Canadian small business owner Lior Zehtser reveals how financial management software saved him time, money and produced happier clients in his company ConnectCPA.
My business partner and I started an accountancy business in 2014 as we wanted to flip the traditional accounting firm model on its head and do away with tedious paperwork and complicated form filling.
After our first year of business, we took a really hard look at our processes. We identified the bottlenecks and challenges, the areas where errors could be made. We also highlighted places where processes could be improved.
I have always had a knack for picking up on new software, which is why online accounting tools caught my attention. I wanted to see how it could be used not just for the business, but how my clients could adopt it too.
An Accounting Software Solution
We work with a variety of clients – some just as tech savvy as us, if not more, and some who are just at the start of the tech cycle.
The decision on which software to use typically comes down to the needs of the client.
We use a handful of online accounting systems. Our clients who use QuickBooks Online are very happy with it because there are many features that allow for automation, like creating bank rules, repeating invoices and converting accepted quotes to invoices with the click of a button.
The other great feature with QuickBooks Online is that payroll is native to the software – you can pay employees by direct deposit and generate year-end payroll slips for the tax authorities.
Many of our clients that decide to go with the QuickBooks Online option trust Intuit’s name, since they’ve been around for so long and have been successful in delivering an accounting product for decades.
What really helps is that most financial management software is intuitive. Clients who may be intimidated at first are usually impressed by how quickly they catch on.
We set up our clients’ accounting systems in the cloud so they can manage their books in real-time and go paperless.
Nowadays, we eliminate travel if a client does not have time to come to our office. For example, we have Skype meetings, documents are signed by e-signature and collaboration on financial numbers takes place in the cloud accounting systems.
We are added as users to the cloud systems so we can provide guidance and collaborate throughout the year and communicate on financial balances within the system with our clients in real-time.
The app world for cloud accounting systems is vast. We are constantly evolving and monitoring the newest advancements so we can implement integrations that will save our clients time.
Technology allows us to get more things done quickly. We are paperless, as are our clients, which means no more receipts or paper bills. The best part is providing our clients with financial transparency over their business. All paper is stored online and integrated into their online accounting system such as QuickBooks Online.
For many small business owners, making the leap from Excel spreadsheets to an automated accounting system might seem hard and daunting, but it’s not. If my elderly mother can learn how to use accounting software and apps, anyone can. Once you’re immersed in it, you’ll never look back.
How to Switch from Paper to Automation:
- Sign up to some trial accounts for leading accounting apps such as QuickBooks Online
- Don’t be afraid to explore and experiment with apps
- Ask for tech help or ask other small business owners what they use
- Follow leading accounting and financial apps on social media so you’re in the loop on updates