A small business owner faces many challenges. We wear many hats. We do anything from receptionist to salesperson to accounting to human resources, and everything in between. We spend long hours working hard to make our business grow and prosper. It is like our baby. And just in the same way we raise our children to be healthy and thriving adults, so it is with our business. Whether you are a small business owner full time or part time, the demands are brutal at times. One way to help be effective in our daily business is through automating our accounting system. Keeping up with it regularly is crucial, both for time constraint reasons, as well as the effect on our bottom line. There are many tools out there these days to help us as small business owners. Many of them are very good tools, some, not so much. The important thing to keep in mind with this, is to try things. Perhaps talk with other individuals that you know and trust, that are in a business similar to yours. Getting good recommendations from people is an excellent way to get ideas for a good starting place. It takes time and effort but is well worth it in the long run. Find what works for you, your life, your business. Because you can be set up with the most expensive, top of the line tool, but if you aren’t comfortable with it and don’t use it, then it isn’t doing any good at all.
Let’s talk about choosing the Quickbooks program that is right for you and your business. Whether you are a new or established business, an independent contractor, a professional and field services business, a retail business, an e-commerce business, a non-profit organization, Quickbooks has a program specific for your accounting and bookkeeping needs. Some of the popular Quickbooks features are the capability of staying in sync with your bank, tracking your income and expenses, sending professional invoices electronically, accepting online and mobile payments (fees apply), having an expert run payroll for you, syncing data from popular apps such as Paypal and Square and others into Quickbooks, knowing exactly where your business stands financially, quickly and easily, utilizing reports such as the Profit and Loss and Balance Sheet, and automatic backups, Quickbooks backs up your data every day with bank level security. These are just to name a few of the tools you can access with Quickbooks. Quickbooks has a desktop version as well as an online version that you can choose from.
If you are a sole proprietor with no employees, low or no inventory, and just a handful of customers, chances are you may not even need an accounting software to track your financials. If this is the case, a good thing to keep in mind is that there are free or low priced accounting software out there to help you. But if you are a small business owner who has employees, carries inventory and has more customers, you will find that you will save time and have more accurate financial records if an accounting software is used.
Wishing you happy accounting!!