Author: Ruslan Nikolaev

What is a Fleet Card? Your Guide to the Best Fleet Fuel Cards in Canada

Posted on by Ruslan Nikolaev

Rising costs at gas pumps nationwide can make operating vehicles in your business both challenging and expensive. In addition to maintenance, fuel accounts for a major portion of operational spend for companies that use vehicles to provide services. The good news? Finding the best fuel card or fleet card for your business can save you money and give you control over the cost of getting from A to B.

What is a fleet card, exactly, and how is it different from a corporate credit card? When should you choose one over the other?

In this guide, we’ll go over how businesses benefit from providing fleet cards to employees and introduce some of the best fleet fuel cards Canada has on offer—plus a few alternatives.

What is a fleet card?

Fleet cards, also known as fuel cards, enable employees to pay for the costs associated with operating a vehicle—including gas, maintenance and repairs—and forward the charge to their company as a business expense. Fleet cards can only be used for vehicle-related expenses, whereas other corporate cards can be used for purchases like office supplies, software subscriptions, or meals.

Fleet cards are for businesses of all sizes with employees who drive a vehicle as part of their job. This includes companies that manage field workers or contractors who commute to different job sites (think plumbers, landscapers and telecommunications techs). Fleet cards are a must for long-haul trucking and last-mile delivery companies that need a way for drivers to pay for fuel and maintenance while they’re on the road.

How does a fleet card work?

If you’re looking into business cards, you might be wondering: What is a fleet card used for? Can’t a corporate card do the same thing?

There are definitely similarities. Employees can use fleet cards to make fuel and vehicle maintenance purchases on the company’s tab the same way they’d pay with a company debit or credit card. Many fleet cards are a type of credit card or charge card that accumulate a balance the employer needs to pay down on a regular basis. Some providers, like Float, also offer prepaid business credit cards for fuel. 

Unlike general-use business credit cards, fleet cards enable employers to set strict spending limits and restrict the types of transactions employees make—and even where they can make them. 

There are two types of fleet cards:

  • Closed-loop fleet cards are offered by fuel retailers and can only be used within their fuel networks. One of the major downsides is that drivers have to go out of their way to use them at specific gas stations and truck stops.
  • Open-loop fleet cards are offered by financial institutions or corporate card providers and can be used anywhere the card’s brand is accepted. Open-loop cards are often Visas or Mastercards. 

You can assign a fleet card to an employee or to a vehicle, which makes it easier to track total cost of ownership (TCO) and identify any gas-guzzling lemons in your fleet. The cards also offer security features like flagging unauthorized transactions and allowing you to suspend or cancel non-compliant cards.

Benefits of fleet cards

1) Eliminate the reimbursement rigamarole

With a fleet card, employees don’t have to worry about gathering receipts to submit for approval or wait for reimbursement. In turn, your accounting team doesn’t have to spend time hunting down receipts or juggling payouts, making it easier to control cash flow. 

2) Give drivers autonomy without compromising on control

Using a fleet card keeps the budget under control without causing roadblocks for drivers. Fleet cards give you the best of both worlds: the ability to set spend limits and track usage while also allowing your team to fuel up when it’s convenient for them. 

3) Get better insights and analytics 

Top-performing fleet cards can be integrated with bookkeeping or expense management software to automatically log details like fuel grade, fuel price, and location. This enables you to measure fuel efficiency and maintenance costs so you can spot opportunities for improvement.

4) Take advantage of savings and rewards

Many closed-loop fleet cards offer rebates or discounts on fuel, car washes, tires and mechanic services. Some also offer cash back or points programs. At Float, our corporate cards offer a stack of rewards including 1% cashback and 4% interest on yield account balances—without the restrictions that come with closed-loop cards.

Best fleet fuel cards in Canada

The best fuel card will offer employees flexibility and convenience when they need to fuel up while giving you greater visibility and control around your vehicle expenses. If your employees are driving out-of-province or into the U.S., you need to consider cards that work across borders.

To help you find the card that fits your business, here’s an overview of some of the best fleet fuel cards Canada has to offer:

Closed-loop fleet cards

Shell Fleet Plus: One of the leading fuel cards for trucking companies in Canada. Offers discounts at Shell stations and Jiffy Lube, plus Air Miles. Includes purchase controls and reporting.

Esso and Mobil Business Card and Premier Plus Business Card: Another leader with a wide network offering fuel cards for trucking companies in Canada. Provides volume discounts and, at the Premier Plus level, advanced performance reporting.

Co-op Fleet Cards: A popular option for transport and agriculture companies. Can only be used at Co-op, Tempo and Western Nations Gas Bars in Western Canada. 

Open-loop fleet cards

Shell Fleet Navigator: An open-loop Mastercard that has all the benefits of Shell Fleet Plus along with additional chip and PIN security and universal acceptance.

BMO Fleet Card: BMO offers the Mastercard Corporate Fleet Card that can be used everywhere, including Mastercard ATMs. Offers spend controls and reporting. 

Foss National Leasing Fuel Card: This open-loop-ish card is accepted at 98% of Canadian fuel retailers. The program includes tire services from Foss, which also offers vehicle leasing. 

Corporate cards for vehicle expenses from modern business finance providers

Float: Flexible open-loop corporate card solutions, including fuel cards for small businesses in Canada. Provides built-in expense management and spend limit features and offers 7% total average savings. Built for Canadian businesses. 

Keep: General-use corporate card with higher credit limits. Offers basic spend controls and expense tracking. Not available in Québec.

Loop: General-use corporate card with no FX fees. Offers points rewards on purchases. Expense management through a single pane of glass.

Vault: General-use corporate cards that offer 1% cashback on purchases and no FX. Provides multi-currency accounts. Not available in Québec.

Best business credit cards

Compare top options, fees and benefits for

Canadian companies.

Find your card now

What to keep in mind when choosing a fleet card

Fuel cards should give you tools to track fuel efficiency and maintenance costs to better understand TCO so you can invest wisely in new vehicles moving forward. 

Fleet cards that integrate seamlessly with your tax and accounting or business intelligence software make it easy to stay compliant and measure success. 

The best fuel cards for trucking companies in Canada offer expense management solutions that integrate with telematics and electronic logging device (ELD) software for a holistic view of vehicle costs. 

Bear in mind that some cards require you to buy a certain volume of fuel each month to qualify for benefits like discounts and rebates. If fuel purchases aren’t a major cost for your business, choosing a general-use corporate card allows you to have the same level of control over employee purchasing, without limitations around what types of expenses they can pay for with their card. 

How to apply for fleet cards

Unlike business credit cards, many fleet cards on the market are provided by fuel retailers or corporate card providers, not traditional financial institutions. If you’ve looked into how to get a business credit card before, you might be wondering, what is a fleet card application process like? 

You’re in luck. Applying for a fleet card is typically quick and easy. Here’s how.

1) Get your business info together

Applications require information like your company name, location, type, industry, registration documents and your GST/HST number. 

2) Gather fleet information

You’ll need to report details like the size of your fleet, your monthly fuel and maintenance costs and your monthly fuel use. 

3) Gather financial documents and check your credit score

Some providers may need to look at financial statements, proof of income and your credit score to determine the credit limits you’re eligible for. Some also require a personal guarantee or other collateral. 

4) Complete your application

Many closed-loop cards and cards that are available through banks require you to speak directly to a representative about your needs. Open-loop cards, especially those offered by fintechs, typically have fast online application processes. At Float, it takes just 10 minutes to apply for your corporate cards.

5) Get approved and issue your cards

With Float, you can get a 24-hour turnaround on approval. Some providers have longer approval timelines. Once you’ve been approved, you can put rubber to the road and start assigning cards to your drivers.

Managing fuel expenses in your business

According to the American Transport Research Institute (ATRI), fuel accounts for almost a quarter of trucking company operating expenses and costs an average of $22.23 USD per hour, per vehicle in 2023. 

Saving on fuel frees up cash in your business. Reducing fuel costs also goes hand-in-hand with lower emissions, which can help you meet climate action targets. 

Here’s how you can control your fuel costs in addition to using a fleet card.

Optimize routes and loads

Use telematics solutions to find faster routes and enable drivers to proactively navigate around traffic and construction. Ensure your drivers are only carrying what’s required—i.e., don’t let employees lug their hockey bags around in the company car—as fuel consumption increases by about 1% for every 25 kg in mid-sized cars. 

Reduce idling and speeding

The average car wastes one cup of fuel every 10 minutes that it’s idling. Going 20 km/h over the 100 km/h speed limit on the highway isn’t just a safety risk—which can lead to costly fines—it also increases fuel consumption by 20%.  

Coach drivers

Habits like repeatedly hitting the breaks and speeding up can increase fuel use by up to 33%. Coasting rather than using the accelerator and brakes can also save gas. Proactively coach drivers on techniques to reduce fuel use and minimize wear-and-tear on your vehicles. 

Perform preventative maintenance

Replacing air filters, changing oil, and checking tire pressure on a regular basis boosts fuel efficiency and ensures your fleet is in good working order. This reduces unnecessary emergency repair expenses.  

Float for fleet management 

Fuel cards are great for trucking companies or last-mile delivery companies whose drivers mostly spend money at fuel stations, truck stops, and mechanics. But if you run a trades- or service-based company, and/or provide commuter vehicles for your employees, the best fuel card for you might be a general use corporate card.

Float offers the best business credit card in Canada. Our flexible corporate cards enable you to manage all of your employee expenses, including fleet costs like fuel and maintenance, in one place. Drivers can use Float cards wherever Visa and Mastercard are accepted across Canada. 

With Float, you can set the same strict spending limits that you’d expect from the best fleet fuel cards in Canada and customize those restrictions—in real time—for all the purchases your employees need to make. Float’s suite of powerful reporting features show transactions as they happen in the moment and enable you to track budgets vs. actuals over time. 

Float also offers high spending limits up to $1M with no personal guarantees. Benefits like 1% cash back, 4% interest on funds kept in your Float and low USD conversion fees rolled up with increased efficiency across your team delivers 7% total cost savings.

Take control of your fuel costs with Float and discover how to make every dollar go further—on and off the road.

Ultimate Guide for Bookkeeping Services in Canada

Posted on by Ruslan Nikolaev

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.

Learn more about Float

Get a 10-minute guided tour through our platform.

See a Demo

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!

Learn About Float
Get Started for Free

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 Small Businesses

Posted on by Ruslan Nikolaev

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

Overall Best Solution for SMBs ⭐️

Price: $24-160 / month

Reasons to choose QBO:

  • Scalable to larger finance teams
  • Tons of integrations and add-ons like payroll, projects, etc…
  • Strong inventory management
Read our Review

Best for Multi-user Businesses

Price: $20-67 / month

Reasons to choose Xero:

  • Easy to use
  • Excellent support for Canada
Read our Review

Best for Micro-Businesses

Price: $22-60 / month

Reasons to choose Freshbooks:

  • Really easy to use!
  • Project and Time tracking
  • Excellent mobile app
Read our Review

Best for Invoicing

Price: Free-$20 / month

Reasons to choose Wave:

  • Embedded Payments
  • Integrated Invoice Processing
  • Great for sole-proprietors
Read our Review

Best for Inventory Tracking

Price: $65-410 / month

Reasons to choose Sage 50:

  • Robust Inventory tracking
  • Advanced Reporting
  • Excellent mobile app
Read our Review

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.

Learn more about Float

Get a 10-minute guided tour through our platform.

See a Demo

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!

Learn About Float
Get Started for Free

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

Posted on by Ruslan Nikolaev

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 expense management as a whole. It also ensures 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.

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.

Make expense reporting easy

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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.

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.

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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.

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

Posted on by Ruslan Nikolaev

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.

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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.

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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

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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

Posted on by Ruslan Nikolaev

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.

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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, payment fees 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?

Choosing the right software to manage invoice payments is key to improving efficiency, reducing errors, and maintaining better control over cash flow. Our 2025 Best Accounts Payable Software review takes an in-depth look at the top solutions available in Canada, comparing key platforms based on:

  • Automation & Efficiency – AI-driven invoice capture, GL coding and approval workflows to reduce manual work.
  • Payment Capabilities – Support for EFT, ACH, credit card payments and international wire transfers.
  • Integration & Usability – Seamless connections with accounting software and user-friendly interfaces.
  • Pricing & Value – Transparent pricing, cost-saving features, and additional benefits like Float’s 4% interest on held funds.

It also includes a handy comparison chart of the top providers to help you easily compare costs, features and more.

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.

Also, check out our resource on ACH vs. EFT for a better understanding on the two payment methods and what might be right for your business.

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.

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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.

Step-by-Step Guide to ACH Payments for Canadian Companies

Posted on by Ruslan Nikolaev

Are you looking to streamline your business’s payment processes and reduce transaction costs? ACH payments offer a secure, efficient, and cost-effective solution for Canadian businesses. In this step-by-step guide, we’ll walk you through the process of setting up and making ACH payments, helping you optimize your financial operations.

By understanding the benefits of ACH payments and following our detailed instructions, you can take advantage of this powerful payment method and improve your business’s financial efficiency. Let’s dive in and explore how ACH payments can transform the way you manage your transactions.

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What is an ACH Payment in Canada?

ACH (Automated Clearing House) payment is an electronic funds transfer system that processes payments between banks. It is commonly used for direct deposits, bill payments, and other types of financial transactions. ACH payments are processed in batches and can be more cost-effective than wire transfers.

Why Use ACH Payments for Your Business?

ACH payments provide a secure, efficient, and cost-effective way for businesses to manage transactions. They offer lower processing fees compared to credit card payments and enable businesses to streamline their accounts payable processes. Additionally, ACH payments are ideal for recurring payments, reducing the need for manual intervention. But not every financial service provider offers ACH (learn more about ACH vs EFT in this article.)

How to Make an ACH Payment as a Canadian Business

Step 1: Set Up Your ACH Account

  • Contact your bank to set up an ACH account, ensuring it supports ACH transfers.
  • Provide necessary business documentation and verify your identity.
  • Your bank will guide you through the setup process and provide the required forms.

Step 2: Gather Required Information

  • Obtain the recipient’s banking details, including their bank account number and routing number.
  • Ensure you have the recipient’s full name and address as it appears on their bank account.
  • Collect any additional information required by your bank, such as the recipient’s SWIFT code for international transfers.

Step 3: Initiate the ACH Payment

  • Log into your bank’s online portal or use their ACH payment service.
  • Enter the recipient’s banking details, the payment amount, and the payment date.
  • Review the information for accuracy and submit the payment request.
  • Confirm the payment through your bank’s security verification process.

Step 4: Monitor the Payment Status

  • Track the status of your ACH payment through your bank’s online portal.
  • ACH payments typically take 1-3 business days to process, but this can vary based on your bank and the recipient’s bank.
  • Ensure that the payment has been successfully completed and received by the recipient.

Step 5: Record the Transaction

  • Keep a record of the ACH payment for your financial records.
  • Update your accounting software or accounts payable platform with the transaction details.
  • Monitor your bank statements to verify the payment has cleared.

Tips on Ensuring Successful ACH Payments

1. Verify Recipient Information

  • Double-check recipient details: Carefully review all recipient information before initiating the ACH payment to avoid errors and delays in processing.

2. Schedule Payments in Advance

  • Plan ahead: To ensure your ACH payments are processed on the desired date, schedule them in advance, taking into account the processing time required by your bank.

3. Use Secure Banking Platforms

  • Prioritize security: Always use secure online banking platforms to protect your financial information and ensure the safety of your transactions.

Frequently Asked Questions

The steps include setting up an ACH account, gathering recipient information, initiating the payment, monitoring the payment status, and recording the transaction.




Yes, Canadian businesses must comply with regulations set by Payments Canada, including obtaining proper authorization from the recipient.

If you are looking for a modern solution for ACH payments in Canada, look no further than Float. Otherwise, many major banks in Canada offer ACH payment services, including RBC, TD, and Scotiabank, among others, however, additional fees may apply.

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.

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 manage ACH payments is with Float

Using our bill pay solutions and accounts payable platform, Canadian businesses can streamline their ACH payment processes, reduce errors, and ensure timely payments. Our platform offers seamless integration with your existing financial systems, making it easier to manage accounts payable and stay on top of your business finances.

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By following this step-by-step guide, you can confidently navigate the world of ACH payments and unlock the benefits they offer for your Canadian business. As you embark on this journey, remember that we’re here to support you every step of the way. Get started for free with our user-friendly platform and let us help you streamline your payment processes, saving you time and money.

Understanding Credit Cards, Charge Cards and Secured Cards

Posted on by Ruslan Nikolaev

When it comes to managing your business expenses, choosing the right type of card can make a significant difference in your financial strategy. Understanding the key differences between corporate credit cards, charge cards, and secured cards is essential for making an informed decision that aligns with your company’s needs and goals.

In this article, we’ll dive into the unique features, benefits, and drawbacks of each card type, helping you determine which option is the best fit for your business. By the end, you’ll have a clear understanding of how these cards work and how they can impact your company’s financial health.

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What are credit cards?

Credit cards extend a line of credit up to a preset limit, allowing you to make purchases and carry a balance from month to month. Interest charges apply to any outstanding balance not paid in full by the due date. Minimum payments are calculated as a percentage of the total balance, making it easier to manage cash flow.

There is a wide range of credit card options available, catering to various credit scores and offering rewards such as cash back, points, or discounts. Responsible use of a credit card can help build your business’s credit history and improve its credit scores over time.

How do charge cards work?

Charge cards require full payment of the balance at the end of each billing cycle, typically on a monthly basis. Unlike credit cards, charge cards usually don’t have a preset spending limit, providing more flexibility for business expenses. However, failing to pay off the balance in full can result in substantial fees and penalties.

Approval for a charge card generally requires good to excellent credit. These cards often come with high annual fees but offer premium rewards and perks in return. Differences between charge cards and credit cards include payment terms and the impact on credit utilization.

What are secured credit cards?

Secured credit cards require a security deposit that serves as collateral and usually determines the credit limit. These cards are designed for businesses looking to build or rebuild their credit. Charge card issuers often conduct automatic reviews to potentially upgrade users to an unsecured card based on their payment history.

The security deposit is refundable if you upgrade to an unsecured card or close the account in good standing. Secured cards typically have lower credit limits compared to unsecured cards. All account activity is reported to credit bureaus, making responsible use crucial for improving your business’s credit profile.

Comparing credit cards, charge cards, and secured cards

Credit cards are the most common and accessible option, with a variety of choices for different credit profiles. Charge cards are less widely available and target businesses with excellent credit. Secured cards are a good choice for companies with limited or poor credit history.

When selecting a card, consider factors such as fees, rewards, credit card comparison, and your business’s spending habits. The impact a card has on your credit score can vary based on its terms and how you use it.

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How to choose the right card for your needs

To choose the right card for your business, start by assessing your credit score and history to determine which types of cards you may qualify for. Evaluate your spending habits and financial goals to find a card with features and benefits that suit your needs.

Compare fees, interest rates, rewards programs and other perks across different card offers. Consider whether you can responsibly manage payments and avoid carrying a balance. Carefully read the card’s terms and conditions, and select a product that aligns with your business’s needs and financial situation. You may also want to consider how these cards fit into a larger corporate card program, to centralize your business spending and standardize reimbursements.

Why Coinberry switched from AMEX

“When we were using AMEX, it was incredibly time-consuming to fund our cards. It often put our ad campaigns on pause & we’d lose users every day.”

Jerry Lin
VP Finance

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Float’s Charge Card — Best Solution for Canadian Businesses Looking to Grow

Float’s Charge Card offers a tailored solution for Canadian businesses seeking to streamline their expense management and boost their financial performance. With flexible spending limits, powerful budgeting tools, and seamless integration with your existing accounting software, Float’s Charge Card empowers you to take control of your company’s finances and fuel its growth.

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If you’re ready to take your business to the next level with a smarter, more efficient expense management solution, we’re here to help. Join the countless Canadian companies who have already discovered the power of our innovative platform and get started for free today. Let us show you how easy it can be to optimize your finances and fuel your company’s growth.

5 Best Bench Accounting Alternatives in 2025

Posted on by Ruslan Nikolaev

Was your Canadian business impacted by the recent announcement from Bench Accounting about the service shutdown? While services have resumed following Bench’s acquisition, many finance leaders are still exploring alternative solutions due to the uncertainty—and hello, panic—that the initial announcement caused.

To help you make an informed decision about whether to stay parked with Bench or move on to greener platforms, we’ve compiled this guide to outline the details of Bench’s closure, the top alternative accounting software providers and how to migrate to a new solution. Make sure to check out our quick-view table below to compare key features, pricing and customer reviews.

Bench Accounting alternative bookkeeping solutions for Canadian SMBs

Whether you’re a startup, solopreneur, or established small business, there’s a Bench alternative out there for you. Let’s find the best fit for your business.

But first, some context.

Bench is shutting down. Or is it?

VC-backed bookkeeping platform Bench Accounting caused widespread panic among its customers after abruptly shutting down on Friday, December 27, 2024, locking thousands out of their accounts. The Vancouver-based start-up’s notice of closure left businesses that use its software scrambling for solutions, right as year-end and tax season loomed. But by the following Monday, payroll and onboarding tech company Employer.com announced its acquisition of Bench in a last-minute deal, and customer logins were restored.

But what about customer trust?

While plans are to revive Bench’s existing platform and allow customers to regain access to their data (with an option to either port their information or continue using the service as is), many challenges still remain. Chief among these is the impact of layoffs during the shutdown, which raises concerns about Bench’s service quality and platform reliability both during the transition and in the long term.

Bench’s former CEO and co-founder Ian Crosby released a statement on social media that further put into question the direction of the company over the past few years, following his abrupt dismissal.

Top Bench Accounting Alternatives

1. Pilot

Startup and small business focus: Pilot is an online bookkeeping and accounting service that caters to the needs of startups and small businesses. They offer bookkeeping, tax prep, and CFO services.

Accrual-basis accounting available: Unlike Bench, Pilot provides accrual-basis accounting in addition to cash-basis. This gives you a more accurate picture of your long-term financial health.

Integrates with top tools: Pilot connects with popular business tools like QuickBooks, Gusto, and Expensify to automatically import financial data. This saves time on manual data entry.

Pricing: Pilot offers three tiers, starting at $349 a month for Starter, $499 for Core and custom pricing for Plus.

Customer reviews:
“The consultative sales process made me confident in choosing Pilot for our accounting & tax needs, the onboarding process was smooth, and their online portal is eye pleasing, easy to use, and makes collaborating with our dedicated bookkeeper seamless.” Read more reviews from Capterra.

For a more detailed comparison of Pilot and Bench features, pricing, and reviews, check out this Pilot vs Bench comparison.

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2. Finta

Built for startups: Finta offers a comprehensive, all-in-one accounting platform tailored specifically for startups, streamlining bookkeeping, taxes and financial insights within a single interface. This integration eliminates the need for multiple tools and services, providing real-time financial metrics such as cash flow, runway and burn rate, which are crucial for startup decision-making.

Ease of use for founders: Finta’s platform is designed to scale with startups, offering modern integrations with tools like Stripe, Gusto, Pulley and Carta, ensuring that as a startup’s financial management needs evolve, Finta can adapt accordingly.

Pricing: Finta offers three tiers, starting at $0 for Basic, $99 per month for Copilot and custom pricing for Assistant.Customer reviews: “Easy to use – Replaces spreadsheets and manual processes – More cost effective than competitor products – Unique approach to fundraising, making it easier to transfer funds from accredited investors.” Read more reviews from Capterra.

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3. Kick

Automation and real-time insights: Kick automates bookkeeping tasks with real-time transaction categorization, personalized deduction management and customizable rules, providing immediate visibility into revenue and expenses.

Comprehensive financial tools: Offers features like multi-entity support at no additional cost, tax-ready financial statements and double-entry accounting for seamless collaboration with tax advisors or CPAs.

Scalable and efficient solution: Designed to save time and enhance accuracy, Kick outshines competitors like Bench by offering more robust tools such as real-time insights and automation, catering to modern business needs.

Pricing: Kick offers four tiers, starting with a free version, then moving to $35 per month for Basic, $125 per month for Plus and custom pricing for Enterprise.

Customer reviews: “I’ve had the chance to use Kick for a few months now, and as someone who does not like bookkeeping side of my business, I’m stoked there’s finally something user friendly and smart that I can use to automate my books. It’s literally built for businesses like mine, which are all online and have multiple streams of income.” Read more Product Hunt reviews.

Kick is the recommended solution by the Bench’s team and they offer a number of rewards for the customers who signup with them as part of the shutdown.

How to migrate to Klik?
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4. Quickbooks Online

Popular accounting software: QuickBooks Online is one of the most widely-used accounting solutions, with over 4.5 million subscribers worldwide. It offers a range of features for small businesses, including bookkeeping, invoicing, and financial reporting.

Advanced features available: While the basic QuickBooks plan includes essential bookkeeping tools, upgrading to a higher tier unlocks advanced features. These include inventory management, project profitability tracking, and budgeting.

Extensive app ecosystem: QuickBooks has its own app store with over 650 integrations for sales, marketing, operations, and more. There’s also a mobile app for accounting on the go.

Pricing: Quick Books offers four tiers, starting at $24, $54 for Essentials, $80 for Plus and $160 for Advanced. They also offer a free trial for 30 days and significant savings for the first six months.

Customer reviews: “I am enjoying using the online version and look forward to all the incentives for bringing and setting up clients, like revenue share and affiliate commissions. QB still remains the easiest and most valued bookkeeping software that I will recommend. There are video tutorials for literally everything.” Read more reviews from Capterra.

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5. Fincent

Streamlined bookkeeping and tax support: Fincent combines intuitive software with human bookkeepers to deliver accurate, balanced books by the 15th of every month, alongside year-round support for business and personal tax filings.

Comprehensive financial tools: Features include simplified invoicing and billing, digital payment requests, and integration with payment methods like ACH, credit or debit cards, ensuring seamless financial operations.

Scalable and flexible solution: Offers support for both accrual and cash-basis accounting, integrates with tools like QuickBooks, and provides a modern, adaptable alternative to traditional services like Bench Accounting.

Pricing: Fincent offers three tiers, starting at $299 per month for Basic, $899 for Core and $1549 for Power.

Customer reviews: “Fincent takes care of everything related to accountancy and they did all the work I didn’t want to do. They just did it and made my life much easier. We are a graphic design studio and I was pretty new to accounting and bookkeeping. From the moment I started using Fincent, they took care of everything for me. They did the technical configuration, set up everything from scratch, and even set up everything for me to get my taxes done right.” Read more reviews from Capterra.

How to migrate to Fincent?
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How to Choose the Right Bench Alternative

Finding the right replacement for Bench starts with understanding your business’s needs. Whether you prefer hands-on support or a DIY approach, here are the key factors to consider to make an informed choice.

Bookkeeping vs full-service accounting

Some Bench alternatives like Pilot and Finta offer bookkeeping and tax services, similar to Bench. Others like QuickBooks are DIY accounting software. Consider how much hands-on support you need.

Pricing model

Bench and the Bench alternatives listed above all charge flat monthly rates based on your monthly expenses, using various tiered subscription plans. In contrast, other bookkeeping services often charge hourly. Use your must-have features list (see tip in the migration guide below) to help you compare pricing models and find the best value for your business.

Automation features

Look for a Bench alternative that automates manual tasks like data entry, invoicing, and reporting. This will save you time and reduce errors.

Integration with existing tools

Choose an accounting solution that connects with the business tools you already use, such as your POS system, payment processor or payroll service. This will avoid duplicate data entry.

Reporting capabilities

Make sure your Bench alternative generates the financial reports you need for tax purposes and decision-making. These may include a profit and loss statement, balance sheet and cash flow statement.

Customer reviews

Read reviews from verified users on third-party sites like Capterra and G2 to see how each Bench alternative stacks up in terms of features, ease of use, customer service and value for money. Make sure to read both the pros and cons to get a realistic view of the software in regular use.

Step-by-step guide: How to migrate from Bench Accounting to a new provider

Follow these steps to ensure a seamless migration and set your business up for success with your new bookkeeping solution.

  1. Download your data

The first thing you should do is download all of your data from Bench. Login to the website (now restored) and follow the prompts to export your financial records. While there is no longer a deadline of Friday, March 7th at 5:00pm ET, it’s best to retain access to all your information as soon as possible.

  1. Schedule demos

Most accounting software and bookkeeping services offer free demos or trials. Take advantage of these to see the platform in action and ask questions.

  1. List your must-haves

Have a list of your must-have features and integrations ready before you go into these demos. This could include invoicing, payroll, or project tracking. Use this checklist to evaluate each alternative and ensure it meets your needs.

  1. Consider migration services

If you have historical financial data in Bench, look for an alternative that offers migration services to transition your records. Some may charge a fee for this.

  1. Allow a transition period

Give yourself time to get comfortable with your new bookkeeping solution. It may take a few months to fully transition from Bench.

  1. Notify stakeholders

If you switch from Bench to another bookkeeping service, notify any stakeholders who may be affected, such as investors, lenders or your accountant.

While it may take awhile to explore these Bench alternatives and find the solution that’s right for your business, this guide should give you a place to start the process. The key is to prioritize your business’s unique needs and take the transition one step at a time to ensure a smooth and effective switch.

Also looking for a complete business finance solution designed for Canadian businesses? Explore Float!

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3 Effective Strategies to Speed Up Accounts Payable

Posted on by Ruslan Nikolaev

As a finance professional, you understand the critical role that accounts payable plays in maintaining your company’s financial health and operational efficiency. However, managing accounts payable can be a complex and time-consuming process, often leading to delays, errors, and strained vendor relationships.

Fortunately, there are proven strategies you can implement to accelerate your accounts payable process, streamline operations, and enhance overall financial management. In this article, we’ll explore three effective ways to speed up your accounts payable cycle, leveraging automation, optimizing workflows, and transitioning to electronic payments.

By adopting these strategies, you can significantly reduce manual errors, accelerate processing times, and foster stronger relationships with your vendors, ultimately contributing to a more robust and efficient financial operation.

What is Accounts Payable?

Accounts payable refers to the money a business owes to its suppliers for goods or services purchased on credit. It is a critical component of a company’s financial operations and management, ensuring timely payments and maintaining strong vendor relationships. Efficient management of accounts payable can lead to improved cash flow and enhanced operational efficiency.

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Strategy 1: Automate Invoice Processing

Implementing automation tools to handle invoice capture and data entry can significantly accelerate your accounts payable process. By leveraging accounts payable automation, you can reduce manual errors and accelerate processing times, ensuring invoices are processed accurately and efficiently.

Optical character recognition (OCR) technology can help digitize paper invoices, facilitating faster approvals and reduced processing time. This eliminates the need for manual data entry, minimizing the risk of errors and delays.

Strategy 2: Optimize Approval Workflows

Streamlining the approval process is crucial for accelerating your accounts payable cycle. By setting clear approval hierarchies and thresholds, you can ensure invoices are routed to the appropriate individuals for timely review and approval.

Utilizing digital platforms to route invoices electronically can significantly reduce bottlenecks and accelerate approvals. Implementing a flexible bill approval software like Float can help track and manage approvals efficiently, enhancing accounts payable efficiency and reducing delays.

Strategy 3: Transition to Electronic Payments

Moving from paper checks to electronic payment methods like ACH transfers and virtual cards can greatly speed up your accounts payable process. Electronic payments offer improved speed, reliability, and security compared to traditional paper checks. Learn more about the difference between ACH and EFT payments.

By using fast transfers, you can ensure payments are processed quickly and efficiently. Offering diverse, faster payment options to your vendors can enhance relationships and potentially lead to discounts and reduced processing costs.

Frequently Asked Questions

What are the most effective ways to accelerate accounts payable?

  • Automation: Automating invoice processing, streamlining approval workflows, and transitioning to electronic payments are highly effective strategies for accelerating accounts payable.

How can technology be leveraged to speed up the accounts payable process?

  • Leveraging tech: Technology can automate data entry, enhance approval workflows, and facilitate electronic payments, reducing manual errors and processing times.

What are common challenges in accounts payable and how can they be overcome?

  • Challenges and solutions: Common challenges include slow processing times and manual errors. These can be overcome by implementing automation and improving workflow efficiencies.

How does improving accounts payable impact overall business efficiency?

  • Business impact: Improving accounts payable leads to faster processing times, better cash flow management, and stronger vendor relationships, enhancing overall business efficiency.

Best Way to Accelerate Accounts Payable is with Float

By utilizing advanced automation tools and streamlined workflows, businesses can effectively manage their accounts payable processes, ensuring faster payments, reduced errors, and improved financial operations.

By implementing these strategies, you can significantly accelerate your accounts payable process, enhance financial operations, and foster stronger vendor relationships. We invite you to explore how our comprehensive automation solutions can help streamline your accounts payable workflow, reduce errors, and improve overall efficiency. Get started for free with us today and experience the benefits of a modern, optimized accounts payable process.

Accelerate Accounts Payable with Float

Automate bill intake, approvals, accounting sync, and pay anyone in the world with Float’s Bill Pay — plus unlock 7% savings on your spend.

Automate intake with Float’s AI powered OCR and inbox integrations

Streamline approvals with flexible workflows and policies

Pay via Global Wires, EFT, or ACH with Float’s next day payments

Learn More
Get Started for Free