You started your own business to make money. That’s a given. However, now it seems that you are paying out more money in expenses and bills than you are making in revenue. Needless to say, you are looking for a way to cut expenses wherever possible. Luckily, there’s one great way to save money: do your own bookkeeping.
You might think that this is a crazy idea. You’re not an accountant and have trouble keeping track of your checkbook, let alone the finances for your business! You don’t have to be a financial wizard to keep track of the money coming in and out of your company. In today’s computer and web-based world, it all comes down to investing in some easy to use financial software that will help you organize your expenses, pay bills and keep track of your important financial information, all in one simple computer program.
You have many options when it comes to small business financial software. Each software package has its strengths and weaknesses; but each software package is designed to walk you through the bookkeeping process and take out of all the guesswork.
Some good examples of small business financial software include:
QuickBooks – Created by Intuit, the QuickBooks software programs range from a very simple program that helps keep track of sales, expenses and taxes, to a complete financial system that can do everything, including calculate payroll, create financial reports and track real-time sales and inventory. The best part of the Intuit software packages is that they have state-of-the-art tutorials that walk users through the process step-by-step. You’ll never forget to do something because QuickBooks will remind you. These software programs also come in handy at tax time.
Simply Accounting by Sage – Another popular, albeit not as well known, accounting software program that can help with simple accounting tasks or even help analyze your sales and customers with their more advanced versions.
Peachtree Complete Accounting – Similar to the other software packages. The best and unique features of this accounting software system allow for more advanced tracking of job costing, time and billing and in-depth inventory tracking and analysis.
Be sure to do your homework before purchasing your accounting software. As you can see, many of the software programs have many similarities, but you want to make sure that it will be easy to use and maintain.
Once you do decide on a financial software system, you’ll be well on your way to doing all of your own business bookkeeping. While the initial cost of the package can run into the hundreds of dollars, it will soon prove to be well worth it. By doing your own bookkeeping, you’ll not only save thousands of dollars over time, you’ll also be in control of what money is coming in and out of your business. And, you should be in control; after all, it is your business!