Author: Natasha Wetten
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Why Business Owners are Moving Away from Outsourced Bookkeeping
By 2025, finance and accounting firms will lose 60% of their outsourcing contracts. That’s more than half of their usual patronage gone because buyers want more competitive prices and automated alternatives. And thanks to limited funds and less staff, small businesses are looking for even more flexibility. Outsourced bookkeeping is on the decline because it…
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How to Do Bank Reconciliation in Real Time, Not a Month from Now
The 21st-century economy moves in real time. Why, then, do you still have to wait until the end of the month to see how your business’s finances are doing? The answer is, you don’t. Bank reconciliation is the act of matching and validating your bank’s transactions against those in your internal ledger. The only reason…
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Transaction Reconciliation Sucks. Now, You Can Automate it Instead.
There’s a difference between what you know about your business’s finances and what your bank knows. Balancing out the difference is a process called “transaction reconciliation.” Doing it manually sucks time, energy, and momentum out of your day-to-day. But with Neat, you can reclaim that precious time and energy by automating the task. The many…
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Ask the Expert: A CPA’s Top 5 Small Business Accounting Tips
More than three-quarters (78%) of small business owners haven’t completed any formal business training. But 83% of them consider themselves knowledgeable, very knowledgeable, or extremely knowledgeable when it comes to accounting and finance. Are leaders overestimating their savvy? Absolutely, says CPA Courtney Thayer. “Business owners often feel knowledgeable about their finances just because they get…
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Ask the Expert: An MBA’s Guide to Cash Flow Analysis
Research from Bank of America tells us that of all the businesses that conduct yearly cash flow analyses and forecasts, only 36% succeed. That number jumps to 80% for companies that perform this exercise monthly. That begs the question: If performing a monthly cash flow analysis more than doubles a company’s chance of survival, why…
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Small Business Bookkeeping Software is Too Complex. But it Doesn’t Have to Be
What’s the only thing worse than feeling overwhelmed by the task of bookkeeping? Feeling overwhelmed by the bookkeeping software that’s supposed to make that overwhelmed feeling go away. And to think software was supposed to be the simpler, more user-friendly alternative to spreadsheets. You first chose a program to eliminate confusion, not add more. Sadly…
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The Importance of Work-Life Balance for Small Business Owners
Building your business from the ground up is a huge accomplishment, and with it being your passion, it can be easy for the barriers between your personal and professional life to begin to blur. Work-life balance can be a challenge to master, but there are a few ways to gain more of your personal life…
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Why Startups and Enterprises are Moving Away from Monthly Bookkeeping (and You Should Too)
“The death of monthly accounting,” as Andrew Hoag, CEO of Teampay, calls it, “has long been overdue.” Monthly bookkeeping has been the old standby, but it doesn’t support any business—from small business to startup to enterprise-level—the way they need. Instead, companies are turning to automated bookkeeping. Below, we’ll cover why startups and enterprises are moving…
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Optimizing Your Business’s Financial Strategy for the Digital World
Managing a thriving business is, first and foremost, dependent on how well it can keep up with the competition within ever-shifting markets. While this has always been at the core of business success, it is especially true in the 21st century. With new technology being produced and improved upon at a rapid rate, there is…
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How a Bookkeeping App Lets You Complete Bookkeeping Tasks in Minutes, Not Hours
As a small business owner, you’re starved for time. Seventy percent of small business owners say they’re even too busy to eat during the day. One significant time- (and lunch-) stealing activity? Bookkeeping. Forty percent of small business owners report spending 80 hours per year on accounting and tax prep. Manual tasks like categorizing transactions…