Posts

Lil Roberts on Boss Move Podcast

Lil Roberts joins Kison Patel of Boss Move Podcast to Discuss The Elements of Success

Success is not about luck and chance. It’s about visionary leaders who intentionally pursue the critical elements every business needs to be successful.
Join Kison Patel from Boss Move Podcast and his guest Lil Roberts, Founder, and CEO in the episode Critical Elements of Success as they talk about the secret ingredients for success and how to get them.

Lil Roberts as a speaker at Endeavor Miami

Lil Roberts, CEO Joins The y.FTL Panel at Endeavor Miami

Endeavor Miami hosted their y.FTL panel, the second panel in their y.FLORIDA series. Lil Roberts, Xendoo’s CEO was one of the speakers. As Florida’s entrepreneurial ecosystem continues to develop they will continue to shed light on the strength of Florida’s entrepreneurs. Honored to be part of an amazing night with incredible people!

These are the women in Miami tech you need to know | South Florida Business Journal

The Miami tech movement wouldn’t be what it is without the women founders, executives, nonprofit leaders, and venture capitalists who have spent years championing the region’s innovation community. An article by Ashley Portero, Senior Reporter, South Florida Business Journal. Read more here 

These are the women in Miami tech you need to know

woman explaining over the computers

Xendoo vs. Pilot: Comparing Online Bookkeeping Services for Small Business Owners

Bookkeeping is critical to the financial health of every business, but business owners rarely have the time (or desire) to manage it themselves. To take their time back, many business owners choose to outsource their bookkeeping and accounting. There are many options available, from traditional CPAs to tech-savvy online companies. So, how do you choose the right financial partner for your business?

Today, we will take a look at two popular providers: Xendoo Online Bookkeeping and Pilot. Both provide quality online bookkeeping and tax services, but there are some key differences in features that will help you weigh your options:

  • Online bookkeeping and tax services 
  • Accounting software 
  • Accounting methods

In this blog post, we will explore these key differences so that you can make the best choice for your business!

Online Bookkeeping and Tax Services 

Most of Xendoo’s online bookkeeping packages are tax-inclusive, with prices starting at $295 per month. Plans can be paid monthly or annually, whichever works best for you. We reconcile your books weekly, and deliver your reports as early as the 5th business day of the month, depending on the plan you select!

Pilot offers three online bookkeeping plans, with prices starting at $599 per month, all of which are paid annually upfront. Tax services are available at an additional cost and must be purchased separately.  

If you are behind on your bookkeeping, Xendoo and Pilot also offer catch-up services so you can get previous months’ books in order! 

Accounting Software

Most small business owners manage their finances in a variety of ways, the more software options, the better! That is why Xendoo works with both Quickbooks Online and Xero. Depending on the nature of your business, one of these options will be able to meet your specific needs. 

 

Pilot only offers Quickbooks Online. If you are already working in Xero, they will have to switch you to QBO and leave your history behind. While QBO is a solid option, it may not be the ideal choice.  

Accounting Methods

Accounting methods determine when income and expenses are recorded in your financial statements. They affect how cash flow, profitability, and business performance are tracked. The method used depends on your business and tax needs. 

 

Xendoo and Pilot use different accounting methods, with one exception: cash basis accounting. Depending on the plan you select, Xendoo will use a cash basis or modified accrual basis. Pilot defaults to an accrual basis on all plans, but you can request a cash basis. 

 

  • Cash basis accounting is a method in which revenue is reported only when cash is received, and expenses are noted when money leaves your account. It is often used by small businesses because of its straightforward nature. 
  • Accrual basis accounting records income once it is invoiced to the customer and records expenses once the bill is entered (even if it has not been paid yet). This is a complex method, used mostly for businesses with $5 million or more in annual revenue.
  • Modified accrual basis accounting combines the best aspects of accrual and cash basis. It recognizes prepaid expenses and offers accrual for inventory and other Balance Sheet categories.

 

As accrual basis accounting is the most complex method, it is the most expensive and time-consuming method to complete. Even if your business needs to account for inventory and accounts payable and receivable, the accrual basis method may not be necessary. The modified accrual method can meet your business needs in a cost-effective and timely manner. 

 

We recommend speaking to your accountant to determine the ideal accounting method for your business. 

Try Us Out

Xendoo offers a free trial in which we complete your bookkeeping from the previous month, plus the Profit and Loss Statement and Balance Sheet, so you can experience the Xendoo difference for yourself. If you decide that Xendoo is not the best fit for you, we will gladly connect you with others in our network so you can find your ideal financial partner. The data and reports are yours to keep in your QuickBooks Online or Xero account. If you choose to partner with us, you will have access to a comprehensive customer portal, with data-driven visualizations, and your financial reports at your fingertips 24/7.

 At this time, Pilot does not offer a free trial. They do weekly demos where business owners can tour the platform and ask questions.

 

For a brief summary of how Xendoo and Pilot compare, check out the chart below:

 

Who is Right for You? 

It depends! Every business owner needs financial visibility into their numbers for effective decision-making and growth. If you are looking to simplify your books, Xendoo is the best choice for timely, accurate, and worry-free bookkeeping, accounting, and tax services for you and your business. 

In Q4 2021, Xendoo will launch XendooPayroll, powered by Gusto.

Xendoo is a team of real people that care about you and your business. Allow us to handle the hassles while you put more money in your pocket, reduce your stress, and get back to doing what you love. So, are we a fit for your business? Let’s talk! Schedule your free consultation today!

Xendoo vs. QuickBooks: The Difference

hiring a bookkeeper

As more small businesses crop up throughout the country, many business owners are starting to realize that a significant task in managing a company, big or small, is bookkeeping. 

From choosing an accounting method to managing transactions to setting up payroll, bookkeeping can be an extremely confusing and time-consuming process!

That’s why many business owners decide to get bookkeeping help, whether they use a form of online bookkeeping software or hire an accountant. 

For many companies, the best move is to do both! When it comes to running a business, you may have debated the benefits of providers like Xendoo and tools like QuickBooks. But which option will work best for you?

Let’s break it down and discover what will work best for your business: Xendoo vs. QuickBooks. 

What Is Accounting Software?

Most of us are familiar with the term “software.” Basically, this refers to any sort of program or application you run on your computer that helps you perform a task or complete a goal. Software can come in many forms, from music players and photo editors to games and word processors. 

Accounting software is a program or application that assists you with accounting or bookkeeping tasks. Also referred to as bookkeeping software, it can assist your business with functions like:

  • Accounts payable
  • Accounts receivable
  • Purchase orders
  • Sales orders
  • Payroll

Reliable accounting software will also store your company’s financial data. Some companies prefer to create their own accounting software to fit their specific needs, while other businesses can manage best by purchasing third-party software packages like QuickBooks.

In some cases, a combination of in-house and third-party software is also possible. 

The greatest advantage to any accounting software is that it’s available online at any time and can be updated in an instant. When you compare that to the traditional form of bookkeeping with pen and paper, you can see why investing in online bookkeeping software is so popular in the 21st century! 

Why Do You Still Need an Online Accounting Service?

As a business owner, one of your many responsibilities is finding ways to save money for your business. For a lot of enterprises just starting up, doing online bookkeeping yourself seems like a great way to cut costs. Unfortunately, trying to achieve cost savings by performing highly complex professional work yourself will likely end up backfiring!

Even seemingly small mistakes could also actually cost you a lot of time in the long run. Additionally, you may miss out on important tax benefits, deadlines, and requirements if you simply try to do it all on your own.

In the battle of Xendoo vs. Quickbooks, here are some of the other benefits that you can expect from your online accounting service:

Bookkeeping

When you work with Xendoo, a dedicated team of experts will take care of all of your online bookkeeping needs — and they’ll do it on time. In less than an hour, we can set up your accounts and get you connected in a view-only mode. 

Once all of that is ready, we’ll reconcile your books each week to ensure that everything is up to date and in order. This leaves you the time that you need to do other kinds of practical work that will help grow your business. 

While we take the time to keep all of your books in a row, you can check in on your finances whenever you’d like. With our customer portal, you receive monthly reports that track everything you need to stay in the loop. Even if you can’t spend the time to go through all of the details, you can trust that our experts will. 

Catch Up

Did you know almost a quarter of all business owners report that they are currently behind on their bookkeeping responsibilities? That’s why another great accounting service offered via Xendoo is the ability to provide catch up bookkeeping when you’re behind—not something an online bookkeeping software alone can manage! 

So forget about the stress of catching up on your finances by yourself. At Xendoo, we can get all of your financials up to date, whether you are a few months behind or a few years behind. 

Taxes

While it would be much easier just to pretend they don’t exist, paying your taxes as a business owner will always be a part of the job. Going through the filing process and wondering whether you’re doing it right will likely cause you to lose some precious sleep. 

Xendoo can take on this major responsibility for you, helping your business to find ways to make the most of tax season. When your business has its books in order, filing taxes is much easier. We won’t just connect you with a random CPA during tax season, though—you’ll have a dedicated, certified account available at all times, whether it’s on April 14th or October 14th. 

How Your Accounting Team Leverages the Best Software

Because these accounting programs can manage to save you time and money, we wouldn’t expect you to simply throw them out the window and lose everything you’ve already invested. That’s why your Xendoo accounting team can fully integrate with practically every software out there, whether it’s QuickBooks, Xero, Amazon, Shopify, or any other program. 

Your team will work with the software program you’ve got to find better ways to manage your finances. Think of it like this: The software is your car and Xendoo can be the driver. We’re not just any driver, though; we’re a Formula 1 champion racer. 

Your team will be available to you with whatever form of communication is most comfortable for you: email, call, or text. 

At Xendoo, our professionals aren’t just there for your business transactions—they can even help you with your personal tax returns! You can rest assured everything will be monitored, managed, and maintained, all without having to lift a finger.

Xendoo vs. Quickbooks: The Final Considerations

Whether you run a small cafe with less than $20,000 in monthly expenses or an up-and-coming restaurant with more than $100,000 in monthly expenses, Xendoo can take on your small business bookkeeping responsibilities, so you don’t have to. 

With dependable and knowledgeable CPAs dedicated to your financials, you can spend your time on growing and scaling your business. Contact us to learn more today!

Startups Podcasts

Low-Burn | Scaling Your Startup S2 E8 with Neyborly’s Ben Seidl & Xendoo’s Lil Roberts | E1224

When it comes to financial health as your scaling your startup there are six steps to healthy financials for scaling your startup. Watch for insightful tips for your small business by our CEO and Founder Lil Roberts, at This Week in Startups – Scaling your Startup. E1224 of Low Burn.

 

 

Profile of a Founder: Lil Roberts of Xendoo

We believe business owners should have time to do what they love, build their business – not do bookkeeping.

Lunch with Norm and Lil Roberts

Importance of LIVE events & What’s the Future of Ecommerce | Lil Roberts | Ep. 173

The new buying habits are post-pandemic! What to expect? Xendoo CEO and Founder Lil Roberts is back to share with us the new buying habits post-pandemic and how eCommerce fits into retail’s post-pandemic future.

“We believe business owners should have time to do what they love, build their business – not do bookkeeping.”

Online Bookkeeping Provider xendoo Now Helping Small Businesses in 46 States, 12 Countries

One of Broward County’s biggest startup success stories continues to grow at a rapid pace.

Fort Lauderdale-based xendoo has developed a SaaS bookkeeping platform targeted at small businesses. The startup reported a two-year revenue growth of 777% from 2018 through 2019.

A business owner integrates her accounting software for her eCommerce site

How to Setup Your Online Store to Integrate Accounting Software

You’ve set up your online store set, and orders are starting to come in. But in your rush to pack, ship, and sell, there’s a good chance you haven’t made time to integrate accounting software with your eCommerce software. By downloading a third-party app plug-in, you are just a few clicks away from saving time and money by automatically sharing data between your accounting and eCommerce programs. It sounds like a lot of work, but it’s simple!

Most popular online accounting software options like QuickBooks, Xero, and FreshBooks all have a menu where you can search for compatible app plug-ins. And most popular eCommerce programs like Shopify, Squarespace, and WooCommerce have a corresponding app available from a third-party software developer. So you can easily install an app to sync the two programs! 

What to Look for E-Commerce Accounting Software

As soon as you begin spending or making money, it’s time to set up your eCommerce bookkeeping and start accounting. There are many affordable online eCommerce accounting software options available. Programs such as QuickBooks Online or Xero store a business’s financial data in the cloud and are always connected to the internet. In addition, they automatically receive and update your data by connecting to your bank accounts. Sounds easy, but not all accounting programs are the same, and there is a lot to choose from. When deciding which program is best for you, you’ll want to consider the following:

  • Compatibility – Does the program work with all of the devices you plan to use? How many users can be simultaneously logged in? Can your international team members log in, too?
  • Cost – Many options have a free plan, but the pricing goes up as your business scales and grows.
  • Support – What are the customer service options? Does the program offer expert bookkeepers and accountants you can hire to take on the work when you are ready to delegate? Can they help you file your taxes?
  • Additional Services – All of the programs offer basic bookkeeping and financial reporting, but what kind of extra offerings does the software have? Some eCommerce trends include hefty employee management solutions to help with payroll, time tracking, and benefits, while others may offer project management tools. Some offer payment processing through third-party partnerships.
  • Integrate accounting software with your eCommerce program – Make sure the two programs sync so you can limit the amount of data entry you are doing. Ideally, you will be able to eliminate manual data entry of sales, invoices, customers, products, and more. 
A woman sits at her computer setting up her eCommerce site

Syncing Your Accounting and E-Commerce Programs

Most popular eCommerce software options, such as Squarespace and Shopify, integrate easily with third-party app plug-ins compatible with accounting programs like QuickBooks and Xero. Once synced, your inventory, orders, customers, and shipping can be automatically updated and will stay accurate. And getting started is easy! Most of these integrations only require a quick authorization and a few clicks to import your eCommerce data into your accounting program.

Below is a list of some popular eCommerce platforms that offer integrations with popular online accounting software programs. Keep in mind that this list isn’t exhaustive, but these are the most popular eCommerce platforms that easily integrate with accounting software like Xero and QuickBooks Online. 

Integrating your accounting software with your eCommerce platform can help save you time and money. You’ll be able to get an instant view of your financials, allowing you to plan your sales strategy more effectively. 

A open laptop with a screen showing an eCommerce store.

What Else do I Need to Know About My Accounting Software Integration?

As your eCommerce business grows and you decide to sync your eCommerce software with your accounting software, there are many aspects of eCommerce and accounting that you will want to keep in mind for this integration. For example:

  • Inventory Management – You will want to be able to connect multiple sales channels such as your brick & mortar’s Point of Sale, your Online Store, and your Pop-up location to ensure stock levels always stay up-to-date.
  • Choosing the correct payment gateway – Does the available option match your needs? Will international business be supported?
  • Tax settings – How does the software help you with your sales tax reporting? What role does it play in monitoring important tax deadlines? 

Why You Should Outsource Your E-Commerce Bookkeeping and Accounting

As your eCommerce business grows, you will want to outsource your bookkeeping and accounting to professionals. Even though app integrations with the best accounting software for small businesses are great, many automatic tools such as your monthly reconciliation can be inaccurate. Even a minor error in your bookkeeping can have a ripple effect and lead to everything from your financial reports being inaccurate to your marketing budget and your tax payments. It’s best to have an experienced set of eyes on it! These professionals can even find tax breaks you were missing and help you save even more money! Spend more time growing your business and less time crunching the numbers by working with the team at Xendoo. 

This post is intended to be used for informational purposes only and does not constitute as legal, business, or tax advice. Please consult your attorney, business advisor, or tax advisor with respect to matters referenced in our content. Xendoo assumes no liability for any actions taken in reliance upon the information contained herein.