For many small businesses, bookkeeping is an ugly step-child. Everyone has to do it, but no one wants to. Either due to lack of understanding or failure to keep track of records, improper bookkeeping can have disastrous effects on startups or small businesses.
Red Door Agency, LLC. is a real estate company in East Tennessee whose charter is “real estate, redefined.” From the very beginning, Red Door wanted to stand out from the competition as the premier destination for homebuyers and sellers in the region. Technology and a penchant for providing clients with a high-level of service are at the heart of the company.
The Director of Finance, Angie Tate, is charged with ensuring that business expenses, sensitive real estate deals, and employee payroll are accurately depicted on company books. The real estate business provides a unique challenge to Angie, who handles the accounting for a handful of local clients in addition to Red Door. Angie has to manage complex transaction data, including multiple commission rates, taxes, fees, and other financial information.
In addition to her expertise in the field, Angie uses QuickBooks Online to help simplify the bookkeeping process. She previously utilized QuickBooks desktop software, but quickly learned to appreciate the advanced features and ease-of-use of the online version. Here, transactions from business credit cards and expense reports are automatically downloaded and indexed for review. Angie said she would use QuickBooks online at home for her personal expenses if she could. Additionally, employees can use the online or mobile application to view, edit, and print pertinent information such as pay stubs, W-2’s, 1099’s, and more. Not only does this allow companies to work in a much more expedient and agile environment, but it also enables employees to have the information they need, when they need it, without having to involve human resources or the accounting department.
In the day and age where every second counts, having the right human capital and tools equates directly to positive business outcomes. Angie recommends startups or small businesses find a bookkeeping tool that can be scaled up with the company. She mentioned that many tools available for free offer valid solutions but often fall short of being able to grow with the company or adapt to the ever-changing market or regulatory requirements. The last component to consider is support. Angie is the first to admit that mistakes happen and humans are fallible. “Having a dedicated support team to reach out to – whether via phone, email, or chat – is invaluable when things come up.”