Quickbooks Online vs. THUT Wealth

Many customers ran into issues that QuickBooks Online (QBO) could not address, so they were happy to switch to THUT Wealth.

THUT Wealth replaces 2+ vendors (bookkeeping + taxes).  While QBO requires you to hire an accountant to compile the corporate tax return.  If your business is e-commerce, fast food or a nail salon, then THUT Wealth will be much more economical.

QBO is still not entirely automated and is only as a good as its user.  The categorizing of programmed transactions is automated, but in addition to clicking match, you will need to do monthly bank and credit card reconciliations.  We need to reiterate that 1 error in matching or doing the reconciliation wrong will compound errors throughout the file.

If you made 2 sales and deposited the proceeds together at your branch in one lump sum, Quickbooks Online (QBO) is not smart enough to match the 2 received payments to the 1 deposit.

Even as ProAdvisors, if we set up all the “rules” in Quickbooks, you as the user will still need to click “match” when your bank says 1 transaction found.  If you never “lump” your deposits together (more than 1 sale physically deposited into the bank), this will minimize your problems. (meaning, 1 deposit for each sale)

Summary for QBO
  1. Never lump deposits
  2. Never let your account be disconnected from your bank (or you will lose transactions which automatically downloads and you would need to manually type in each one)
  3. Daily: match transactions
  4. Weekly: keep in touch with your ProAdvisor with any problems before they compound
  5. Monthly: account reconciliations
  6. You’ll still need another vendor, an accounting provider (plus if they are a Certified Quickbooks ProAdvisor) to compile the corporate tax return.

While QBO is the most popular cloud accounting solution, THUT Wealth is a 3-step AI:

  1. Autonomous data extraction with THUT AI Extractor

    THUT extracts data from receipts, bank and credit card statements with deep artificial neural network technology.  Cleansing algorithms allow it to extract transactional data that is 100% accurate (saves 90% of the time taken by accountants).

  2. Process transformation with THUT Neural Network Technology

     

    THUT Neural Network Technology automatically allocates invoices and receipts to financial accounts. All your bookkeeping is done instantly without error-prone human work. Neural network technology can deduct autonomous models by recognizing data in large historic sets.  Our deep learning modules are trained on $2.9 billion of validated transactions to deliver autonomous results that continuously improve.  We use mathematical optimization algorithms to save you money. As with all convex mathematical functions, there is only one minimal value that describes the combined taxes in terms of its variables.

  3. Reporting with THUT Autonomous Technology

    You receive your clear and thorough reporting package in PDF with full-text search and we file everything with the Canada Revenue Agency- on-time and with the best result (unlike humans, algorithms are never wrong). We have countless proof of Edmonton’s biggest firms making costly mistakes.  Their reliability is significantly affected by physical, mental, and emotional states (robots perform flawlessly and don’t need to sleep and recuperate).

Which one is right for you?

Use your pre-tax income to calculate your pre-tax hourly rate (since Accounting is paid for with pre-tax dollars).  If THUT Wealth’s AI cost less than your hourly rate than THUT is for you.  If THUT Wealth costs more than your hourly rate than Quickbooks Online is right for you.

Once you make more than the average person, it does not make sense for you to specialize in something that is not directly related to your ability to generate revenue. This is because of the minimum efficient scale.

 

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