Do It Yourself (DIY) Bookkeeping for Small Businesses

DIY bookkeeping

Do It Yourself (DIY) Bookkeeping for Small Businesses

(Last Updated On: August 2, 2017)

Trending financial technology has shifted the paradigm of maintaining books and records of businesses from always by a professional bookkeeper / accountant to by anybody with very minimal to no knowledge of basic bookkeeping. Cloud-accounting software such as quickbooks, sageone, waveapps, freshbooks, xero have shifted the concept of bookkeeping from desktop to cloud-based software.

Small business owners who has no knowledge of bookkeeping may want to get trained on how to setup the chart of accounts, bank accounts, etc. initially from online tutorials or from a training provider.

While quickbooks, sageone, freshbooks and xero charges for subscription, waveapps is completely free for use. Small business owners who want to do DIY bookkeeping may wish to use this free waveapps having following features. All these software have more or less similar features.

  • No training required; fast setup and easy actions
  • Unlimited bank and credit card connections
  • Unlimited income and expense tracking
  • Unlimited guest collaborators: invite your accountant or business partner
  • Includes unlimited customizable invoicingand receipt scanning, too
  • Fully customizable expense/income categories (chart of accounts)
  • Customizable sales taxes
  • Accountant approved: real double-entry software
  • Journal transactions
  • Run multiple businesses in one account
  • At-a-glance dashboards, including cash balances and invoice status
  • Automatically generated accounting reports: P&L, sales tax report and more
  • Accept payments in a foreign currency
  • Automatic exchange rate calculations
  • Easy account reconciliation
  • Secure connections, with 256-bit encryption
  • Software in the cloud, so you can work anywhere, any time
  • Automatic data backup
  • Bill and invoice reminders
  • Connect Wave with PayPal, Shoeboxed and Etsy
  • Free online support, direct from Wave headquarters
  • Seamless, instant updates with your payrolland credit card payment data, too
  • Includes free personal finance tools
  • Use any kind of computer: Mac- and PC-friendly and more!

Sources: waveapps.com | quickbooks.intuit.ca | sageone.com | freshbooks.com | xero.com/ca

Note: We do not advertise or are not acting on behalf of and as advocate for above-mentioned software providers. This is based on our review and use of software because of flexibility and ease of use.

Disclaimer: The content/information provided on these pages are intended to provide general information only, which are up-to-date as of the date of publish, and which may not reflect a reader’s specific situation and the latest position/state of the relevant laws/standards/facts/opinions. As such the readers are advised to take an expert opinion or consult related laws before taking any actions in this respect. In case there is any confusion, readers are advised to consult relevant rules and regulations published by the respective government authorities or consult with an appropriate competent professional. MAQ CPA Professional Corporation cannot be held liable for reliance on or usage of the general information provided on this page/blog/article, under any situations whatsoever.

Abdul Quddeus, CPA, CGA

Abdul Quddeus is a CPA, CGA and founder of MAQ CPA Professional Corporation. He helps small business owners, professionals and individuals save their hard-earned money on taxes and let them free up their time to concentrate more on core business by providing tax planning and compliance, bookkeeping and accounting services.

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