Business is booming and orders are pouring in from both sides of the Canada-United States border. But if your accounting software is set in one country’s currency and tax reporting, it’s holding you back from accurate financial tracking.
Whether you’re dealing with Canadian or American tax laws, generic software might calculate totals incorrectly, and at worst, it could lead to non-compliance and issues with the Internal Revenue Service (IRS) or Canada Revenue Agency (CRA).
Upgrade to Intuit QuickBooks, which has location-specific software to handle the ins and outs of every country’s currency and tax standards across the globe. From handling country-specific taxes with ease to seamlessly integrating with Fishbowl’s powerful inventory management system, QuickBooks empowers you to take control of your finances and drive business forward, no matter where you operate.
Here’s a guide that explains the differences between QuickBooks Canada and QuickBooks U.S. to help you discover nuances in the one you’ll use.
QuickBooks Canada versus QuickBooks U.S.: What’s the difference?
Businesses based in Canada use QuickBooks Canada, and those based in the U.S. use QuickBooks U.S., even if they operate in both countries. You don’t have to choose between them because your location makes that decision for you. But understanding the two versions tells you what to expect when you sign up — like how QuickBooks Canada offers fewer integrations.
Let’s delve into the specifics.
French language version
The international version of QuickBooks Online lets you change the operating language from English to many other languages, including Chinese, Italian, and Spanish. But QuickBooks U.S. is only available in English.
Canada has two official languages — English and French — and QuickBooks Canada is available in both. The platform offers a fully localized and professionally translated French version so people can navigate the software in their native language. All menus, reports, and help resources are also available in French and English, ensuring a user-friendly experience.
Different tax systems
The tax structures in Canada and the U.S. differ significantly. For instance, the sales taxes you pay depend on the province you’re in. You could be paying a harmonized sales tax (HST), provincial sales tax (PST), goods and services tax (GST), or a combination of any two. The U.S. only has state-specific sales taxes, and some states don’t collect sales tax at all.
Both versions of QuickBooks reflect these nuances in tax calculations to ensure compliance with local regulations. QuickBooks Canada includes features like GST/HST tracking, while QuickBooks U.S. focuses on sales tax calculations. This helps businesses maintain accurate financial records and comply with the law in their respective countries.
Doing business in Quebec
Quebec has another tax reporting body, Revenu Québec (QC). If you’re operating in Quebec, you must report and remit any payroll deductions and contributions to both the CRA and RQ. In every other province and territory, you only remit to the CRA.
You’ll also need to submit a tax return to RQ, which generally administers GST/HST (instead of the CRA). QuickBooks can help organize data to generate reports for both.
QuickBooks add-on availability
QuickBooks offers a range of add-ons and integrations to enhance its functionality. But they aren’t available for all versions of the service. QuickBooks Online in the U.S. offers over 750 app integrations, while QuickBooks Canada connects to about 450.
Fortunately, all QuickBooks Online versions integrate with the apps that matter. In both Canada and the U.S., you can connect Fishbowl’s inventory management system to start streamlining warehouse operations. Track inventory, set reorder points, and generate detailed reports in one place.
Plan differences
QuickBooks offers various pricing plans for small and enterprise businesses, but there are some differences between the Canadian and American versions.
Both versions have four tiers: Simple Start (called EasyStart in Canada), Essentials, Plus, and Advanced. They’re generally the same in terms of features and pricing, though QuickBooks U.S. has slightly more functionality. For example, all American tiers get access to QuickBooks Live Tax, which offers real-time support during tax season. Other U.S.-specific features include banking with 5% APY and certain bookkeeping automations.
The pricing for each plan also differs, with QuickBooks Canada displaying prices in Canadian dollars and QuickBooks U.S. in U.S. dollars, whether they’re using QuickBooks Online or QuickBooks Desktop.
6 benefits of Fishbowl’s integration with QuickBooks Canada
For Canadian businesses looking to optimize their inventory management and accounting processes, integrating Fishbowl with QuickBooks Canada is a game-changer. This powerful partnership seamlessly combines the strengths of both platforms, offering a range of benefits that streamline operations, enhance accuracy, and ultimately drive growth.
Here’s what to expect from Fishbowl and QuickBooks Canada:
- Tax compliance: Fishbowl’s integration with QuickBooks Canada accounts for Canadian tax regulations, like GST and HST. This helps businesses comply with local tax laws.
- Seamless accounting: Automatically update accounting records and make changes to the general ledger according to inventory movement. This tight communication between Fishbowl and QuickBooks ensures inventory and accounting data are always in sync, reducing the risk of errors and double entries. You can maintain accurate financial records and improve overall accounting efficiency with ease.
- Streamlined purchase orders and sales data: Fishbowl lets you create and process purchase orders, which go straight to QuickBooks Canada for financial documentation. And on the sales side, the two systems sync to update inventory, cost of goods sold, and income accounts. This streamlines the order management process and records all financial transactions.
- Automated payment handling: When Fishbowl accepts customer payments, it automatically sends the details to QuickBooks shortly after, streamlining the accounting process and ensuring accurate revenue recording. Save time and reduce the risk of manual bookkeeping errors.
- Synchronized contacts and inventory: New customers and vendors in Fishbowl automatically sync with QuickBooks Canada — and so do inventory adjustments like cycle counts, scrapped items, and returns. All customer, vendor, and inventory data stay up-to-date across both systems.
- Improved manufacturing visibility: For manufacturers, Fishbowl posts completed work orders directly to the QuickBooks general ledger, providing better visibility into production costs and profitability. Manufacturers can better understand the cost of goods sold and make more informed business decisions.
Streamline inventory management with Fishbowl
Fishbowl’s seamless integration with QuickBooks streamlines inventory management across borders. With robust solutions tailored to your unique business needs, Fishbowl helps you stay efficient, compliant, and competitive — no matter where your company operates.
Discover how Fishbowl’s powerful inventory management capabilities optimize cross-border operations, maintain accurate financial records, and drive business in Canadian and American markets. Schedule a demo today to learn more about how Fishbowl helps you succeed.
