Venmo for Business? The Hidden Costs You Might Be Missing
Venmo is everywhere. It’s easy, it’s quick, and your clients probably already have it on their phones. For small business owners, it feels tempting to say, “Just Venmo me.”
But here’s what Venmo doesn’t advertise loudly: using it for business comes with hidden costs that eat into your profit — and your time.
1. Higher Transaction Fees
Venmo’s business profiles charge 1.9% + $0.10 per transaction. That might sound small, but if you’re processing $10,000 a month, that’s nearly $200 out the door — every single month.
Compare that to QuickBooks Payments or PayPal Business, where you not only pay similar rates but also get better reporting and direct integration into your books.
2. Recordkeeping Headaches
Venmo was built for friends splitting pizza, not businesses balancing books. Payments often come with vague descriptions like “thanks” or “repair.”
That means extra time (and money) spent cleaning up transactions in QuickBooks — or worse, transactions that don’t match at all. Clean bookkeeping depends on clear data, and Venmo muddies the water.
3. Professional Image
Let’s be real: “Send it to my Venmo” doesn’t inspire the same confidence as a polished invoice with your business name on it. Clients are more likely to take you seriously — and pay on time — when the process looks professional.
4. Money Gets Stuck
With Venmo, you have to manually transfer funds to your bank. That’s one more step in your day — and if you forget, money just sits there instead of working for your business. QuickBooks Payments, PayPal Business, or direct bank transfer automatically funnel cash where it belongs.
✅ A Smarter Way
If you’re serious about your business, Venmo should be a backup option only — not your main payment channel.
Use QuickBooks Payments for seamless integration.
Use PayPal Business for wide client acceptance.
Always link payments directly to your business checking account.
Your clients will thank you for the professionalism, and you’ll thank yourself when your books reconcile in minutes instead of hours.
✍️ Balanced by Lori helps small businesses choose the right tools, set up QuickBooks properly, and stop losing money to hidden costs. Ready to run your business like a business? Let’s talk.
How AI Is Changing Bookkeeping: What Small Business Owners Should Know in 2025
Artificial Intelligence (AI) is no longer something futuristic — it’s here, and it’s already reshaping bookkeeping. If you’re a small business owner, you might be wondering: does this mean I won’t need a bookkeeper anymore? Or is this an opportunity to finally get ahead of my finances?
The truth is, AI is powerful, but it’s not a replacement for thoughtful bookkeeping. Instead, it’s a tool — and when used wisely, it can save time, reduce errors, and give you better insights than ever before.
🔹 What “AI Bookkeeping” Really Means
AI isn’t about robots replacing humans. It’s about software that can:
Automate repetitive tasks like categorizing expenses or matching invoices to payments.
Flag unusual transactions that might signal fraud or errors.
Predict cash flow trends based on your past income and expenses.
Speed up reconciliation by auto-suggesting bank matches.
Think of it like a helpful assistant working behind the scenes — fast, accurate, and tireless.
🔹 The Benefits for Small Businesses
When AI is built into tools like QuickBooks, it creates real advantages:
Fewer Errors → the system “learns” your patterns, so expense categories get more accurate over time.
Time Savings → less data entry means more time to focus on your business.
Faster Insights → AI-powered dashboards and reporting can show trends instantly.
For a busy owner, this means no more waiting until the end of the month to know how you’re doing.
🔹 The Risks & Limitations
But let’s be clear: AI isn’t perfect. It can:
Misclassify expenses if it doesn’t have enough context.
Miss the “story” behind the numbers — it sees data, not business strategy.
Create over-reliance — if you trust it blindly, mistakes slip through.
That’s where a professional bookkeeper makes all the difference. AI can crunch numbers, but it takes a human to interpret them and guide the decisions.
🔹 How to Start Small with AI in Bookkeeping
You don’t have to jump all in. Here’s how most small businesses get started:
Bank Feeds → connect your accounts so transactions pull in automatically.
Automated Expense Categorization → let QuickBooks suggest categories, then review for accuracy.
Recurring Rules → set rules for frequent vendors so they always hit the right account.
AI Dashboards → use visual reports to see cash flow and trends.
With these simple steps, you’ll already save hours each month.
💡 Balanced by Lori’s Take
At Balanced by Lori, I don’t just keep up with the latest bookkeeping trends — I put them to work for your business. AI is a powerful tool, but it only shines when combined with personal expertise. My role is to make sure the numbers tell the real story of your business, so you can make confident decisions with clarity and peace of mind.
📌 Ready to see how bookkeeping and AI together can save you time and stress? Let’s talk about building a smarter system for your business.
Dashboards and the Future of Bookkeeping
Dashboards aren’t brand new in accounting — but they’ve become more powerful than ever.
For years, QuickBooks and other bookkeeping platforms have offered dashboards that show balances, overdue invoices, or a simple profit-and-loss graph. Helpful, yes — but limited.
So why are dashboards such a big deal now?
Why Dashboards Matter More Today
AI and Automation – Modern software automatically categorizes transactions and creates cash-flow forecasts. That means less time crunching numbers, more time understanding them.
Integration – Dashboards can now combine data from accounting, payroll, point-of-sale, and e-commerce into one real-time view.
Business Demand – Startups and fast-growing businesses expect instant visibility, just like they get from apps like Stripe or Shopify.
From History to the Future
Old dashboards told you what happened.
Modern dashboards go further, showing you:
What’s likely to happen (predictive forecasts for cash flow and revenue).
What to watch out for (AI flagging unusual expenses or late payments).
What to do next (recommendations like “collect these invoices to extend your cash runway”).
How I Use Dashboards at Balanced by Lori
I don’t just deliver reports — I provide dashboards that are:
Platform-agnostic → QuickBooks, Xero, FreshBooks, Sage, or even spreadsheets.
AI-enhanced → Forecasts, anomaly detection, smart alerts.
Tailored → Custom KPIs depending on your business model.
This means you don’t just see numbers — you see trends, risks, and opportunities.
Why This Is Important for Startups and Growing Businesses
Not every business has a CFO, but every business needs CFO-level insight. Dashboards provide:
Live visibility into cash in and cash out.
Month-to-month profitability tracking.
Real-time receivables and payables.
AI-powered insights that help you act faster.
👉 Your numbers aren’t just history — they’re a roadmap. Dashboards help you understand where you are, where you’re heading, and what to do about it.