In the accounting industry, the trend has been to introduce various shared financial management systems into entrepreneurs’ daily lives. At best, these systems can bring significant benefits both to the entrepreneur and to the cooperation between the entrepreneur and the accountant. However, for micro‑ or solo entrepreneurs, the additional costs incurred are often not financially justifiable.
A solo entrepreneur’s financial management needs are often summarized as sales invoicing, paying invoices within available funds, and receiving sufficient accounting reports for paying taxes. Naturally, this simplification can be challenged by introducing numerous critical additional needs — something that various financial management system providers and other industry players often do. But is even a micro‑entrepreneur forced to adapt to the costs of different financial management systems? No.
Often, online banking is enough.
There are now many options for handling payments, ranging from traditional banks to fully online payment service providers. As expected, traditional banks are the more expensive option, but they may justify their role from other perspectives. A good online bank often enables the reception of e‑invoices as well as the creation of sales invoices. If the entrepreneur also has loan needs, a functional relationship with a traditional bank is then well‑founded. In such a case, financial management system costs can be limited to bank fees, without the need for expensive accounting system fees. There are also many services available today to minimize bank fees (Wise, Revolut, Holvi, Alisa etc.).
At AutoAccount, we have been developing the entrepreneur‑friendly (affordable and effortless) AutoAccount bookkeeping service for micro‑entrepreneurs since 2008. Your bookkeeping is run by a skilled professional who nevertheless uses all modern technologies, such as automation, robotics, and AI. At no point is the entrepreneur required to record or categorize transactions in expensive systems, nor are there any hidden costs resembling system fees.
Naturally, as a service provider, we must pay significant fees for the financial management systems we use. However, we have made a principle decision that growing costs will not be passed on to entrepreneurs covered by the basic bookkeeping service, despite suggestions from system providers. We continue to work on our own software development and collaborate with reasonably priced subcontractors. For example, the DigibalanceApp application—available to all AutoAccount customers—is completely free for our clients!
Learn more about AutoAccount bookkeeping and contact us