Small company accountants have a bone to pick with their customers. Actually, they have a few. A survey released by Intuit this week discovered that SMB accountants state the top challenges to being in a position to perform their tasks incorporate small businesses failing to adequately maintain records, not utilizing accounting software rather than staying on top of bills.
The vast majority also stated that little business (SMB) owners who mix personal and business-related expenses are making it far more difficult for their accountants to deal with the novels.
The expense management distance of today offers businesses a flurry of choices that they can integrate into their operations. But a lot of them, asserts Erno Tauriainen, CEO and also co-founder of little business investment direction app SPENT Money, can’t adequately deal with the needs of micro-businesses, contractors and freelancers — professionals with a few of the best lines between personal and professional invest.
“You can use remedies for monitoring expenses, however the problem with products like that is that they’re tied into a particular company,” he recently explained to PYMNTS. “But should you think of salespeople and consultants, the trend these days is that they’re working for several companies; they do not want to be tied into a firm’s investment management option.”
So, despite the fact that there is certainly a problem of these professionals mixing professional and personal invest, sometimes solutions independent business spend just a tiny too much. As stated by SPENT Money, plenty of professionals confront this pain stage too: More than just a third of the U.S. work force — an estimated 55 million professionals — are salespeople.
And the SPENT Money app, which acts as a single portal through has been established by Tauriainen. The alternative focuses on making it easier to “tag” a cost as a business-related one, a feature the executive stated can have a range of benefits for professionals to get a tighter grip on money flow and invest control. So that it could access payment data users need to connect their credit cards, debit cards and bank account info into the app.
Automating the capture of spend information, categorizing that invest as personal or business-related, and then being able to readily share the information when a skilled needs to get reimbursed is crucial to assisting respondents let go of SMB bookkeeping processes, stated Tauriainen.
“Many companies, which will be surprising to me, still use paper and pencil to perform their expenses,” he said. “But the cost management products available on the market do not match for smaller businesses and salespeople.”
Another issue a lot of these professionals possess is adequately monitoring and diluting to the purposes of taxation filing in regards to cash flow direction.
“As we all know, when taxation day comes, everyone starts to prepare, however they could have been preparing as they proceed, throughout the calendar year,” the executive said, adding that it is important for small businesses, entrepreneurs and also the self explanatory to track their expenses on a daily basis in order that they’re not capable of tax time.
The SPENT Money app, Tauriainen explained, makes it much easier to stay compliant with all the requirements of contractors images for example. The accounting program solution also incorporates into existing platforms like QuickBooks, he explained, and will automatically capture data from e-mailed receipts to integrate into its own platform.
To maintain the solution totally free, Tauriainen stated he’s placing his background to great use in retail, using the willingness of merchants to provide money back rewards.
“Recognizing the retail area and how much money merchants are spending trying to catch the interest of customers, I place the dots together and tied in the cash-based rewards applications,” he said, explaining that users of the app can earn money back when they invest at certain retailers. Whilst earning similar money back rewards depending on the hotels at which they reserve, soon a travel booking platform that professionals can utilize to book business travel.
Overall, however, the target of the app is to produce a very clear divide between private and professional invest, while still bringing the two close enough that they can be handled on one portal.
“The pain that we’re trying to solve for is for the small business owner. It is a great deal of effort to accept costs, handle costs and reimburse them,” said Tauriainen. “That’s the biggest pain point.”