Real World Accounting For Small Business Owners
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Real World Accounting For Small Business Owners
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The next step is your accounting system. Now, when I say “accounting system” I’m talking about an organized way of keeping track of your records. It can be computerized or it can be the old fashioned pencil and paper route. The important thing is that a) you have one and b) you use it.
Finding a System That Works For You
Your record keeping system needs to be designed so that it works for you. It should be:
• Simple to understand
• Flexible and adaptable to changing needs
• Inexpensive to develop and maintain
• Require little time to maintain
• Be handy and convenient to use
If you use a computerized accounting software package like QuickBooks, all those qualifications are met. I generally recommend QuickBooks to my clients because it’s easy to use and you can also find local support for set up and troubleshooting. I don’t whole heartedly recommend QuickBooks because I think parent company Intuit is losing touch with its core customer (we, the small business owners of the United States of America). There’s too much nickel and dime-ing and poor support. But, at this point, it’s still the most widely used system and certainly meets the needs of most small businesses as far as what it can do.
I do recommend that you get professional help in setting up your accounting system if you don’t have an accounting background. It’s a case of Garbage In Garbage Out. A well set up system will give you the best information with the least trouble. It’s less expensive to have it set up right to begin with than it is to have it cleaned up later.
Whatever record keeping solution you choose for your business, the key to success is actually using it on a very regular basis. Otherwise, your business struggles and you’re in constant danger of sliding into the Cash Flow Swamp.
Return to Page 1
Page 2
The next step is your accounting system. Now, when I say “accounting system” I’m talking about an organized way of keeping track of your records. It can be computerized or it can be the old fashioned pencil and paper route. The important thing is that a) you have one and b) you use it.
Finding a System That Works For You
Your record keeping system needs to be designed so that it works for you. It should be:
• Simple to understand
• Flexible and adaptable to changing needs
• Inexpensive to develop and maintain
• Require little time to maintain
• Be handy and convenient to use
If you use a computerized accounting software package like QuickBooks, all those qualifications are met. I generally recommend QuickBooks to my clients because it’s easy to use and you can also find local support for set up and troubleshooting. I don’t whole heartedly recommend QuickBooks because I think parent company Intuit is losing touch with its core customer (we, the small business owners of the United States of America). There’s too much nickel and dime-ing and poor support. But, at this point, it’s still the most widely used system and certainly meets the needs of most small businesses as far as what it can do.
I do recommend that you get professional help in setting up your accounting system if you don’t have an accounting background. It’s a case of Garbage In Garbage Out. A well set up system will give you the best information with the least trouble. It’s less expensive to have it set up right to begin with than it is to have it cleaned up later.
Whatever record keeping solution you choose for your business, the key to success is actually using it on a very regular basis. Otherwise, your business struggles and you’re in constant danger of sliding into the Cash Flow Swamp.
Return to Page 1
Caroline Jordan, MBA, is a veteran small business owner, accountant, consultant, trainer, and author. She is the owner of The Jordan Result, a company specializing in developing real world, practical resources to help small business owners improve cash flow and business operations. She is the author of Stop the Cash Flow Roller Coaster, I Want to Get Off! and Strength in Numbers. For more tips and articles to help your business succeed visit www.CashFlowRollerCoaster.com.
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