SMALL BUSINESS BOOKKEEPING SOFTWARE

If you’re not tracking your expenses in your bookkeeping, chances are your tax bill is going to be higher than you want it to be. And that’s how you know whether or not your business is profitable. Keeping accurate books, on the other hand, allows you to see inflow vs. While your bank account might be in the black at the moment, that doesn’t mean your company will show a profit at the end of the year. But without bookkeeping it’s going to be really tough to gauge whether or not your business is actually profitable. Aside from passion, profit is probably one of the top reasons you’re an entrepreneur in the first place. So You Know If You’re Making A ProfitĪh, profit. Each payment transaction will show a “Match Found” badge, so that you only require a click of a button to match it and categorize it within your bookkeeping system. In addition, TrulySmall also automatically matches the statements during reconciliation.

Just let automation do it for you so that you only need to review it once every week or so.

SMALL BUSINESS BOOKKEEPING SOFTWARE

Matching your bank statements (imported transactions) to those in your accounting software (entered transactions) have never been easier. This makes the bank reconciliation process much more streamlined. With TrulySmall Accounting, we encourage small business owners to connect their bank feeds directly into our accounting software. Accurate bookkeeping makes reconciling your bank accounts easy and prevents banking errors from causing financial problems. If you keep track of your business’ bookkeeping, it’s a simple thing to go through your monthly bank statement and make sure everything matches up.

Learn more about payables and receivables. And ultimately, how your business manages its cash flow directly impacts what you personally take home! In the early days of a small business this can seem unnecessary because you can juggle that information in your head, but as your business grows you’ll need systems to track things like payables and receivables. Basic bookkeeping means invoices sent and payments received. Without bookkeeping, you won’t know who owes you what. You need reports that clearly breakdown your company’s cash flow at tax time, and bookkeeping is the tool that makes it possible. Handwritten notes in a notebook or on coffee-stained receipts aren’t going to cut it. And as a business owner, you can’t file and meet your tax obligations without accurate bookkeeping. Here are a few reasons why bookkeeping matters: So You Don’t Make the Taxman AngryĪs a business (and an individual for that matter), filing and paying your taxes is a must. That’s why when we hear someone ask, “Does my small business need bookkeeping?”, the answer is an emphatic “YES!” Tough to hear, but as a new business owner or solopreneur, you need to be aware of the critical role bookkeeping plays in successful businesses.

Here’s a hard truth from the US Small Business Administration: half of all new small businesses fail within the first five years, and the number one cause of failure is financial mismanagement.

Small business bookkeeping