He used paper journals and ledgers to track assets, receivables, inventories, liabilities, income, and expenses.Īt the time, it was a big deal. The Italian merchant Benedetto Cotrugli standardized what we now know as traditional accounting in 1458. Unfortunately, traditional small business accounting software often requires trained accountants and bookkeepers-discouraging owners who want to handle finances themselves.Īs a result, you will spend an uneven amount of time on administrative financial tasks rather than concentrating on what entrepreneurs do best: grow their businesses. Taking control of these responsibilities can provide a deeper understanding of key financial metrics and business health. But today’s entrepreneurs believe that managing the books is one of their core responsibilities. The DIY RevolutionĮarlier generations of small business entrepreneurs used to outsource bookkeeping as a standard practice.
But as our culture continues to prioritize ease and convenience, it’s more likely to get someone to pay through Venmo than with a personal check. Sure, those options are still available for those accustomed to them. For today’s entrepreneurs, tackling tasks like bookkeeping and invoicing with traditional small business accounting software is at odds with how they naturally manage money.įor some time now, mobile apps have replaced what used to be necessities of everyday living: payments by mail, in-person bank deposits, and paper credit card statements. While the way we do business has radically changed, small business accounting hasn’t changed much.
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