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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.
Small Business Accounting Software Survey
300 North American accounts and bookkeepers with small business clients were surveyed for this report. The results of this survey showed that almost 70 percent of small business owners found accounting software overly complicated. The same percentage said the small business owners were just intimidated by the software. 83 percent said that many business owners that did use accounting software made frequent mistakes. Click here to see more details on this report, or check out the infographic below.
Freshbooks
So the key to solving this would be to find accounting software for your small business that is easy to use. That’s where Freshbooks comes in. Freshbooks is crazy easy to use and rated as one of the best small business accounting platforms. Business review site FinancesOnline.com ranked Freshbooks as #1 and stated the customer satisfaction was 99%. Freshbooks even offers a FREE trial to let you try out the accounting software and see if it fits your needs.
