@genemarks
Gene Marks, President, The Marks Group Author, columnist, speaker, CPA, and small business owner himself, Gene guides business leaders of all kinds toward smart, long-term money-making decisions for their organizations. Gene writes daily for The Washington Post on small business and public policy. He also writes regularly for Forbes, Inc. Magazine, Fox News, and Entrepreneur Magazine.
The Harsh Reality about your bookkeeping process Smart Accountants & Bookkeepers recognize that the harsh reality of the world is that the ones with the lowest overhead survives and wins...
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ccounting is in the cloud. And that’s good. But there’s a harsh reality about this trend that will impact all Accountants & Bookkeepers – and the smart ones who recognize this reality will profit…and more importantly survive. The Harsh Reality is that there is going to be a recession. It may happen in 2019 or 2020 or maybe sometime after that. But ask any experienced business owner who has been in the game for a couple of decades and she’ll tell you that economic peaks and valleys are routine. They’re like weather patterns and the change of seasons. They can’t be predicted. But they’re inevitable. During the good times, we reap. We sell. We profit and we grow. But if 40 / Issue 15
you know what you’re doing then you know that the good times aren’t going to last. So you save money for a rainy day. And you invest in assets that give you a return in the future. Some people like to buy buildings or equipment because these assets will always be there, even during boom times and recessions. This is a good idea. Another good idea? Technology. Entryless works with Xero to integrate its payables management technology with Xero’s data. Entryless has been doing this with other well-known cloud accounting providers. If you’re a Xero customer then this is something that you need to look at closely. Why? Entryless converts your suppliers’ bills and expenses, which are scanned and emailed to a provided
address, into data. That data is then displayed in a web format for you to review, approve and then – assuming you’re integrated with Xero – automatically bring into your accounting system. In addition, Entryless is building a network of suppliers – your suppliers – that will automatically be setup to send invoice information to you for quick approval and then automate not only the integration into Xero but also automate payment as well. What does this all mean? It means an answer to the Harsh Reality. It means that when the next recession absolutely, definitely and positively arrives if you have your Xero system setup and integrated with Entryless, a significant part of your accounting operations will
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