How Small Businesses Sell Themselves Short on Accounting

April 11, 2017

2:00 PM

CIO story (calculator)

Every now and then your assumptions can be challenged by an unexpected dose of reality. For example, a recent accounting study by Viewpost revealed that over a quarter of small businesses (SMBs) have no plan in the near future for a streamlined, end-to-end payment process.

Even more surprising, this poll of 5,000 U.S. decision makers revealed that 18 percent of SMBs don’t use accounting software at all and that only one in five (21 percent) have integrated their accounting software with an invoicing and payments product.

While one in four businesses plan to integrate their accounting with invoicing and payments by the end of 2017, over 27 percent have no plans at all for integration.

Jordan French, president of Notability Partners, explores the topic further. Check out the CIO story here.

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Unfortunately, many business owners are penny wise and pound foolish

I had a small business in "always sunny" Seattle that I got an Intuit Merchant account using my Intuit Reseller status that would save them between $700-$900 a month in processing fees. It would also integrate with their software.

Instead, they choose to stick with their current processor because Intuit would take the fees out each day (a legitimate complaint) instead of at the end of the month.

I pointed out that I could set them up for automated bank feeds and create a renaming rule that whenever that fee came in to rename it and assign it to the proper account and they would never see or have to deal with it until it was time to reconcile.

They chose to pay the extra money while complaining about their profit margins.

Keith Gormezano more than 6 years ago