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Surviving in a down economy

November 17, 2008

We attended and spoke at the Sleeter Conference last week and one of the key messages we heard repeatedly is that in a down economy, businesses need to focus on their customers and their services (or products). While paying bills and managing cash flow are critical, the last things business owners and their financial teams (if they have them) need to be worrying about are managing paper bills, filing, and writing checks. Many are turning to accountants and bookkeepers to manage the process. Even if business owners handle bill payment themselves, it is usually off hours or on the road, and they rarely have access to all the information they need unless they have gone paperless and web-based. 

Ryan Carter, in Small businesses finding ways to survive economic turmoil quotes Daniel Kehrer, editor and director of content development at Business.com:

Web-based bookkeeping and billing systems such as Freshbooks.com and bill.com can cut down on the expense of paperwork, and make an immediate difference on a small business' bottom line, he said. Digital check-depositing systems can also deposit money more quickly.


Based on our conversations at the Sleeter Conference it seems that a lot of small businesses agree with the statement and are hiring accountants and bookkeepers to make these processes more efficient. 

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