Last week I was speaking with the co-founder and president of Outright.com, Kevin Reeth, and he explained to me how easy Outright.com is to use. He also said that Intuit QuickBooks, although marketed as intuitive and easy to us, is still to complicated for most business owners.
He said most of the 30 million or so small businesses in the US really just want to know how much money they have, are they profitable and to be able to ensure that they can pay their taxes properly every year.
Indinero’s Jessica Mah is also gunning to be the small business accounting service of choice for small businesses. Similar to Outright.com, Indinero is very simple to use with a simple dashboard of money in and out. See my interview with Jessica Mah here.
Canadian based Wave Accounting recently launched as well. “The reality is that two-thirds of small business owners still stuff their receipts in shoeboxes, log expenses in spreadsheets and handwrite invoices,” said Kirk Simpson, chief executive officer, Wave Accounting. “It’s hard to find a market as large as this – and growing with the recession – with a pain point that still needs to be addressed. We took stock of the process that any small business owner goes through to stay on top of finances. Anywhere we could cut time, we did.”
All of these services are free for the basic features. If you want to do more with them, expect to pay. In these services what you want to look for is how easy they are to use and also do they connect with other services such as Fresbhooks (invoicing), Paypal and more.
If you’re a very small businesses with very limited accounting needs, QuickBooks is probably over kill for you. In fact that’s why Intuit has Quicken Home and Business and QuickBooks Simple Start.
However, if you have an accountant or a bookkeeper, have accounts receivables and accounts payables, you’ll probably want QuickBooks or Sage Peachtree.
The battle for your small business accounting needs is getting hotter. That’s GREAT for you and me – small businesses.