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Review: "LessAccounting - Helps you focus on growing your business and keeping your books tight"
https://www.trustradius.com/accountingLessAccountingUnspecified9.53101
Shirin Elkoshairi profile photo
January 10, 2019

Review: "LessAccounting - Helps you focus on growing your business and keeping your books tight"

Score 9 out of 101
Vetted Review
Verified User
Review Source

Overall Satisfaction with LessAccounting

In my first few businesses, I used traditional accounting software installed on a laptop. For ease of access, we decided to use a cloud-based accounting package. LessAccounting is used by all the partners + our bookkeeper in our firm. It allows easy access by multiple users at no additional cost and allows us to focus on our business.

While I have at least 4 accounting classes under my belt, along with knowledge of bookkeeping, the idea of closing out each month, closing out the quarter and the year isn't appealing. I don't feel that it should take long to look at our monthly expenses and pay the bill. Since our bank has an API and is accessible by the software, there's no reason why our accounting system and our bank shouldn't be in perfect sync in all cases. We need efficiency as our business model is fairly straight forward. We felt that in this regard, LessAccounting solved the issue for us.
  • Less Accounting integrates with our business bank account as well as our corporate credit cards. All transactions are automatically pulled into the system and classified by the types of expenses. There's a lot of automation and the manual entry of data rarely occurs.
  • The System is streamlined and easy to learn. There is no need to understand monthly and annual closing of the books and the system is visually easy to follow. Online chat and email support have allowed us to make use of features we didn't know how to implement.
  • LessAccounting is highly accessible. Since this is cloud-based, my business partner and I always have our own access, our bookkeeper has access and so does our CPA for doing monthly sanity checks and for completing our taxes annually.
  • Reliability, there hasn't been a single outage or issue that I've experienced with application availability since day 1.
  • With the flexibility comes room for folks not adhering to specific accounts. There is no numeric chart of accounts so at times you will see 2 line items for a single item. We tend to overcome this limitation with extensive tagging.
  • Invoices and sales orders don't have an obvious way to assign credit to specific salespeople or consultants. We reached out to LA and they have shown us a different way to do this which we'll try soon.
  • The visual interface can use some sprucing up. It's easy to navigate but I believe the navigation can be slightly improved. I do find myself hitting the back button to get into other parts of the app.
  • The simplicity yet full-featured accounting capabilities of LessAccounting have allowed us to develop a solid process around bookkeeping, invoicing, collections and cash flow management without detriment to the sales and marketing efforts of the firm. For the 1st five years of business, our entire bookkeeping could be completed in less than 4 hours per month.
  • So long as your financial institutions are integrated into LessAccounting, it's almost impossible to have bad balances or unreported income or expense. We've used LessAccounting to catch errors made by our financial institutions with it's really powerful, yet simple reconciliation system.
Quickbooks was a bit too complicated for us, FreshBooks didn't seem to offer a complete accounting system but was powerful for invoicing and Accounting by Wave was similar to Quickbooks in complexity. Since we've been with LessAccounting for over 5 years, new contenders have entered the market which we didn't evaluate such as Xero accounting and others.
If you are an entrepreneur and you want to focus on building your business, start with Less Accounting. It's a full-blown accounting system that has a simple implementation and it can connect to your financial accounts to automate many parts of the business. Our 1st four years of business, we worked without a bookkeeper at all due to the level of automation.

It is not limited in any regard and is not simply for invoicing or tracking hours, it more or less does everything.

Perhaps one area that it wouldn't be ideal is for firms that need to have more rigid accounting, with charts of accounts etc for industries that are audited or highly regulated.

LessAccounting Feature Ratings

Accounts receivable
8
Cash management
7
Bank reconciliation
10
Expense management
8
Electronic tax filing
8
Self-service portal
9
Intercompany Accounting
9
Configurable Accounting
10
Pricing
8
Order entry
8
Credit card processing
Not Rated
Cost of goods sold
Not Rated
Order Orchestration
Not Rated
End-to-end order visibility
Not Rated
Order exception Resolution
Not Rated
Pay calculation
9
Benefit plan administration
Not Rated
Direct deposit files
10
Salary revision and increment management
Not Rated
Reimbursement management
Not Rated
Dashboards
9
Standard reports
9
Custom reports
10
API for custom integration
9
Plug-ins
4
Role-based user permissions
10
Single sign-on capability
Not Rated
Branded client dashboards
Not Rated
Client data roll-up capabilities
Not Rated
Client data consolidation for benchmarking
Not Rated
Configurable alerts
9
Billing bypass
Not Rated
Client template cloning
10
Single sign-on
Not Rated
Configurable client onboarding questions
Not Rated
Cross-client workflow management
Not Rated
Industry-specific versioning
Not Rated
Legacy system data migration
Not Rated

Using LessAccounting

Users and Roles

4 - 2 Partners, 1 bookkeeper. 1 CPA. Our partners use the system to forecast cashflow and to understand overall health of the business. Additionally we use it to understand where our biggest expenses come from.

Our bookkeeper is able to keep our financial situation updated in nearly real time due to the bank and credit card integrations.

Support Headcount Required

2 - Our original founding partner uses LessAccounting to determine the health of the firm while our bookkeeper stays on top of invoicing, bill payments and aged receiveables.

Business Processes Supported

  • Full Financial accounting
  • Invoicing clients
  • Reporting
  • Tax Reporting and Prep

Innovative Uses

  • Our clients are able to look at their current unpaid invoices by clicking on a URL included with electronic invoicing
  • We have automated recurring invoices for clients that bill the same amount each month.

Future Planned Uses

  • We may use this for quotes and proposals for clients that can be turned directly into sales orders or invoices.
  • May enter mileage and expenses via a mobile app when available

Likelihood to Renew

10
It works, it keeps our historical data and is easy to use.