Great Quora answer on simplified accounting for small businesses
Matt Nunogawa stashed this in Startups
Quora URLs are ridiculously long, so that link doesn't work inside PandaWhale. ;)
Please use this Quora link instead.
Also, I really don't like this answer: "Hire an accounting major from the nearest university using Craigslist, pay him 15 bucks per hour, show him this quora answer, and unleash him."
If you hire any random person then there's no way to know if the person is unintelligent, unethical, unkind, or undriven.
A real accountant is not that expensive, and worth the extra money.
Hire a real accountant.
Yeah, part 4 is pretty bad... I was more interested in part 1 & 3 because they are big pain point for me in general.
Part 1 and 3 are good. I've heard good things about both Outright and Expensify but I have not used either one.
Thanks Matt, I filed a ticket and we'll fix this eventually.
I guess it depends on how big you want to be. If you have any hopes of becoming a public company, this is really bad advice. Good luck with your audit when you tell the partner from PwC that you're running Outright and Expensify.
Right, but if you're planning on forever staying a small business, these services should be fine.
Assuming they don't go out of business.