In an era when just about everything seems to happen in motion, The Neat Company’s two new record-keeping initiatives are no exception.
Following the company’s launch of NeatBooks and NeatInvoices on Wednesday (September 1), CEO Garrett Baird told PYMNTS that dual solutions are helping small businesses streamline invoicing and facilitate digital payments.
âWe serve both the emerging side business of COVID and businesses that have been around for many years,â Baird told PYMNTS, noting that cloud-based and mobile-first capacity enables small business owners to organize recordings and get information on the road using a tablet or cell phone. âThere has been a COVID boom of new businesses starting up with a new generation that masters mobile,â Baird noted.
One foot in the door
Many small business owners have already known The Neat Company from its 20 years in business, where it sold millions of physical scanners and offered cloud storage for files.
âWe’ve been known for years in the digital document business,â Baird said. âServing small businesses is in our DNA. As we looked at the additional value we could offer, we saw accounting and invoicing.
Compared to old small business accounting packages, he said there is a great need for streamlining right now that can eliminate outdated processes that have become unnecessary in the age of digital banking and smart management. Datas.
For example, automating the reconciliation process by securely synchronizing a small business’s banking information and corresponding categories, and then presenting a visual analysis of metrics and information, can keep solopreneurs and others up to date and up-to-date. day.
In-app advice and expert support via phone, email and chat are also now expected, especially among young digital natives.
âWhen I owned a small business, I saw that accounts receivable would start with a paper statement, go to QuickBooks, print it, and tick off,â Baird said. “I knew there was a better way.”
A better way
The new offerings address the issues commonly encountered by small and medium-sized businesses. Recent data from PYMNTS found that electronic invoices cost 81% less than their paper counterparts and that 82% of SMEs that close their doors do so because of cash management issues.
As it stands, Baird said sixty-five percent of individual entrepreneurs and emerging small businesses rely on in-house spreadsheets to keep their books and inform tax preparation. At this point, the company has found that most small business owners do not see any benefit in bookkeeping beyond preparing the numbers for the tax return.
But when these necessary accounting functions are automated and streamlined, small business owners gain a whole new level of real-time visibility and business intelligence.
âMy wife owns a marketing consulting firm,â Baird said. âShe billed customers for a Word document attached to an email, then waited for payment to arrive at some point. She became one of the first users.