Best Online Accounting Set-Up for Start-ups

BooksSetup3It’s debatable what accounting software is best for entrepreneurs who want to join the new wave of those putting their books online, but among the top contenders are Quickbooks Online (QBO), Xero, Wave Accounting, etc.  When entrepreneurs consider what professional group should handle their online accounting set-up for start-ups (Online Accounting Set-Up for Start-ups), they should consider first how savvy the group is with online accounting software. Many accounting firms specialize in accounting software that is strictly desktop oriented, or sometimes versions that are not very user friendly for the entrepreneur at all.

Why is it important for entrepreneurs to have user friendly accounting software? Entrepreneurs are people who are typically on the move, so it’s important to be able to peak In at their financial scorecards wherever they are, and be able to understand, toggle through, and update their accounting versus having to make an appointment to see their accountants when they’re back in town. How inconvenient!

There’s also a lot of controversy about whether accountants will even be in business in the next couple of decades, as accounting software is evolving rapidly and becoming much more user friendly, and in many cases more cost effective. Ironically many of today’s great accounting minds are helping to create the best accounting software, which may eventually replace the need for accountants. Hard to swallow, yes! Good for entrepreneurs, yes! Not that accountants will fall to the wayside immediately, but many predict it could be coming with so many advancements in online accounting, plus it’s just so convenient.

Accounting software is unlikely to erase the legions of CPAs and financial advisors who have a knack for working through complex and rapidly changing accounting policy and problems, and of course organizations that are required to have CPAs for various purposes aren’t likely to embrace the future of accounting software in the same way as small business entrepreneurs.

At this point, the software is very user friendly, but it pays to have someone with accounting knowledge, and knowledge of the software help to set things up, and possibly manage it, at least until the entrepreneur or his or her employees can step in and take over. Accounting is afterall is a critical function of the business, and should be handled very professionally.

For entrepreneurs searching for a solid online accounting set-up service, visit