![]() Some of these were very accurate, and some of them were not. So our founder continued to seek a better way.Īs he studied the problem, he learned that more than one method or algorithm was used to automatically categorize your transactions. More importantly this method doesn’t save much time over the otherwise great QuickBooks Pro, since you still have to review every transaction. However if you haven’t logged in for several months you can be faced with the daunting task of reviewing hundreds of transactions before you can get the financial statements you need to manage your business. This approach holds all downloaded and categorized transactions off on the “side” until you get a chance to review them. We call this slower method “hunting and pecking” after the old typewriter term.īetter online accounting offerings have realized this is a major problem, and have adopted a different method we call “quarantining” to fix it. In other words if you’re asked to find and fix errors in already sorted barrels, it turns out to be faster to dump all the barrels back together and start from scratch! Almost twice as fast. To do so you have to read and consider every, single, transaction.īy setting up simple poker chip sorting tests, our CPA founder discovered that finding and fixing bad transactions was almost twice as time consuming as entering them correctly in the first place. ![]() It’s not just about fixing the ones that are wrong, it’s about finding and fixing them. Now that may not make initial sense, but think about it. Even if the error rate was low, finding and fixing the bad ones actually takes longer than keying them in correctly in the first place. The problem turned out to be those categorizing errors. The Dirty Little Secret of Online Accounting Even if some of that sorting is incorrect it’s still saved a lot of time, right? Well, so far it hasn’t. Why has the great promise of online accounting failed so far? In theory it’s a great idea: you connect to a company’s bank and credit card companies, download transactions, and automatically categorize them. Hundreds of thousands of others have had a similar experience. ![]() By the end of that year he abandoned the effort and returned to QuickBooks Pro. However as the months passed he slowly discovered he was spending more time, not less, keeping her books in order. After connecting it to all the necessary bank and credit card accounts he was quite pleased to see it downloading and categorizing her transactions so he didn’t have too. So he switched his wife’s small Bed and Breakfast from QuickBooks to an online competitor. The year was 2009, and our CPA founder was excited about saving time on data entry. More importantly it finally solves the dirty little secret of online accounting by giving you the first workable means of managing what it does for you. Maui Macaroons & More! member since 2012 Uses Cheqbook so they can relax after a busy day at the swap meet selling their wonderful cookies.Ĭheqbook automatically connects to your bank and credit card companies, downloads and categorizes your transactions – saving you time and hassle. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |