Starting a new business is exciting. There is nothing like the thrill of being your own boss and learning to manage your time more effectively. To ensure you continually reap the rewards of entrepreneurship, it is important to ensure that your bookkeeping is systemized and organized.
If you have already started your business, don’t worry, this blog is written just for you. As an accounting professional, I help many organizations in our boutique bookkeeping practice Moore Details, even those businesses in the start-up phase.
Being bootstrapped is an uncomfortable feeling that may limit you from hiring a bookkeeper right away. If you are in this situation, I am going to offer you some free (candid!) advice on how to keep your bookkeeping organized, so that when the time comes to hire a bookkeeper you can hand over a neat little package instead of a costly shoebox of receipts.
We’ve researched countless systems over the last sixteen years and are often relied upon to beta test and work with developers who are programming accounting systems to ensure they are effective. Equipped with this knowledge, there are three bookkeeping packages to consider.
(There is no right or wrong in selecting any one of these systems). This process is like test driving a car, you need to find the one that is the best fit for you. What may be a good fit for one organization may not be the best fit for another.
The Freshbooks platform is wonderful for those entrepreneurs that need to organize their customer and proposal invoicing. The portal is simple and clean, giving you an “I’m in control” feel.
Easy to use customer invoicing
Friendly and simple interface
Data integration with Shopify
One of the most recognizable platforms in the Americas notably for its desktop platform. QuickBooks is robust with many features and tracking capabilities.
Ability to handle various bank and credit card accounts
Integrates with many payment apps like Plooto and Veem to eliminate cheques
Class and location tracking to have deeper insights into your organization
Hailing from the land down under this application is making some radical changes to the industry. Xero is a heavy lifter of data, making it easy for you to work with your accountant, CFO or internal team.
Ability to handle big data from e-commerce platforms like BigCommerce, Shopify etc.
Has a core integration with Hubdoc to retain electronic data and ditch filing cabinets
Ability to handle various bank and credit card accounts and third party applications