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. “In our very first company, we were totally bootstrapped — and because of that, we had to be very frugal, so we did our own bookkeeping,” he said. First, the burden of small business bookkeeping is dependent on data. “In retrospect, it was a big mistake. ” That problem, he explained, was twofold.
Bookkeepingsoftware solutions for businesses have to take into account the evolving demands of their clients, PYMNTS reported. Some B2B financial services companies have introduced value-added services, attempting to do away with the friction from using numerous platforms.
Software company Wave Financial plans to roll out a bookkeeping and banking package for small businesses called Wave Money this summer. The company said Thursday (June 11) that the “solution” won’t have banking fees or account minimums and will offer “instant access to funds” and come with bookkeepingsoftware.
ScaleFactor, which rolled out in 2014, provided software for the automation of back-office work, such as payroll and bookkeeping. The concept was to offer SMBs the kind of automated bookkeepingsoftware that big firms have. The firm offered its software for a flat charge to its clients.
. “We saw a real need for next-generation, easy-to-use, dependable and affordable accounting software for businesses,” an unnamed spokesperson for the company said in the announcement. This is a great start for our company, and we have every intention of doing [our] best to exceed even the highest of expectations.”
In other separate, individual company news, and germane to the world of blockchain, the B2B payments firm known as PayStand said this week that it has integrated with accounting and bookkeepingsoftware firm Xero , with a goal of optimized B2B payments.
That includes conversations about what products and services would be best for them, such as bookkeepingsoftware and loans, even if those tools are offered by third parties. From there, Black said, Every wants to be a partner to these entrepreneurs as they navigate their way through small business ownership.
A top priority is the ability to make payments directly from the app, and to integrate with the major accounting and bookkeepingsoftware popular with SMBs, Lyons told PYMNTS. As for other tools in the works for such cash flow technology and apps, including Slide?
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