At last, the perfect combination for small businesses has arrived: cloud accounting + paperless recordkeeping.
You’re probably already doing many things paperlessly in your everyday life: banking online, getting email receipts from the Apple Store, saving PDF copies of your favorite casserole recipes on Dropbox. If you want to start doing the same with your business, here are a few quick ideas to get you rolling:
Use a cloud-based accounting system like QuickBooks Online, Xero, or FreshBooks.
Use an online payroll service like QuickBooks Payroll, Gusto, or SurePayroll (they’re all easy to use and highly rated).
Enroll in paperless statements for as many accounts and monthly bills as possible (your bank account, credit card account, cell phone bill, internet service, utilities, etc.).
Pay for most of your business expenses using your business credit card or debit card, then download those transactions directly into your accounting system using bank feeds (this is a huge time-saver).
Use an online billpay service and avoid writing paper checks as much as possible.
Email invoices to your customers and make it easy for them to pay you electronically by ACH and/or credit card.
Get a cloud storage account (Dropbox, Box, Google Drive, etc.), create a folder called “Accounting,” and keep all your important business records there.
If you use proposals or contracts a lot, consider using an e-signature solution like HelloSign or DocuSign.
These days, the tools for doing things digitally are better and cheaper than ever. Using these tools right from the start will save you tons of time and make the accounting side of your business a whole lot easier to deal with.