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What is Different About TrulySmall Accounting?
TrulySmall Accounting is simply revolutionary, and it's about time. With current technology and secure transfer of financial data, we are able to move away from the cumbersome work flow of accountants and design an accounting system tuned to the needs of business owners.
TrulySmall Accounting takes care of the accounting complexities for you, by eliminating time-consuming data entry and bookkeeping activities of the past. Follow our recommended time-saving methods and enjoy the confidence of having accurate financials.
Getting started with TrulySmall Accounting is simple. You can be up and running in minutes without needing all your business data at your fingertips before getting started. You can use TrulySmall Accounting immediately, and fill in any historical or missing data when you are ready.
Step 1: Create a User Account
Create your TrulySmall Accounting login "Email" and "Password" to get started. If you already have a user account for an existing business, click on the Log in here link at the bottom of the page.
Step 2: Input Business Data
Besides your name, address, and phone, we'd like to know about your business.
Choose a "Transaction Start Date" that reflects how much data you would like to pull into TrulySmall Accounting. If you are thinking of bringing in historical data, be sure to choose a date that reflects that. Otherwise, we suggest using the start of most recent fiscal year.
It is important to choose your business "Industry", because TrulySmall Accounting creates a Chart of Accounts specific to your industry based on this information. Our Chart of Accounts is optimized for automatic tax calculation and reporting to the CRA and IRS.
Step 3: Connect your Bank Accounts
The most important step is to connect your business bank accounts. This is where the magic of TrulySmall Accounting happens. When your bank feeds us your transaction data, we have the most accurate records, and can calculate tax, categorize records, and reconcile accounts for you. This is the best way to minimize effort, and reduce errors in your business accounting.
Step 4: Start Using TrulySmall Accounting! Head to the Smart Inbox.
Now that your business has been created, you will enter the Smart Inbox where all the imported records are displayed. At the top of the display, you will see your connected accounts, from which these records were received. Review the records for completeness and click on the Post function to move the records to your company ledger.
Over time, your need to review will be reduced, as TrulySmall Accounting's machine learning and user-defined rules will automatically categorize and post incoming records for you. Each time you use TrulySmall Accounting, you train TrulySmall Accounting to handle your transactions in the manner you want for your business.
Related Article: The Smart Inbox
Tools are provided for the quick and efficient review of your business information. Throughout the application, you can collapse the menu for more room to view your data. You may sort, filter or search to locate records, then use bulk editing and posting to quickly move through your transactions.
When there are no more items in your Inbox, it's time to navigate to the other areas of TrulySmall Accounting to view your dashboard, create Invoices, upload receipts, run reports, and handle many more functions integral to your business. See our simplified menu for your next steps.
Update Business Contact information.
Manage additional User Accounts. You can have an unlimited number of users within one TrulySmall Accounting Business Account.
Manage your TrulySmall Accounting Subscription and Billing.
Review and categorize all new transactions coming into your account. The yellow badge displays how many items are ready for review. If there are 100 or more you will see an exclamation mark.
Upload receipts, transaction files from your bank.
View your account's connection status, or connect additional bank accounts.
See business health graphs and charts.
Review key financial figures such as sales income and expenses to date.
View all posted transactions.
Add individual records for income, expenses, transfers, income refunds and expense refunds.
Create and manage client invoices.
Bills to Pay:
Create, manage, and pay your bills.
Create and manage business and individual contacts.
View all transactions related to a specific contact.
Create groups of contacts for reporting is coming soon.
Manage your Chart of Accounts.
Reconcile bank and credit accounts.
Edit opening balances.
Canadian taxes are pre-configured for each business.
Creation and management of US sales tax coming soon.
View Profit and Loss, Balance Sheet, Sales Tax, General Ledger, and Unpaid Bills & Invoices reports.
Create and save customized reports.
The TrulySmall Accounting Mobile App
Related article: Welcome to TrulySmall Accounting TSB On-the-Go!