Consider the following questions regarding your small business or not-for-profit. For additional understanding, refer to our Accounting Basics page here.
- What things would appear on your income statement?
- What are your major categories of “ins”? “outs”?
- What things would appear on your balance sheet?
- What are your major categories of “owns” (Checking account? Land, building, computers, other equipment?)
- What about “owes”? (Credit cards, other debt?)
- Do you keep up with all of the things you’ve just listed as “ins”, “outs”, “owns”, and “owes”?
- Do you have a way to know at a moment’s notice where you stand on these things?
- Are there any questions about your business financially that you wish you knew how to answer?
You need a tool that will tell you if you have more coming “in” than going “out” and if you “own” more than you “owe”, right? It’s okay if the answer is “I think so”, but wouldn’t you rather be SURE?
An accounting software, like Quickbooks, is supposed to do this for you. Quickbooks is one tool that many small businesses and not-for-profits use, but there are many others. All tools like this, though, depend on three things:
- SETUP: Quickbooks will do a lot for you if you set it up to match your business needs.
- SYSTEMS: A consistent way money moves in and out of your business from customers, vendors, employees, etc.
- REPORTS: The output of your accounting tool which gives you picture of your needs.
If you’re unsure how to handle any of these pieces, the tool won’t give you want you need.
Here’s what we have done for other clients like yourself:
- Review your major categories of “ins”, “outs”, “owns”, and “owes”.
- Help you SETUP your Quickbooks file to reflect these (not some other stuff for someone else’s business.)
- Help you define and create SYSTEMS for entering all needed information into Quickbooks that will enable you to get out what you need
- Help you develop REPORTS that will give you information you need on how your business is doing
- Provide ongoing support when needed to help you maintain your SETUP, SYSTEMS, and REPORTS so that your accounting tool will continue to serve your business.
Does that sound useful to you? Email email@example.com to request a consultation.