Small Business Accounting

Never miss a beat on your business activities

Running a business or working the business management is no easy feat, we get it. In addition to that, staying on top of the all business related activities, deadlines, compliance can be soul crushing. Once it happened to us even, there was new form announced by the compliance authority to file by a certain date, We were so busy to notice it,  due date passed and we were late, let’s say very late to file it. We were slapped with a huge fine for the late payment. Very frustrating experience, not a good thing to happen to any business. At myBooks we wanted to alleviate some of this pain point. We understand what a regular small business owner goes through to make it, these kind of additional d

To address this myBooks has created a simple business checklist functionality. You can keep your important deadlines, recurring activities like compliance due dates, recurring activities so that you can keep track of all your business activities in 1 place. Please don’t mistake this to be a To Do list, This is not a to do list inside your accounting software. It is much more than that specifically designed for Business owners. It is well integrated with your business activities, so it will be much more specific and relevant to your business needs. Further we have plans to push compliance deadlines based on your geographical region to your accounts, you will have an option to either subscribe to these reminders or just leave them if you are already on top of it. Further our data analytical functions will routinely check your data, to identify any pending action items which may need your attention.

Feature available soon.

Suppose you have a workflow of activities at the month end to close the books like upload expense receipts, running payroll, balance the bank statements, run month end reports. All these activities can be managed by creating a recurrent action items and managed effectively using in myBooks. You can further delegate these activities to your employees. Further if there is a payment you are supposed to make it the vendor on date, any overdue on that may attract late payment interest fees, myBooks can automatically remind on the outstanding vendor payment. Further it can also send automatic reminders to your customers in case any payment you are supposed to receive are overdue.

These action items are shown in the dashboard of myBooks, so it cannot be missed again what good to record this action items if it is not in your sight, it will be easy to forget it. Also if you are using myBooks mobile app for iOS or Android, You can receive notifications on the mobile app, So it will not be missed even if you are not at your desk. We hope this will help business owners to stay on top of time critical business activities and alleviate some of the operational management pains. We are open to feedback and suggestions, if you can think any other functionalities around these, please drop us a mail

Small Business Accounting

Balancing Book is draining your time, Not anymore

One of the major activities that business owners fret about is balancing the books. Bank reconciliation is a very tough tedious process for many business owners that drains their creative energy very fast and quick. Keeping receipts in shoe boxes and invoices and sitting down after work hours to do this uninterrupted is not an activity even most workaholic business owners will enjoy. As your business grows bigger, it will become even more difficult when you delegate this task to another staff. You have to make sure they are being very thorough and honest.

First they have to ensure all expenses and sales transactions are entered in the system then make sure bank statement reflects them and ensure the month end balance of your accounting books and bank balance match. This is a tough exercise even for professional accountants, you don’t have to ask how it feels for overworked business owners with very little time and expertise on this matter.

We are very aware of this problem at myBooks, we have developed a simple bank reconciliation feature which will not only make this process much easier, but much more quicker to do. We have kept daily balance of bank and mybooks at the reconciliation page right there, so you can easily find if there is any mismatch for any of the days, and identify which transaction made on when is causing the discrepancy and take corrective action.

Feature will be live soon currently in testing

Further you can do multi categorization of bank statements with just a click. Lets say you want to have 20 business meal receipts to categories. You can select 20 of them in go and categorize meal receipts. This will automatically create 20 expense for you and balance your books. If you don’t want to create 20 transactions, you can just combine them to create 1 transaction for 20 items, done with it quick and easy.

Feature will be live soon currently in testing

Further we have developed automatic bank feed fetch integration in myBooks, You can directly connect bank accounts with myBooks, this will fetch all the transactions and balance directly from your bank. This will not only eliminate manual efforts to upload transactions but also reduce human errors on this activity. Also we have created an automated program to check your whether books and bank balance are in sync and any unreconciled items on your bank statement will be sent as notification to your myBooks dashboards. If you are using myBooks mobile device, which we strongly recommend you to do, This will be sent as push notification to your phone.

Balancing your books and keeping your business numbers in order doesn’t have to be tedious anymore, it can be done very quickly and easily. We hope this will reduce time taken for balancing the books and get yourself more time to do creative work on your business. Please let us know comments at

Small Business Accounting

Did you know 80% of your profits may be coming from 20% of your customers or products/services

You may have heard the famous pareto rule which states, 20% of the causes produces 80% of the efforts. Wouldn’t be great, if we know what 20% of causes and just do that and get 80% of the results. For eg. Let say you spend on marketing 10K every year. In that 2K amount spent on certain activities is going to get 80% of the returns. If you can know what those critical activities are, you can save the rest of the 8000 and spend on other important needs.

Simlarly 80% of your profits may be coming from just 20% of your customers or products/service. In otherwords 20% of your efforts produce 80% of your profits or 80% of your efforts doesn’t add much value. Just by understanding where your efforts are more valuable, you may able to do business with very less time and resources and get most benefits.

80 / 20 Rule for your profits

At myBooks team, we wanted to address this problem to help business owners identify where their most valuable business is happening. We know we have the data to get this insights. So we developed analytical functions and reports to get this important insight. As a result of it, we are able to create profitability of customers and products/services. Using these profitability reports business owner identify who are the most profitable and least profitable customer or products/services are. With this insight, they can give more attention to their top customer and product/services. May be also make decision on discontinuing their least profitable customer or products/services.

This key insights on Top 5 customer or products/services is available right in the dashboard of myBooks. You can get this insight for any time selection like current quarter, previous quarter etc. By this you can see if there is any drop in top 5 and track, monitor and make necessary changes in case any action is required.

We have even created a profit & loss report which you can run by customer selection. You can run a profit & loss report for multiple customers and compare how the income and expense trending against each one of them. This can be done for your products or services to. If you have product or service line, which is not making much profits and taking lot of effort, it may be a good idea to evaluate the continuation of such product or service line items.

We hope this feature will be very valuable for myBooks user community, If you have any comments or feedback, Please feel free to share with us. We would love to hear from you drop in a comment below.