The short answer here is no. When people are first starting out in business there’s a TON of things they need to focus on and a lot of systems and processes they need to worry about. Often times that means that bookkeeping falls to the very VERY bottom of that list. 100% understandable. But here’s why that’s an issues…

At the end of the first year in business you’ll find yourself sitting down and thinking to yourself…shit what am I going to send my accountant?! Or you think oh this won’t be so bad i’ll just download all my transactions, no problem! But that turns out to be about 500 transactions that you now have to sort through not to mention the fees for that payment processor and wait did you account for those correctly?

You now have a nightmare scenario on your hands. And it just doesn’t have to be this way. And you don’t even have to be just starting out. You could be 3-5 years deep in your business but you’re exhausted with trying to do it this way and you recognize that you haven’t hit your business goals and that’s mostly due to not having a damn clue what’s been happening in your business until the end of the year rolls around…

It’s time to change the way you’re doing things.

Just to be very, VERY clear – I get absolutely nothing out of recommending this app to you and I would actually make more money by referring you to quickbooks but I know that most small businesses do not need quickbooks level accounting and they charge a decent amount of money for their services and it can be confusing as hell if you are not trained in how to use it. So what DO I recommend for most small businesses?

Wave Accounting is a free program that does MOST of what quickbooks online will do and at no cost to you. The program will allow you to record your transactions, sync transactions from most banks or upload your bank statement csv file, categorize those transactions and account – properly – for those square and paypal fees…

Here is a video to help you determine a bit more which avenue is best for you and also why using spreadsheets can really cause some problems and a lot more work for you in the end.

If you find yourself super overwhelmed after this and would love someone to help you set up and teach you how to use wave accounting I do offer this as an option for my clients. Click the contact tab and send me a message and let’s chat. I am working on putting together a course to help you set up your bookkeeping. Once that is out I will let you all know.

Have a great day and let me know if you have any questions.