Stripe is Garbage, use Square instead

Afer trying a few payment portals, and being forced to use Stripe, I can easily say that it is by far the most unattractive and uniformative payment portal out there. The Dashboard is confusing, and payment to your account can take 7-14 Days based on your get this, “Risk” factors. So they hold onto your money, make interest off it, then decide when they want to pay you out? Not on. The best and easist payment processesor is Square. Its ease of use and next day bank deposit makes it miles ahead of the other two big wigs, Stripe and Paypal.

Be smart and save time and heqadaches by using Square and Square intergrations when an where you can,

You will thank us later.

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QuickBooks Online, Plooto and Tipalti short-comings and work arounds-You’re Welcome.

Recently we have been forced to move our clients from QuickBooks Desktop to QuickBooks Online as the support for the desktop product  is ending in May 2027. It is really ending Dec 2026 as that is when it makes the most sense for both payroll and year end cut off. QBO is not a better product than QB Desktop Enterprise and how it works is slightly different. It was designed to generate more revenue for Intuit as every company file can now be monetized. The online storage and back up aspect is good, however all they had to do was put the same Enterprise Desktop version in the cloud and everyone would be happy. Work Around 1-Download the QuickBooks Online Desktop app to make an easier transition to the new platform and reduce the learning curve dramatically. Intuit keep updating this feature because they know it fills the void.

You will pay more for Payroll features and you will not be able to pay suppliers from QuickBooks directly if you live outside the U.S . It’s funny how Intuit can manage to design a feature that allows payroll to be deposited to employees accounts, yet cannot seem to do the same with vendors outside the US. This brings me to my next issue. I have explored 3rd party A/P apps to help fill the void here in Canada and quickly came across no-go’s from two of the top programs, Plooto and Tiplati. Below are the downfalls that should make you run,

Plooto-Cannot import credit notes from Vendors, which means you will need to do twice the work before paying a net cheque. Totally missed the boat. 

Tipalti-You need to set up a new bank account and pre-fund that account before payment. Translation more work, and more headaches with reconciliations.

Both services extend the time needed to pay your vendors to between 3-5days. Banks can turn around a file in 18hrs if need be.

Our Work Around 2-Create a account on your chart of accounts called Payment Clearing (Bank account type). When you run your batch payments, select this account as the source account. This will show all payments coming out of a non-bank account and it will post to your bank as one amount. This is important as QuickBooks Online matches entries individually and cannot handle batch entries like payments for multiple vendors. To reconcile and solve this, do one journal entry crediting your bank and debiting the payments clearing account to restore its balance to zero. The one journal entry will work to “match” the bank entry in QuickBooks Online. Problem solved and no need to change your Payments process.

We hope you found this useful and continue to watch our space for more practical reviews.

 

 

Rating: 5 out of 5.

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Back in the Saddle-It’s been awhile

First of all, thank you for hanging in there for the last 2 years while my personal life went through the ringer. I have gone through 2 international moves, a Divorce and health scares. Through it all i managed to stay positive and protect both my assets and sanity. I can look back on my previous posts and confidently say that I nailed those predictions and am glad most of my clients listened.

Getting back to being useful and providing insights

Now that I am on the other side of the hurricanes, I realized that the most helpful way of imparting my 30+years of wisdom on clients and readers alike, would be to review and provide feedback on software, products and companies that i have dealt with or am dealing with at the moment. Having an honest and a logical view from someone who’s used or been there, done that experiences,  really seems to resonate with clients or potential clients. So much of the hype and reviews around companies and products are bought, AI generated or simply not true.

WordPress Sucks-But its still the cheapest

For example, WordPress sight builder was great in the beginning and cheap. now its just cheap. The Classic editor feature was replaced by a much hated block feature that makes everything harder. Like most companies who have some early success, they think they know better than their customer. Eventually, they learn and is why the Classic editor feature lives on today. So while I’m glad its still cheap, if they get rid of the classic editor, I will be gone.

Future insights and reviews

  • Stripe is Shiite
  • Plooto and Tipalti A/P Software is not all flowers and rainbows.

Until next time 

 

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The new Indeed Data Grab-Fake Employers and Agencies

Not sure I’m the first out of the post with this story but I have been researching reports and have personally gone through and vetted a few of these “fake employers” who post jobs on Indeed for the sole purpose of gathering personal information. This also applies to “head hunters or recruitment agencies” from my personal experience.

So what to look for?

  • No google or search engine history
  • No local business address and especially start-up enterprises
  • No web site or a bare bones website with no contact information like address or phone#
  • Interviews that ask for personal ID before offer of employment is sent
  • Pace of contact seems too quick
  • Only contacted by the hiring manager an not anyone from HR or other employees
  • Salary seems higher than the industry average

Unfortunately this is another area that we now need to be careful with and keep our guard up. It literally targets the most vulnerable among us by targeting those unemployed or those looking to leave bad employers, so emotions are high.

What can you do?

  • Research the hell out of the company on line
  • Call them to see if they have staff and know that they are looking for applicants
  • Do a drive by if no Google Maps data
  • If you do communicate with them, keep all records and texts.
  • Only give out sensitive information like Social Insurance or Social Security numbers in person
  • Always ask for an offer of employment before accepting work or disclosing information

Keep your guard up and protect your personal information.

Rick

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Sell your Stocks and Hoard Cash-Vaccine Passports Destroying Society Right Before Our Eyes

Please feel free to read my last two posts to measure my accuracy and research. In Europe, the Middle East and now in North America these control mechanisms are being rolled out as mandatory for employment and enjoyment of life, all to keep you safe. If you believe that and that the experts know what they are doing, this is the wrong site for you. My job is to ensure my clients and those that want to listen are prepared for what’s to come. These mandates will lead to the following, much of which is starting to unfold now:

  • Less services, including education, health and public safety
  • More disease with increasing side effects and less healthy lifestyle options
  • Increased inflation and food and material shortages with less and less people working
  • More unemployment and fewer options for employment (10-15% of effected staff fired, leaving)
  • More violence as desperation sets in
  • Increased division in society and resentment toward others

If you have heeded my warnings and advice you are doing better than most. Now with mandates on there way we need to sell 50% of our equities and keep as much cash on hand as possible.

There is no use arguing with those who are not informed as that time as come and gone. Now we need to think of ourselves and family and batten down the hatches.

Take care of yourselves.

Rick

 

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Never take the easy way out

As they say, looks can be deceiving, and they usually are. True happiness, success and wealth however you measure them are never just given to you. Yet the majority of people still seek instant gratification, success and happiness. These are the type of people who are easily fooled and either don’t have the intelligence, are lazy, or simply accept what they are told and don’t ask the simplest of questions.

Who does this benefit

What are the long term implications of my decisions

Will I be better or worse off in the long run.

In this current situation, the world is divided and increasingly sliding into mass stupidity. Those of us who have come up against so-called Experts, Leaders, CEO’s and have peaked behind the curtain as to how these people came into power or authority, know the truth. The freedoms that we once knew, were fought for and we took for granted are gone. The sirens of tyranny and dictatorships along with population control are on their way. Historically and Biblically ignorant masses await for their next orders to enjoy so-called freedoms. 

In Life and Business it is always best to associate with those people and companies that add-value and enrich your life. Colluding and catering to difficult individuals and businesses drains not only your soul, but eventually your pocket book. How much longer can governments accumulate debt without seizing it’s populations assets for their own? Debt has and is being used as a weapon. Pay down as much debt as possible, have free cash flow and be prepared to liquidate large assets to become mobile and self-sustaining.

These are not alarmist words, but advice to those that can and should act to protect themselves, their families and businesses. This is not easy, but nothing ever worthwhile is.

Accept Nothing

Believe No One

Challenge Everything

Simple as ABC.

Rick

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Update-It’s not going to get better

Society has changed, and not for the better I’m afraid. The B.C (Before Covid) world will not return as we know it and it’s a scary thought. Why do I say this? Although I am not a Covid denier, I am a sceptic of the biggest loss of freedoms and our civil liberties in millennia. To quote many, the cure has outweighed the disease which has a proven survival rate of 99% in under 65’s. We are seeing and will see more intrusions into our privacy and rights that will be balanced against so-called public health. I as one do not condone nor accept that the state or anyone can tell me what should enter my body. Too conveniently we dismiss history and several pro-choice and pro-freedom conventions that enshrined our natural rights as humans. Fear has been weaponized by Governments and Media to mold our behaviors without a hiccup from most of us. This has lead to crimes of non-compliance being prosecuted more harshly than actual crimes that involve violence and damage to property. I’m afraid only a few of us really understand where this is headed.

How does this relate to Finance? Simple. To be warned is to be prepared. I have held onto most of my investments and they have returned to levels higher than pre-Covid. My clients also benefitted from staying the course and buying when everyone else was selling. if you have not made plans to have liquid assets in your portfolio, I would do so now. Retirement plans like mine, should be brought forward. Be prepared to be independent, should you not wish the state complete control over your ability to travel, shop or earn income. I have done my due diligence and research before writing this entry. Its time to prepare, circle the wagons and weather the storm to come. The Vaccine is the beginning and not the end.

Do your homework, prepare and take care of your loved ones.

Rick

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Learning to fail Cheaply

Starting a new business is a daunting task that many fail to achieve successfully. We’ve seen many a case where entrepreneurs lose everything on an idea and a dream. This not only impacts the individuals, but their families and employees. How can you avoid this from happening to you? We’ve put together a short list that illustrates key concepts to employ that will avoid unnecessary financial distress.

  1. Think small, be the acorn. Don’t try to be the Oak Tree right away.
    • Can your concept work from your kitchen table/shed or home? Don’t invest in real estate until you get traction.

 2. How much can you afford to lose in the first year?

    • If you can’t start making money or have the prospect of making an income in your first year then then you need to self-finance. Do not put your family at risk by mortgaging the house or taking on huge expensive credit card debt

 3. Leverage Technology early and often. 

    • Technology has the effect of cutting costs by making business processes’ easier, creating less demand for human interaction and labor expenditure. 
    • Use technology for marketing and promotion, become an expert in google ads, Facebook and Instagram, all useful and cost effective self-help tools to promote your business.

 4. Always know your numbers.

    • Know your Overhead, Costs per product, expenses and cashflow. Work with an accountant to ensure you are tracking everything and can make informed decisions in a timely manner.

 5. Protect yourself.

    • Secure Business Insurance, Trade Licenses and VAT Registrations, ensure you have spoken to a Solicitor and received a legal opinion on your liability. Paying for advice early on can save thousands more when an issue arises. Many start-ups forget the downside of potential problems and never think it can happen to them.

There you have it. A simple list to get you started and keep your head above water when you first start out.

Regards,

Rick

 

 

 

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Post Pandemic world will drive more automation/demand for knowledge workers

This video says it all. Initially there is a  large capital cost barrier to entry, however, when measuring these costs against new safety requirements it may be feasible for large operations. This emphasizes the continued shift in demand for knowledge based workers over those less skilled. More and more schools are adopting Coding as part of their curriculums. Let’s hope more students and mid-career employees make that choice.

 

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Banking in Ireland leaves its customers behind the rest of the world

Last year after making the decision to move to Galway Ireland we set out to find office space and a bank to enable our operations to function. As consultants and accountants, we have been exposed to or used some of the latest technology and best practices from a variety of industries across the Globe. The Canadian Banking system is dominated by a few large players, just like in Ireland. However, we were surprised to find that their was a huge technology gap between the two markets. We looked at 3 players (Bank of Ireland, AIB and Ulster Bank) and found that they were all using basic platforms that resembled functionality and technology from the 90’s. Why was tech proud Ireland so behind?

Here are some of the features we are used to working with and think should be employed by Irish Banks. Have a peak and tell us which one would be most useful to you or your business with a poll at the end.

1.Mobile Check deposit-Deposit a check via your mobile phone

https://youtu.be/2ZCRhbAkdpg?t=25

2. Receive and send money using only your email, and no Banking details.

3. Add a Bill or Payee by simply scanning it into your banking app? This uses the same technology as check deposit above.

4. Current Credit Score and Credit Score simulator which reflects how your situation may change based on your plans.

So there you have it. Our top 4 tech choices we wish Irish banks employed. There are loads more features we’d like to see but these were the most useful to regular customers. Let us know which one you value the most? Hopefully someone somewhere important will see this and start the ball rolling.

Thank you for Reading

 

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