To be successful in your business, you need to be passionate about your product, service, and industry. However, the one thing that many business owners aren’t passionate about is bookkeeping . In fact, a survey by Score reports that 40% of small business owners say that bookkeeping and taxes are the worst part about owning their own business. Making the jump from traditional bookkeeping to cloud-based bookkeeping can be a difficult decision. Here are a few tips on how to choose from the pros.
Whether you are managing a small local business or a tech startup , you have a few different options when it comes to bookkeeping. The most desirable option would be to have an in-house accountant who is committed to keeping your books organized and everything in order. While this is a fantastic option for those with large budgets, it is often too expensive for most business owners, at least initially.
Bookkeeping software with manual input is the most popular option for many entrepreneurs. Quickbooks and Xero dominate the market by allowing business owners to enter expenses, deductions, and organize their finances. While this is a fantastic option, it still requires a lot of time and effort on the part of the owner. It can take hours to itemize expenses, cross-check numbers, and organize it for your accountant.
Integrative solutions that involve a cloud-based bookkeeping software coupled with a human-element gives you the best of both worlds. Companies like Intelli Bookkeeping allows small businesses to have the benefit of an in-house bookkeeper without the burdensome cost.
When you are trying to get a business off the ground, every penny counts. The ability to scale services as you need them is invaluable. The benefit of choosing a cloud-based bookkeeping service is that you only pay for the service when you need it. If things slow down, it is easier to cut costs for online services rather than having to make hard staffing decisions.
The best way to determine which bookkeeping method to use comes down to two elements: your budget and how you want to structure your company.
We are happy to discuss how our cloud-based bookkeeping and integrated accounting services can benefit you. Contact us today.