Introducing the Bookly + D&B Dashboard

Bookly Dun & Bradstreet

Bookly’s Online Bookkeeping Services Enhanced with New Tools to Improve Access to Business Credit for SMBs

Strategic Alliance with Dun & Bradstreet Will Enable Bookly Customers to Access Key Profile Information

10/28/2016 –  Bookly.co, an emerging leader for online bookkeeping, payroll, and tax preparation services for small business owners, today announced that it has begun offering Bookly customers direct online access to the tools they need to have a better view into the health of their Dun & Bradstreet business credit profiles. The new capabilities are fully integrated into each Bookly customer’s online dashboard and are currently available for free to customers.

By submitting updated financial statements and trade references to Dun & Bradstreet for validation, businesses can improve their profiles, potentially enabling greater access to capital at better terms, in turn, helping them to grow their business. Utilizing new online features, a Bookly customer can now easily view their credit profile and monitor key Dun & Bradstreet scores, giving them early awareness of changes to key components of their business profiles.

Zach Olson, founder and CEO, Bookly.co, said, “We are gratified to announce our alliance with Dun & Bradstreet and what this means for small businesses owners everywhere. This relationship brings exciting new capabilities for businesses to better understand their finances as well as their Dun & Bradstreet profiles, providing streamlined visibility of key commercial creditworthiness metrics.”

For more information, visit http://www.bookly.co.

How to Simplify Your Bookkeeping With Bookly [Live Demo]

Join us this Thursday (Oct. 13th) for a free educational event where we'll teach you how to put your bookkeeping on autopilot. Here's what we'll cover:

 

*Small Business Bookkeeping "Best Practices" 

*How to Maximize Your Tax Deductions 

*How to Reduce Your Risk of an IRS Audit 

*How to Make Better Business Decisions

 

5 Ways to Automate Your Business for Summer

Automate Your Business

Automation is the key to saving time and money. Why not learn it from the experts?


We're partnering up with the folks at Davinci Virtual to bring you an educational event that will help you create a self-sustaining business for the summer months and beyond. Don't forget to click the button at the bottom of the page to reserve your spot.

What You'll get for Attending:

*Learn how to automate your bookkeeping without having to hire a traditional accountant.
*Learn how  to automate your web chat and maximize website traffic conversions.
*Learn how to automate your receptionist services.
*Learn how to automate your financials.
*$100 credit towards Bookly Accounting Services
*$100 credit towards 1st month of Davinci Virtual Office Solutions

When: Tue, Jul 12, 2016 11:00 AM - 12:00 PM MDT
Where: Online
Format: A Casual Event Where Questions are Encouraged

 

The Rapidly Changing Payments Landscape

Paying Digital Checks

We’re excited that Bookly has given us the opportunity to share some perspectives on the payments landscape, and to introduce Digital Checks to you all. We are working with Bookly to integrate our Digital Checks directly into Bookly’s platform to make it even easier for you to send and receive payments.

Getting paid is critically important, of course: “If you think nobody cares whether you're alive, try missing a couple of payments.” And finding the right payment methods for your business has a considerable impact on customer satisfaction, incremental revenues, operating cost, and the productivity of your staff.

For example, one of the most costly payment methods are paper checks. A March 2014 article in the Wall Street Journal cited a Bank of America estimate that a single business check can cost anywhere from $4 to $20 once the time and costs of writing, mailing, collecting and reconciling the check are taken into account.

Other estimates put the cost at $10 to $30. Paper checks cost American businesses between $26 billion and $54 billion in 2010. An enormous waste of resources!

And the selection of payment methods often needs to be tailored to the specific use cases within your business and to the diverse preferences of your customers and clients. For example, credit cards might work well for in-store purchases, but not so well for bill and rent payments.

And your customers probably come from many walks of life, including the highly sought after digital-only Millennials. One size rarely fits all!

The first paper check was introduced over 250 years ago (!), credit cards around 65 years ago, and nothing much changed until very recently with the introduction of the first generation of electronic payment methods such as PayPal in the late 90s.

paper check

Today we are witnessing a massive society-wide push to ‘go digital’, encouraged and sometimes enforced by government institutions and supported by a broad range of commercial and industrial associations across practically all industries.

And spearheading, no demanding, this digital push is the Millennial generation — those born between 1981 and 2005. This is the largest generation in history with around 80 million members, bigger than the Baby Boomers, and also the first completely digital generation, living almost entirely on their smartphones.

Millennials will soon have around 50% of all U.S. income, and most of them avoid traditional payment methods and in-person banking. They are eager for new payment methods. More than a fifth of all Millennials have never written a physical check to pay a bill. 63% of adult Millennials don't even have a credit card (!) - they consider them “old school” and “not secure”, and find plastic cards “annoying”.

In survey after survey, Millennials state a strong preference for simplicity and convenience, especially when it comes to transactional activities such as paying for goods or services or completing paperwork. Millennials really don’t like ‘friction’. Convenience is king.

Furthermore, Millennials are not nearly as concerned about security as older generations are. For example, they are used to sharing their Facebook or Google or Instagram log-in credentials across multiple websites, they store banking credentials on their smartphones, and give third parties access to their financial information in return for a more convenient user experience.

Neither paper checks nor credit cards nor first generation electronic payment methods such as PayPal meet Millennials’ needs, but this generation is key for your future growth.

Millennials Infographic

So, for example, if you run a service business such as a fitness studio or manage properties and collect rent or offer an online rebates and rewards platform you need to make sure you have a sufficiently complementary menu of payment options, including one that caters to these Millennials.

We’ve never had this much payments innovation, including the notorious Bitcoin. But with innovation comes complexity and a willingness to replace established ways of doing things for longer-term gain.

In this blog post we’ll try to help you with this complexity and also introduce hyper-modern Digital Checks as a possible solution for your needs. Digital Checks solve the decades-old problem of cumbersome and costly paper checks, of course, but also offer a compelling simpler and most modern alternative to older electronic payment methods such as PayPal.

Information on Digital Checks

Delivered instantly and auto-deposited, Digital Checks offer a seamless end-to-end digital experience for sending and receiving payments between bank accounts. The user experience is truly modern and simple. In fact, we don’t know how to make it any simpler!

Let’s take a look at some of the factors that we should keep in mind when evaluating and selecting payment methods:

Cost

This is an important factor, especially for volume businesses. Expensive payment methods include credit cards and PayPal with their high transaction fee percentages. Paper checks are also very expensive as the above data from the Wall Street Journal shows.

Simplicity

The simpler the payment method, the more likely it is that your customers and vendors adopt a payment method and complete transactions. And the more efficient your payments handling operations are likely to be. And, not to belabor the point, Millennials demand simplicity.

User Experience

User expectations have evolved considerably these last ten years with the emergence of Web 2.0 - the next generation of Internet platforms - and the introduction of smartphones and apps that run on them. This is a cross-generational shift, not just Millennials. Old-school payment methods and electronic payment methods invented in the late 90s such as PayPal haven’t kept up with evolving expectations.

Ease of Integration

As a merchant you want to make sure a payment method is easy to integrate with. You don’t want to waste scarce resources on complicated integration work. So make sure the payment method uses best practices for its API technology. Digital Checks use the latest in RESTful API technology, for example, so it’s super simple to add them to your website. Of course, the easiest and fastest way to pay your vendors is to simply start using our Digital Checks through your accounting platform such as Bookly.

Access To Funds

This covers both processing speed and the method by which you can access your money. Paper checks are clearly the slowest - mailing takes a couple of days and then depositing takes a few days, assuming you deposit the check when you receive it. Recipients often delay depositing. So it can easily take 7 to 10 business days for the funds to arrive in your bank account. And first generation electronic payment methods such as PayPal claim instant funds deposit, but that’s just in terms of ‘PayPal currency’ - if you want the dollars in your bank account you have to request that transfer as a separate step and this takes 5 to 7 days.

Flexibility for Different Use Cases

In some cases one or two traditional payment methods is all that’s needed and there’s little reason to innovate, but in many cases a business will have distinct use cases and a more diverse customer base that are best served with tailored payment methods. Some payment methods are more flexible in the sense that they can accommodate a broader range of use cases.

The below table rates the four representative payment methods on each of the above factors. Doing a more extensive analysis is beyond the scope of this article, so the main purpose of the below comparison is to give you a way of thinking about payment methods that you can apply yourself more broadly to other payment methods and your specific situation.

epo checks

We chose to include paper checks because they represent a centuries old method - still widely used because of ingrained habits and established processes, but a terribly costly, cumbersome, and rigid way to transact.

Credit cards are a good representation for ‘cards’ more generally - credit cards, debit cards, gift cards, prepaid cards. Costly and outdated, but still widely used.

PayPal is the poster child for the first generation of electronic payment methods (late 90s) and Digital Checks represent the most modern form of payment methods. Let’s take a closer look at Digital Checks.

Brief Overview of Digital Checks

Digital Checks deliver a seamless modern end-to-end digital experience for both sending and receiving payments. They are delivered instantly by email and are automatically deposited - bank account to bank account - within 3 business days.

To send a Digital Check all you need is the recipient's email and name. Once you’ve sent a check’ from within your merchant portal or through direct API integration or through the add-ons within accounting packages such as QuickBooks and Accounting Seed, your customer or vendor will receive an email with the Digital Check and an estimated deposit date as shown in this health insurance example:

digital check ts240

If this is the recipient's first Digital Check then the email will ask them to verify their identity online. This process takes about 60 seconds if they chose 'instant verification' using their bank credentials and 24 hours if they chose 'manual verification' where we send two micro-deposits to the recipient's bank account.

digital check cx30

Please note that this verification step is only for the first Digital Check. ALL future Digital Checks are automatically deposited!

And to keep it as simple as possible, recipients don't even need to sign up for a Checkbook account to receive your payment or to send payments. They only need to complete the one-time verification step.

The first-time recipient also has the option to print the Digital Check and then use their bank's smartphone app to deposit it. However, in this case the recipient won't have future Digital Checks automatically deposited into their bank account.

Keep in mind that Digital Checks are different from traditional eChecks. For example, Digital Checks have a much simpler and faster on-boarding process and a modern user experience for both sender and receiver. In addition, eChecks can’t be printed to deposit with your smartphone app.

Our pricing is real simple: we charge $1 per transaction irrespective of transaction value, and it’s always the originator of the payment or the invoice who pays this fee. And, to be clear, there are no other fees. We will leave you with this:

“Why did Bank Of America want to return all the government bailout money ASAP? Because they were upset at all the hidden fees!” (Checkbook doesn’t have any hidden fees!)

Click here to learn more!

Conclusion

It is important to use the payment methods best suited for your specific use cases and we strongly suggest you offer your customers and clients a choice. And take the Millennials seriously. One size does not fit all!

Clearly, the use of payment methods doesn’t change overnight. And for many folks even traditional methods such as paper checks will do just fine (at least in some situations). Adoption of the latest digital payment methods such as Digital Checks will differ by industry, geography, demography, and specific use cases, but there is little doubt that the future will be seamlessly digital end-to-end and the user experience will be as simple and frictionless as possible.

By way of background, we are in the process of a digital checks integration for the Bookly platform to make it even easier for you to send and receive Digital Checks directly from within your Bookly account. Stay tuned!

 

James Gowers is Head of Business Development & Sales at Checkbook. The company was founded in 2013 by payments industry experts, including the former Chief Network & Security Architect at Visa. Investors include DFJ, Tim Draper, and other blue-chip venture capitalists. The company is located in Silicon Valley, CA.

Rocket Your Small Business to Success With This Free Webinar!

Bookly x Bondstreet Webinar

Tomorrow the experts at Bond Street and Bookly will show you how to grow your business by maximizing your bookkeeping and small business loans. Not only will you get the insider perspective, you'll get a range of tools like our free e-book 'A Beginner's Guide to Bookkeeping' to help you going forward. Attendees will be able to ask questions and get feedback.

Webinar: 'Inside the Mind of a Credit Underwriter'
When: Tues, April 26th
Time: 11:00 AM-12:00 PM MDT

Zach Olson Discusses the 'Startup Mentality' With KRCL Radio

Zach Olson Interview

Bookly CEO Zach Olson recently sat down with NPR affiliate KRCL Radio to discuss his trajectory from skate shop owner to CEO of a game-changing startup. The full interview is available on the Radio Active section of KRCL's website.

To listen, click the link and listen to the first show listed. The interview features Child Rescue founder and friend of BooklyJess Larsen. Jess's latest project, The Ideation Collective, chronicles the story of entrepreneurs, pro athletes, special forces and other successful types and attempts to see what makes tick. As such, there will be a few minute discussion about Jess's latest projects before the interview begins. 

Holiday Giveaway!

bookly christmas giveaway

Enter for a chance to win $200 in gear from some of our favorite brands!

Who wants a partridge in a pear tree when you've got a chance at winning the following:

1 JBL FLIP 3 Bluetooth Speaker

2 Pair of Stance Socks

1 $25 Fandango Gift Card

1 16 oz Hydro Flask

1 American Apparel Bookly T-shirt

HOW TO ENTER:

Simply subscribe to our monthly newsletter! You'll get access to some of our most insightful articles, interviews, and updates. Unlike other companies, we won't stuff your inbox with a bunch of meaningless promotions. We'll only give you the best of the best!

ENTRY RULES:

  • Must be 18 years or older.
  • Must live within the continental US (we will not ship internationally). 
  • Contest entry ends December 23rd, 2015 at 12 PM MST. Winner will be announced the following Sunday. 
  • Up to three entries total as explained below. 

ENTRY METHODS:

There are 2 different ways to enter! 

  • 1st Method: Subscribe to our newsletter by entering your email address. Up to 1 entry.
  • 2nd Method: Follow us on Instagram, like the giveaway photo, and tag 2 friends. Up to 3 entries.

TERMS AND CONDITIONS:

The winner agrees to the use of his/her name and image in any publicity material. Any personal data relating to the winner or any other entrants will be used solely in accordance with current [US] data protection legislation and will not be disclosed to a third party without the entrant’s prior consent.

This promotion is in no way sponsored, endorsed or administered by, or associated with, Facebook, Twitter or any other Social Network. You are providing your information to Bookly and not to any other party. Bookly reserves the right to amend the contest due to any extenuating circumstances. By liking, commenting, or entering your email you agree to these terms.

Winner will be chosen through a random generator. Entries will be accepted through Instagram and email submissions only. Contestant names from both methods will be combined into a single drawing. We reserve the right to amend the contest due to any unforeseen circumstances. 

Join us for our Small Business Accounting Webinar!

webinar

Tack on holiday rush to your end of the year deadlines, and you've got an equation for disaster. That's why we've created an event to help make the transition to 2016 a little bit easier. This no-fluff webinar will provide your business with a variety of hands-on tactics to start the new year with a bang!

Topics: 

*How to get your books in order
*Optimizing your company structure & requirements for 2016
*How to maximize revenue with your current client base
*Business licenses, permits and registration requirements
*Employer obligations (1099/W2) 
*How to achieve and maintain IRS/State compliance  

Event DetailS:

WHEN: TUE, DECEMBER 15, 2015 11:00 AM-12:00 PM MST

Speaker: Bookly CEO Zach Olson

We'll keep the webinar as simple and straightforward as we can with plenty of opportunity for questions.

*As an added bonus, attendees will receive a $100 credit towards Bookly services.

We look forward to seeing you!

3 TV Episodes That Made us Love Holiday Office Parties

christmas ornament

TV sitcoms have a knack for finding that "human" element in a place that's so often viewed as mechanistic. And when it comes to the small screen, there are certain shows that know how to highlight the cocktail of awkwardness, cheer, and comradery that is the holiday office party. 

1. THE OFFICE 

Season 10 Episode 2

Perhaps the most iconic of holiday office parties is Season 10 Episode 2 of The Office. Granted, any of their many holiday parties is list-worthy, but none is more memorable than season 10’s “Christmas Party.” 

Despite the $20 gift limit, Michael gifts an iPod to Ryan and receives an oven mitt in exchange. This act sets off a series of jealousy, name-calling, and “Yankee Swapping.” When Michael reveals he purchased the iPod because of a Christmas bonus—everyone turns sour. 

Meanwhile, Meredith is breaking corporate rules by getting hammered, and Jim’s from the heart gift goes to Dwight instead of his intended target—Pam. 

WHY WE LOVE IT?

Work-place gift-giving can sometimes be an awkward and confusing tradition. This over the top episode taps into the uncomfortable things that sometimes come a long with holiday office parties.

2. 30 ROCK: “LUDACHRISTMAS"

Season 2 Episode 9

For some reason the All-In-One Paper Shredder/Photo Scanner seems to be the gift of the season. The only problem? The acronym PS is used as a label for both functions—leaving its user clueless as to whether or not they are about to shred or scan a photo. Needless to say, everyone tosses their machines in the trash. 

Jack’s overbearing and manipulative mom comes to visit, as does Liz’s overly positive “Middle American”family. Naturally their perfect little smiles and sweaters oblige Jack’s mom to try and "break" them as a family—she succeeds. Meanwhile Kenneth Parcell has locked the entire office in a room to remind them of the “true meaning of Christmas.” 

WHY WE LOVE IT?

It reminds us of the unavoidable family drama that ensues during the holidays, that family and the workplace don’t always mix—and that even if our families aren't perfect, we still love them.

3. THE MINDY PROJECT: “JOSH AND MINDY’S CHRISTMAS PARTY”

Season 1 Episode 9

In light of the holiday season Mindy decides to throw an office Christmas party. At the party, Danny hopes to show off his gingerbread house but becomes upset when it gets overshadowed by Mindy’s big-shot sports agent boyfriend. 

The festivities come to an abrupt stop when Mindy listens to Josh’s voicemail and finds out that he’s cheating on her. Josh’s GF shows up and attempts to beat up Mindy but her demeanor softens when she finds out that Mindy had no idea that she was Josh’s longtime girlfriend.

WHY WE LOVE IT?  

It takes a hilariously fresh spin on the holidays—providing an especially intriguing narrative for those who still are still in the dating scene. 

Fall Giveaway!

Bookly Giveaway

Enter to win a $25 iTunes gift card, 2 pairs of Stance socks, and a Bookly t-shirt! 

How to Enter:

  • Simply go to our Facebook Page and like/comment on our Fall Giveaway post.

Entry Rules:

  • Must be 18 years or older.
  • Must live within the continental US (we will not ship internationally). 
  • Must like and fill in the blank with an answer to be considered.
  • One entry per contestant.
  • Contest entry ends Saturday November 29th, 2015 at 12 PM MST. Winner will be announced the following Sunday. 

Terms and Conditions:

The winner agrees to the use of his/her name and image in any publicity material. Any personal data relating to the winner or any other entrants will be used solely in accordance with current [US] data protection legislation and will not be disclosed to a third party without the entrant’s prior consent.

This promotion is in no way sponsored, endorsed or administered by, or associated with, Facebook, Twitter or any other Social Network. You are providing your information to Bookly and not to any other party. Bookly reserves the right to amend the contest due to any extenuating circumstances. By liking and commenting you agree to these terms.

Winner will be chosen through a random generator.

 

 

 

Give a Month, Get a Month.

gift box

This holiday season you'll be able to hook up a fellow business owner with a free month of bookkeeping. The best part? You get one in return, absolutely FREE! 

What you'll get:

  • A 1 month bookkeeping credit to gift to a fellow business owner
  • A free month of bookkeeping for your company
  • Unlimited access to a CPA 
  • No hourly fees
  • No contracts
  • No paperwork

How To Claim Offer: 

Name *
Name

 

What Will Happen next?

We'll get in touch with you via email or phone so we can get the ball rolling on your free month trail. If you'd rather reach out to us, feel free to send an email to help[at]bookly.co or call us at 1-855-777-7696. We look forward to hearing from you!

Offer ends 01/01/2016.

To view our standard pricing and options, visit our main page here.


 

Startup Ignition

startup ignition

SALT LAKE CITY, UT—CEO Zach Olson addressed a group of Utah's youngest entrepreneurs, an event put on in conjunction with Startup Ignition's startup bootcamp. It was a chance for entrepreneurs to network, get feedback, share their stories and get a personal lesson from Bookly's CEO on how to properly raise and maintain finances for a startup. Olson advised young startups to raise more capital than they project they will need, to tailor their business structure according to tax needs, and to look to digital accounting solutions rather than esoteric bookkeeping practices. 

Tax Alli is now Bookly

Friends of Tax Alli,

We are very excited to announce and share with you the launch of Bookly, which is the new brand and identity of Tax Alli. 

We wanted our name and image to better reflect who we are and what we do, but also highlight the unique marriage of service and technology that we have created to better solve the daily challenges of small business bookkeeping. 

Our branding update is primarily cosmetic. You will still be working with the same amazing team, with one exception. Your experience and level of service will continue to improve. We are as dedicated as ever to providing an amazing experience while continuing to build leading technology designed to simplify your life so you can get back to doing what you love. 

Thank you for your ongoing support & feedback. You are why we started Tax Alli and continue to build Bookly. 

Here is to an amazing future. 

Cheers, 

Zach & the Bookly team