Entrepreneur Lior Zehtser started his small business almost three years ago and experienced many challenges. Here is his story.
In 2014 my business partner and I co-founded ConnectCPA, which is an accounting firm aimed at turning the traditional accounting firm model on its head.
The idea was sparked from our many years working together in bureaucratic accounting jobs where we would listen to our clients’ complaints and frustrations concerning mountains of tedious paperwork, complicated forms and the inability to know how their business was performing.
We always envisioned that there would be a better way. Our small business aims to solve our clients’ pain points by combining tech-savvy accountants with beautiful and easy-to-use software.
The first year is always the toughest for any small business. We took a really hard look at our processes after 12 months and examined the problems, the areas where errors could be made and the spots where things could be improved.
These included learning new software, obtaining new clients and setting up systems over compliance deadlines.
The cloud-based accounting tools we use have made the most significant impact by far. They eliminate inefficiencies, automate repetitive tasks and increase visibility over financial performance.
We set up our clients’ accounting systems in the cloud so they can manage their books in real time and go paperless.
We use a handful of online accounting systems. Among them is QuickBooks Online because it has many automation features such as repeating invoices and converting accepted quotes to invoices with the click of a button.
We also like the fact you can pay employees by direct deposit and generate year-end payroll slips, which is great when tax time comes around.
In general, online accounting software is intuitive. Clients who may be intimidated at first are usually impressed by how quickly they catch on.
Our Favorite Apps
The app world for cloud accounting systems is vast. We are constantly evolving and monitoring the newest advancements so we can implement integrations that will save our clients time. Some of my favorite apps are Receipt Bank and Hubdoc to eliminate paper, and Float cash flow forecasting. These apps all integrate with various online accounting systems.
Our Financial Management Made Easy
Financial management software has saved us so much time and given us the ability to bring on more clients, since technology allows us to get more things done, quickly.
But the best part is providing our clients with financial transparency over their business, which many business owners struggle with.
We ensure that our clients are paperless – which means no more receipts or bills – all paper is digitized and stored online and, better yet, integrated with their online accounting system for quick reconciliations and bookkeeping.
Other accounting tasks, that are more mundane and repetitive, are automated (like sending repeating invoices or reconciling recurring expenses). The culmination of all these tools allows our clients to save time and money and, because their records are in tip-top shape, they have transparency over their numbers, which allows them to make smart business decisions.
The journey thus far has been an incredible one. We have seen rapid growth, and the fact that cloud-based technology and services are always evolving has helped us immensely.
For more information on how financial management software can help you, check out QuickBooks Online.