Entrepreneurs are Not Fully Utilizing Their Accounting Tools

   We have received client's books every way conceivable.  We have gotten several old shoe boxes full of receipts, paper bags full of invoices, and even a laundry basket full of laundry (maybe that one was not accounting related though.)

  

  While we are always very, very, very happy to take these piles of paper and make accounting magic with them, we still strongly advise clients to start taking advantage of accounting software and apps.

From, (http://www.godaddy.com/news/article/small-business-owners-not-taking-advantage-of-technologies-that-save-time-money-during-tax-time.aspx)

  This survey reveals some of the issues we are referring to:

•Almost half (46 percent) of small business owners reported they do not work with an accountant.

•Of those small business owners who do work with an accountant, 47 percent see their accountant once a year at tax time or only when they have a question or need help.

•In the last 12 months, nearly a quarter of small business owners said they had lost track of whether a customer has paid them or not, or could see it happening in the future.

•32 percent of small business owners do not set aside money throughout the year to pay income taxes.

•12 percent of small business owners have no idea how much they will owe in income taxes, while 74 percent reported that they usually know the “ballpark” of what they owe, while just 15 percent know exactly how much they owe.

   By using accounting software like QuickBooks and Peachtree or using apps like Wave or Freshbooks, an entrepreneur can see can keep track of who owes them money, know how much they will owe in taxes, and sleep better at night in general.

   Give us a call or email for any suggestions to help your business start taking advantage of one of these tools or even provide you the training (QuickBooks specifically) to make it happen.