One thing small businesses struggle with most is bookkeeping — it’s tedious, time-consuming, and it can be really confusing come tax season. Because of this, most folks turn to bookkeepers to do the dirty work for them, at a cost of hundreds of dollars a month. That’s where 10sheet comes in.
The old model, which involves a traditional bookkeeper, leaves people hauling stacks of paper to their bookkeeper and wrangling together shoeboxes full of receipts. With the new model, it’s as simple as hopping online.
You set up your financial accounts the same way you would with Mint.com, and you have two routes for sending in your receipts. You can either snap a photo and send them in through the app, or book a FedEx pick-up direct from within the application to have your receipts messengered back to 10sheet.
Through machine learning and computer vision techniques, 10sheet has a rather powerful automation tool that takes care of most of the heavy lifting. This includes categorizing transactions and matching up receipts to bank statements and credit card statements. Every user is also assigned a real-life bookkeeper who works out of 10sheet’s NY office. The bookkeeper is on-call to answer any questions via phone or email, and check that everything matches up properly.
It’s this mix of software and service that keeps 10sheet way ahead of the competition in terms of pricing. Whereas you’d spend at least a couple hundred dollars a month using a traditional bookkeeper, 10sheet only costs $69 per month, saving small businesses quite a bit of cash. That goes a long way in this economy.