Automatically categorizes bank transactions using machine learning algorithms that learn from user corrections over time. Suggests appropriate expense categories, tax treatments, and vendor classifications.
Automatically matches imported bank transactions with recorded entries, highlighting discrepancies and suggesting potential matches. Provides one-click reconciliation for verified transactions.
Creates, sends, and tracks invoices with customizable templates. Includes automatic payment reminders, late fee calculations, and payment status tracking integrated with bank deposits.
Provides an interactive dashboard showing key metrics like cash flow, profit margins, outstanding invoices, and expense breakdowns updated in real-time as transactions occur.
Automatically flags tax-deductible expenses, calculates estimated tax liabilities, and generates reports formatted for common tax filing requirements and schedules.
Allows business owners, team members, and accountants to collaborate on the same financial data with role-based permissions and audit trails of all changes.
Freelancers and independent contractors use TrulySmall Accounting to track project income, separate business and personal expenses, and prepare for quarterly tax payments. The automated categorization helps identify deductible expenses like home office costs, software subscriptions, and business travel. Real-time profit tracking allows freelancers to adjust pricing and workload based on actual earnings versus expenses.
Retail shop owners utilize the platform to manage daily sales deposits, inventory purchases, and overhead expenses. The bank reconciliation feature automatically matches point-of-sale system deposits with bank transactions, while inventory expense tracking helps monitor cost of goods sold. Cash flow forecasting helps seasonal businesses prepare for slower months and manage supplier payments.
Consulting firms and professional service businesses use the invoicing system to create detailed client bills with hourly rates, project fees, and reimbursable expenses. Automated payment reminders reduce accounts receivable days, while project-based income tracking helps analyze profitability by client or service type. The system's reporting features help consultants understand which services generate the best margins.
Restaurant owners employ TrulySmall Accounting to categorize food costs, labor expenses, and overhead while separating them from capital equipment purchases. The AI learns to recognize regular suppliers and typical expense patterns, flagging unusual purchases that might indicate waste or theft. Profit margin calculations help menu pricing decisions based on actual food cost percentages.
Online sellers connect multiple payment processors (PayPal, Stripe, Shopify) to automatically import sales data and reconcile with bank deposits. The system handles sales tax calculations for different jurisdictions and tracks marketplace fees as business expenses. Inventory cost tracking integrated with sales data provides accurate gross margin calculations by product or category.
Small nonprofits use the platform to track restricted versus unrestricted funds, program expenses, and donation income. Custom reporting helps prepare grant reports and annual filings, while donor contribution tracking ensures proper acknowledgment and tax documentation. The system's audit trail provides transparency for board review and compliance requirements.
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