Over the past few decades, accounting has evolved from pencils and calculators, to cloud computing fuelled by cutting-edge software. And while some accountants have been slow to make the shift, others are leading the charge with an arsenal of innovative software solutions. For CPA Marco D’Ercole, co-founder of the Toronto-based firm CloudCPA, there’s no question about where the future of accounting lies; it’s the cloud or nothing.
However, cloud-based software and apps are nothing new to Marco. Prior to co-founding CloudCPA, Marco has long been passionate about using the latest technology to streamline the accounting process. Unfortunately, the firm that Marco and his partner CPA Mohammad Bajwa previously worked for, did not share the same vision of a wholly virtual future. Instead, the firm was intent on doing things the old-fashion way. For Marco, this meant “they were missing out on new innovations and opportunities.”
Marco and Mohammad soon “realized an evolution in accounting was occurring, but a lot of firms were stuck in their old ways.” Moreover, Marco knew that if he stayed at a firm that wasn’t moving forward with new technology, he would be falling behind. The only solution it seemed would be to forge a new path, which is exactly what he and Mohammad decided to do.
“We wanted to make a profound impact with the goal of embracing technology and offering services to our clients that far exceed their expectations.”
Today, Marco and Mohammad run a cutting-edge firm with a name that sums up exactly what they do: CloudCPA. The firm specializes in harnessing the power of the cloud to streamline and automate the accounting and bookkeeping experience. It’s an approach that has both impressed and delighted customers, especially for those used to the pencil and paper approach of older accounting firms.
As Marco explains, CloudCPA has a simple, but important mission:
“To empower entrepreneurs by simplifying the accounting, bookkeeping and tax process by using today’s technology to provide a state-of-the-art client experience with a focus on exceptional service.”
And it’s not just saving his clients time and money that energizes Marco. He also focuses on educating his clients to better understand their numbers and give them more confidence when it comes to running their businesses—a feeling that is especially empowering to those just starting out. It’s a passion that Marco hopes to further fuel over the next few years by establishing CloudCPA as a leader in Canada’s cloud accounting space. As Marco explains, “We are putting in place an aggressive marketing plan where we will continue our journey of empowering Canadian entrepreneurs.” In short, Marco is here to make sure that no small business owner is stuck with a pencil and paper accounting firm.
However, in order to fulfill the company’s mission, Marco has been faced with tackling one of his client’s biggest pain points: cash flow management. It’s an issue that many small business owners struggle with and is strongly tied to payroll, corporate, and sales tax. As Marco explains:
“So many businesses are not aware of upcoming tax obligations and that running payroll manually can result in issues such as incorrect CRA remittances, late-payments and, in some cases, not withholding enough taxes on payroll. This leads to unexpected tax bills and unnecessary stress.”
Being the tech junkie that he is, Marco naturally turned to cloud-based technology to combat these payroll problems. With a number of different solutions available, Marco was eager to experiment with “everything from big-box payroll processors to CRA’s infamous source deduction calculator, and other cloud apps.” But while different software solved different issues, Marco found that no platform served as a one-size-fits-all solution. That is, until he found Knit.
For Marco, using Knit changed his perspective on managing his client’s payroll. He notes, “When we first got introduced to Knit, we could immediately see the benefits over the other alternatives.” From direct deposit, to CRA remittances, and T4 filings, Knit offered Marco a solution to the wide variety of issues his clients faced. As he puts it “being able to pay employees and the CRA via direct deposit with an easy-to-use interface simplifies the payroll process.” Marco also points out that the HR and benefits integrations were another major selling point with Knit—something he couldn’t find with other services. He adds:
“Knit outshines the competition with its amazing user interface, reports, HR, and benefits offerings, and the amazing support team. We feel we are better positioned to offer this value-added service to our clients, which they often expect from us being their trusted partners.”
While it’s no secret that Marco is passionate about cloud-based technology, he doesn’t underestimate the power of high-quality customer service, which is something he’s come to expect from Knit. Especially when things go wrong, like the time one of his clients inputted the incorrect bank account details for an employee and the payment went out. While this kind of situation would cause most accountants to panic, Marco simply placed a quick call to Knit and the payment was returned to the client’s account—crisis averted! In situations like these, Marco explains that “Knit really goes beyond the call of duty to ensure the issue is fixed. They make it feel like our problem is their problem and they will not rest until the issue is fixed.” For Marco, it almost feels like the Knit team is part of his team.
At the end of the day, the future of accounting is in the cloud, and services like Knit help Marco to run a firm that is moving forward, not backward. He jokes, “If my accountant wasn’t offering cloud payroll solutions, I would be in search for a new accountant!”
Marco D’Ercole CPA, CA is the co-founder of CloudCPA in Toronto. Marco is a Chartered Professional Accountant and Licensed Public Accountant with a passion for new technology and has streamlined the accounting processes at countless businesses. CloudCPA is a Chartered Professional Accounting firm that provides complete accounting, bookkeeping, and tax support for small-to-medium sized businesses. CloudCPA specializes in providing customized cloud-based accounting solutions to meet the unique needs of their clients’ businesses.
If you’re a tech-savvy accountant like Marco, find out how you can use Knit get your clients payroll perfect with our unified cloud software.