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Small business accounting software can help prevent your new side business from failing. One scary statistic is that about 20 percent of all new small businesses fail to make into their second year. This statistic comes to us directly from the US Bureau of Labor. The leading cause of many of these failures is the lack of effective money management and bookkeeping.
Financial bookkeeping for a business can be a time-consuming chore and slightly complicated. Tracking business expenses and answering the question about profitability can become stressful. Good small business accounting software should be able to answer these questions in a matter of seconds. Just enter your income and expenses and review the results. A business owner should now be able to answer questions about expenses, revenue, tax liabilities, etc.
So if accounting software is the easy answer for small businesses, why do so few use some form of it? A company by the name of Freshbooks recently released the results from a survey asking this same question.
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