While going in to business has many exciting and interesting aspects, one of the most commonly disliked aspects is the bookkeeping.
The latest wave of Internet-based tools springing onto the market, are designed to make even the most mundane of bookkeeping functions as simple as possible.
The goal of such service providers is to make tracking of business financials as simple as possible for entrepreneurs, including making bookkeeping records accessible on tablets and smart phones, all for a small cost, or in some cases even free.
One such company has a unique way of helping small businesses to manage their bookkeeping. They send out a return envelope to their clients, who fill it with their receipts and send them back for categorizing and digitizing.
With the advent of cloud-based bookkeeping services there has been a steadily growing move away from more traditional boxed software, and according to The International Data Corp’s research this is likely to continue, with an estimated $4.5 trillion to be spent on cloud-based technologies between 2014 and 2020.
Small businesses with less than ten employees have become a primary focus of many bookkeeping software providers, as so many of them have become frustrated with their current bookkeeping methods. Entrepreneurs should be able to focus their energies on their business and let the likes of Wave take care of the accounting.
While the boxed bookkeeping software is designed to meet the needs of medium-sized and larger companies, those running smaller operations often find themselves out of their depth when trying to cope with the financial side of the operation.
Easy to set up, many of these bookkeeping services can be signed up for via the Internet. Some offer a 30-day free trial to new customers and then charge a monthly fee going forward, and others are able to provide their services free of charge due to the inclusion of advertising.
Many of these services were begun by entrepreneurs who saw a need to provide bookkeeping services for small business startups, and noted that these smaller operations tended to favor tablets and smart phones over computers.
These companies are serious about addressing and providing solutions to the needs of small businesses and part of this is to simplify bookkeeping processes. Their bookkeeping tools are real and include double-entry systems.
These newer bookkeeping service providers use simple approaches to bookkeeping, and are able to provide an effective, straightforward method of gathering and organizing data so that both accountants and tax professionals can make quick and easy use of it, thereby saving the small business owner both time and money.
Bookkeeping is made as painless as it can be, and by recording each receipt as it comes in, it alleviates the somewhat inevitable scrambling to remember when tax time comes around.
While security is one of the issues that are of concern to anyone considering cloud-based bookkeeping services, most companies store all information on secure servers in much the same way as banks do.
In addition to not having to spend time and worry trying to make sense of bookkeeping, using such a service gives small business owners the ability to be up-to-date records of how their business is doing at any given time.