Business Finance

Bookkeeping Software Benefits for Small Business Owners

Aug 08, 2019 • 5 min read
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      When you decided to start your small business, bookkeeping probably wasn’t a part of your business-owning fantasy. No, it likely became a chore on Day 1 (or worse—a nightmare during your first tax season). Unless you’re one of the select few individuals on this planet who enjoys tallying numbers and making financial entries—bless you, accountants—bookkeeping is undoubtedly an unfortunate by-product of your entrepreneurial aspirations.

      Yet, thanks to technology, bookkeeping doesn’t have to be painful or time-consuming.

      Accounting tech removes the stereotypical 10-pound ledger and replaces it with easy-to-use software that makes bookkeeping simple, easy, and almost sexy. Tech for modern day small business owners is a must, especially when it cuts down entrepreneurs’ to-do lists and empowers them to do what they do best—run the business.

      If you’re a business owner still recording all of your financial transactions in a spreadsheet or journal, stop what you’re doing right now. Save. Hit the close button. Now, sit back and prepare to be enlightened about the many amazing bookkeeping software benefits for small business owners.

      Recover Lost Time

      Over the course of a year, bookkeeping software can help you recover hundreds of lost hours. The purpose of this tech is to reduce entries, minimize clicks, and get you back to work as quickly as possible. Here are just a few of the ways bookkeeping software can save you loads of time:

      • Schedule Recurring Invoices. Bookkeeping software allows you to set a cadence for your invoices and automatically send them at the appropriate time so you never miss a payment. No more reminders to send your invoices.
      • Create Quotes and Convert Them to Invoices. For example, Lendio’s Software lets you easily create quotes and send them to your customers. Once approved, convert them into invoices in a single click. Bada bing bada boom.
      • Automatically Calculate Sales Tax and Exchange Rates. Do you have customers in multiple states? No problem. Bookkeeping software, including Lendio, can automatically add sales tax to your invoices based on your customers’ locations. What about international customers? Simple. It can also handle multiple currencies and automatically calculates exchange rates. Pretty nifty, eh? You can put your calculator away now.

      That’s a lot of “automatic” magic going on—and that’s the beauty of bookkeeping software. It does the boring, routine work for you so you can get back to what matters most.  

      Pinch Pennies Tactfully

      Nobody likes a penny pincher—yet, as a small business owner, you need every dollar you can get. And you need it on time, too. With bookkeeping software, you can earn the money you deserve without being obnoxious.

      Bookkeeping software lets you view all of your paid, unpaid, and overdue invoices from a single dashboard. No manually hunting down invoices to make sure they’re paid on time. Send your customers friendly reminders early so you can keep your cash flow healthy. 

      With a solution like Lendio, you can even see when your customers have opened or viewed an invoice—so you’ll know if clients are negligent or problematic. If friendly reminders aren’t getting you the money you need when you need it, then try tacking on late payment fees. It’s not impolite or impatient. It’s just good business. 

      Enjoy a Stress-free Tax Season

      Using bookkeeping software doesn’t just make the day-to-day financial transactions simpler–it also helps you enjoy a stress-free tax season. Just invite your accountant to access your digital journal entries and financial reports, then let them do the rest of the work. With a tool like Lendio’s Software, your data is securely stored in the cloud, meaning you and your accountant can access the information at any time from anywhere. 

      No more digging through old bank and credit card statements when taxes are due. If you’re using bookkeeping software, you’ve been doing that since the get-go. Now, while everyone else is stressed and on the brink of collapse, you’ll be relaxed and focused on growing your business.

      Seize Control of Your Finances

      Take the guesswork out of your financial health by using software to track the ins and outs of your cash flow. With simple, automated analytics, you can get the big picture of your business and start making informed, data-backed decisions. This visibility can help you identify areas of overspending or unnecessary expenses, enabling you to eliminate waste and boost your bottom line.

      One cool feature Lendio’s Software provides is bank account linking. By connecting your bank account, it will automatically import and categorize your expenses. You can also import your bank statements and have them automatically matched to your bills and invoices. More of that automatic magic and less wasted time!

      And these bookkeeping software benefits are just the beginning. Expense spreadsheets, PDF invoices, and paper receipts are a thing of the past. With bookkeeping software, you’ll save time and money, appreciate a new stress-free start to the year, and take complete control of your finances. Really, it’s a win-win-win situation. So, what are you waiting for? Take advantage of bookkeeping software and let tech do the boring work while you fulfill your business-owning fantasy.

      Bookkeeping not your jam? Outsource it to the professionals. Lendio provides professional bookkeeping services to take one more thing off your plate.
      About the author
      Jesse Sumrak

      Jesse Sumrak is a Social Media Manager for SendGrid, a leading digital communication platform. He's created and managed content for startups, growth-stage companies, and publicly-traded businesses. Jesse has spent almost a decade writing about small business and entrepreneurship topics, having built and sold his own post-apocalyptic fitness bootstrapped startup. When he's not dabbling in digital marketing, you'll find him ultrarunning in the Rocky Mountains of Colorado. Jesse studied Public Relations at Brigham Young University.

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