Small business accounting challenges
When we talk to the small business community and accountants, several things become obvious. It’s clear that all small businesses need good cashflow to survive. But many don’t really understand or manage their cashflow. They also don’t have good visibility of their accounts.
If you’re a small business owner, there might be a few reasons you started your own company. You may have wanted to do something you’re passionate about, have control of your future, or be your own boss. But it’s likely that balancing the books wasn’t high on the list of potential advantages.
Having passion for your business is great, but accounting often sits at the opposite end of the scale. The software many businesses have is often difficult to use. It’s had a history of being time consuming and confusing for anyone who isn’t an accountant.
If you’re a business owner, you might relate to this sentiment:
I would rather face root canal surgery with no anesthetic than do bank reconciliations.
Too many people are frustrated with the software they use. Why is that? Small business accounting software has been unintuitive and difficult to use for years. Business owners often find themselves chained to an old desktop in the back room labouring over the finances. With a system like that, it becomes obvious why people don’t have good visibility of their accounts.