Automated bookkeeping6/24/2023 Keep in mind that unlike the expense tracking tools mentioned above, automated bookkeeping services are built out for full-blown bookkeeping and accounting. Any automation software or bookkeeping service you choose should also generate financial statementsfor you, like income statements, balance sheets, and cash flow statements. Generate financial statementsĮxpense tracking is only one aspect of bookkeeping. Properly categorizing and recording your transactions helps you catch more deductions, which will make your life easier if you ever get audited by the IRS, and generally makes looking through your financial records a much less painful experience.Īlthough tools like Mint and Quickbooks Online were among the first apps offering this kind of functionality, newer tools like Expensify and Benchhave also become favorites among startups and small business owners looking for a lower-cost automated bookkeeping solution. Simply provide your banking information, and the software will automatically scan your credit card and bank account statements and upload them-fully categorized-into an expense tracking system. Most modern expense tracking software falls under the category of “automated bookkeeping,” and the way it works is fairly straightforward. Expense management and transaction categorization In general, however, most automated bookkeeping solutions will do the following: 1.
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