsuite integration, or an API solution, you will have to consider our paid Professional and Enterprise plans.

Float offers Charge Card and Prepaid funding models. You can apply (*Conditions apply. Book a demo to learn more) for unsecured, 30-day credit terms with high limits up to $1M, no credit checks and personal guarantees. Prepaid model offers 4% interest on all deposits with no cash lockups with account opening in < 24 hours.

Unlike traditional cards that get you to spend more, Float is the only corporate card in the world that helps businesses spend less. Through a combination of financial rewards like our 1% cashback, 4% interest on deposits, no FX fees with our USD cards and time savings of at least 8 hours per employee Float’s customers on average save 7% on their spend.

Unlocking Benefits: How to Get a Virtual Credit Card for Your Canadian Business

As a Canadian business owner, you understand the importance of streamlining your financial processes and ensuring the security of your transactions. One powerful tool that can help you achieve these goals is a virtual credit card.

By obtaining a virtual credit card for your business, you can enjoy enhanced security, simplified expense tracking, and greater control over your company’s finances. In this article, we’ll guide you through the process of getting a virtual credit card for your Canadian business, highlighting the key steps and considerations along the way.

Instantly Issue Virtual Cards with Float

Canada’s only modern USD and CAD Visa and Mastercard virtual cards solution for businesses — plus cashback and average savings of 7%.

virtual cards

What is a Virtual Credit Card?

Virtual credit cards are digital versions of traditional credit cards designed for secure online transactions. They provide unique card numbers for each transaction, reducing the risk of fraud and simplifying expense management for businesses. For a more detailed overview, checkout our deep dive into — What are Business Virtual Cards?

Why Your Canadian Business Needs a Virtual Credit Card

Virtual credit cards offer enhanced security, streamlined expense tracking, and greater control over business finances. They are an ideal type of corporate credit card used for managing online subscriptions, vendor payments, and employee expenses, making them a valuable tool for Canadian businesses.

How to Get a Virtual Credit Card for Your Canadian Business

Getting a virtual credit card for your Canadian business involves several steps, from researching providers to integrating the card with your existing systems. It’s essential to consider factors such as eligibility requirements, fees, and features when choosing a provider that best suits your business needs.

Step 1: Research Virtual Credit Card Providers

Start by identifying reputable virtual credit card providers in Canada that specialize in business solutions. Compare the features, fees, and benefits offered by different providers to find the one that aligns with your company’s requirements.

Step 2: Understand Eligibility Requirements

Before applying for a virtual credit card, review the eligibility criteria set by the providers you’re considering. Ensure that your business meets the necessary financial and operational standards to qualify for a virtual credit card.

Step 3: Prepare Necessary Documentation

To apply for a virtual credit card, you’ll need to gather required documents such as business registration, financial statements, and identification. Having accurate and up-to-date documentation ready will streamline the application process.

Step 4: Submit Your Application

Once you have chosen a provider and prepared the necessary documentation, complete the online application process through the provider’s website. Pay attention to the information you provide to ensure a smooth application process.

Step 5: Set Up Your Virtual Credit Card

After your application is approved, follow the provider’s instructions to set up your virtual credit card. Configure settings such as spending limits and authorized users to ensure the card aligns with your business’s financial policies.

Step 6: Integrate with Your Business Systems

To maximize the benefits of your virtual credit card, connect it with your accounting and expense management software. Seamless integration will simplify tracking and reporting, saving you time and effort in managing your business finances.

Step 7: Train Employees on Usage

Finally, educate your team on how to use virtual credit cards for business expenses. Ensure that they understand and follow company policies and procedures when making purchases with the virtual credit card.

Issue Unlimited Virtual Cards With Float for Free

Canada’s only modern USD and CAD Visa and Mastercard virtual cards solution for businesses — plus cashback and average savings of 7%.

virtual cards

Tips on Maximizing the Benefits of Virtual Credit Cards

As you embark on your journey with a virtual credit card for your Canadian business, it’s crucial to make the most of its features and benefits. By implementing best practices and staying proactive, you can optimize your business’s financial management and ensure a seamless experience for your team.

1. Monitor Spending Regularly

Regularly reviewing transactions is essential to maintain compliance and identify any discrepancies early on. Set aside dedicated time to analyze your virtual credit card statements and address any issues promptly.

2. Leverage Automated Expense Reporting

Take advantage of automated tools offered by your virtual credit card provider to streamline expense tracking and reporting. These tools can save you valuable time and reduce the risk of manual errors.

3. Set Clear Policies and Guidelines

To ensure the smooth adoption of virtual credit cards within your organization, establish clear guidelines for employees on their use. Communicate expectations, spending limits, and approved categories to minimize misuse and maintain control over expenses.

4. Evaluate Provider Features Periodically

As your business grows and evolves, it’s important to periodically review and assess the features and benefits offered by your virtual credit card provider. Stay informed about new offerings and consider switching providers if better options become available.

Frequently Asked Questions

To get a business virtual credit card in Canada, research providers, understand eligibility requirements, prepare necessary documentation, submit your application, set up the card, integrate with business systems, and train employees on usage.

Fees can vary by provider, so it’s important to compare features and costs. Float is a completely free virtual card solution for Canadian businesses that you should consider.

Virtual cards are the same as a traditional physical card with the exception that the card number for these cards is presented digitally. You can create and cancel virtual cards for any purchase and set custom limits on a per-card level to avoid overcharges from the vendors. Float’s virtual cards are excellent for recurring subscription expenses, digital ads spend, and one-off small employee purchases as they can be added into Apple or Android Wallet and deleted once the purchase is complete. Float’s Essentials plan offers unlimited virtual cards and <10 minutes account application time.

Signing up for Float takes less than 10 minutes and can be done fully online. Float does not require any personal guarantees and does not perform credit checks to open your account. Ready to get started on our Free Essentials plan? Sing-up today.

Float is Free to use on our Essentials plan, where you will be able to issue unlimited virtual CAD/USD cards, earn 4% interest on deposits, reimburse employees and pay vendor bills. If you need more sophisticated functionality, like over 20 physical cards, Netsuite integration, or an API solution, you will have to consider our paid Professional and Enterprise plans.

Float offers Charge Card and Prepaid funding models. You can apply (*Conditions apply. Book a demo to learn more) for unsecured, 30-day credit terms with high limits up to $1M, no credit checks and personal guarantees. Prepaid model offers 4% interest on all deposits with no cash lockups with account opening in < 24 hours.

Unlike traditional cards that get you to spend more, Float is the only corporate card in the world that helps businesses spend less. Through a combination of financial rewards like our 1% cashback, 4% interest on deposits, no FX fees with our USD cards and time savings of at least 8 hours per employee Float’s customers on average save 7% on their spend.

Best Way to Get a Business Virtual Credit Card in Canada

As you explore the world of virtual credit cards for your Canadian business in 2024, consider providers that offer comprehensive solutions tailored to your needs. Look for features like automated expense management, seamless accounting integration, and enhanced security to ensure an efficient and secure way to manage your business expenses. By choosing the right provider and implementing best practices, you can unlock the full potential of virtual credit cards and take your business’s financial management to the next level.

“Float’s virtual cards continue to give our team the flexibility and autonomy they need and deserve.”

Andy O’Reilly
Senior Manager of Finance & Technology

As you embark on your journey to streamline your business expenses with a virtual credit card, remember that choosing the right provider is key. We invite you to explore our comprehensive solution designed specifically for Canadian businesses like yours. Get started for free today and experience the benefits of enhanced security, automated expense management, and seamless integration with your existing systems.

How to Efficiently Pay Invoices as a Canadian Business

As a Canadian business owner, paying invoices efficiently is essential to maintaining a healthy cash flow and fostering strong relationships with your suppliers. By streamlining your invoice payment process, you can save time, reduce errors, and ensure compliance with Canadian tax regulations.

In this guide, we’ll walk you through the steps to efficiently pay invoices, from verifying invoice details to optimizing your payment processes. We’ll also provide tips on leveraging technology and maintaining good supplier relationships to help your business thrive.

Pay Vendor Invoices with Float

Canada’s best-in-class EFT, ACH, and Global Wires payments platform for CAD and USD — plus average savings of 7%.

What is Invoice Payment?

Invoice payment for Canadian businesses involves the process of settling outstanding bills from suppliers or service providers. This typically includes verifying the invoice details, ensuring compliance with GST/HST regulations, and choosing the appropriate payment method.

How to Efficiently Pay Invoices as a Canadian Business

Efficient invoice payment is crucial for maintaining good supplier relationships and cash flow. Here are the steps to follow:

Step 1: Verify Invoice Details

  • Accuracy is key: Cross-check the invoice for accuracy, including the amount, due date, and supplier details. Ensure that the invoice includes the correct GST/HST information. Verifying these details is crucial to avoid disputes and ensure tax compliance.

Step 2: Choose the Right Payment Method

  • Select the best option: Evaluate the best payment method for your business needs, such as bank transfer, credit card, or online payment platforms. Consider factors like cross-border payments, currency conversion, and the efficiency of using a best accounts payable platform.

Step 3: Schedule Payments

  • Timely payments matter: Set up payment schedules to avoid late fees and take advantage of early payment discounts. Utilize automated reminders and scheduling tools to ensure payments are made on time.

Step 4: Record and Reconcile Payments

  • Maintain accurate records: Keep accurate records of all invoice payments for accounting and tax purposes. Reconcile payments with bank statements to ensure accuracy. Utilizing automated invoice payment systems can help streamline record-keeping.

Step 5: Review and Optimize Processes

  • Continuously improve: Regularly review your invoice payment process to identify areas for improvement. Implement feedback from suppliers and internal teams to enhance efficiency.

Tips on Efficient Invoice Payment for Canadian Businesses

1. Utilize Technology

  • Leverage tools: Bill pay and reimbursements tools can automate and streamline the invoice payment process, saving you time and reducing errors.

2. Maintain Good Relationships

  • Foster strong partnerships: Ensure timely and accurate payments to build trust and maintain positive relationships with your suppliers.

3. Stay Compliant

  • Adhere to tax laws: Ensure compliance with Canadian tax laws, including GST/HST, to avoid penalties and maintain good standing with tax authorities.

Frequently Asked Questions

The key steps to paying an invoice as a Canadian business include verifying invoice details, choosing the right payment method, scheduling payments, recording and reconciling payments, and reviewing processes for continuous improvement.

The best methods for paying invoices in Canada include bank transfers, credit cards, online payment platforms, and automated invoice payment systems. Choose the method that best suits your business needs and helps streamline your payment processes.

To ensure compliance with GST/HST when paying invoices, verify that the invoice includes correct GST/HST information and maintain accurate records for tax purposes. Staying compliant with Canadian tax laws is essential to avoid penalties and maintain good standing with tax authorities.

Most banks do not impose limits on the amount of money you can send via EFT. However, some banks may have daily or monthly transfer limits for security reasons. Check with your bank for specific limits.

Float is an all-in-one platform for Invoice payments that includes EFT, ACH, and Global Wire payment capabilities. Float is Free to use on our Essentials plan, where you will be able to issue unlimited virtual CAD/USD cards, earn 4% interest on deposits, reimburse employees and pay vendor bills.

Unlike traditional cards that get you to spend more, Float is the only corporate card in the world that helps businesses spend less. Through a combination of financial rewards like our 1% cashback, 4% interest on deposits, no FX fees with our USD cards and time savings of at least 8 hours per employee Float’s customers on average save 7% on their spend.

Role of Accounting Automation in Paying Vendor Invoices

Automation in accounts payable (AP) is revolutionizing how Canadian businesses handle financial processes. By automating tasks like invoice matching, data entry, and approval workflows, companies can reduce errors, save time, and improve efficiency. AP automation ensures compliance with Canadian tax regulations such as GST/HST, automatically calculating and reporting taxes accurately.

Additionally, accounting automation enhances cash flow visibility and strengthens vendor relationships by enabling timely payments. It reduces the risk of duplicate payments and fraud, while also supporting eco-friendly initiatives through reduced paper usage. For Canadian businesses, AP automation is key to boosting productivity and maintaining competitiveness.

How to Choose the Right Software to Manage Invoice Payments?

The right software solution can play a huge role in helping businesses streamline Invoice payments. We’ve compiled our 2024 review of all the best solutions on the market in Canada. Read more on it below.

Best Accounts Payable Platform in Canada 2024

How to Pay International Invoices as a Canadian Business?

Are you looking to pay international invoices out of your Canadian entity? We’ve got you covered with our dedicated step-by-step walkthrough of making payments across the globe.

Streamline Your Invoice Payments with Cutting-Edge Solutions like Float

By using a comprehensive bill pay service, you can enjoy a centralized platform for managing all your invoice payments, regardless of the payment method or currency. This streamlined approach saves you time, reduces the risk of errors, and provides greater visibility into your financial transactions.

If you’re looking for a comprehensive solution to streamline your invoice payment process, we invite you to explore Float’s Bill Pay service. With features like AI-powered Bill Intake, embedded EFT/ACH and Global Wires, and 4% interest on funds, Float’s platform is designed to simplify the way you manage and make invoice payments in Canada.