Is an accounting software necessary?

So many programs to choose from, you are focused on running your business and don't have time for this. Do I even need one?

Let's be honest here. There is no shortage of programs out there to pick from. Different prices, different companies and accounting is not your focus.

“Am I spending too much money? Where do my sales stand? How many personal expenses do I have allocated in my business? How much money have I invested into my business that I need to refund myself?”

So many, what do I doooooooooooo??? Don't pull your hairs out just yet.

Let's talk about a few out there to choose from.

From Quickbooks, to Freshbooks, to Xero, to Waves, to Restaurant 365 and beyond. There is definitely no shortage of programs out there, and all are supposed to provide the fundamental need for your business....your monthly financial statements. That answers simple facts about your business. Am I spending too much money? Where do my sales stand? How many personal expenses do I have allocated in my business? How much money have I invested into my business that I need to refund myself?

Financials give you facts about your business of where the money is going and how to allocate it and control it best. So for the question we are trying to answer here...

Do I need an accounting software?

The answer is yes. These days, with the many options there are out there, including FREE ones, there is no excuse not to start keeping track of your accounting from the get go the correct way. Small businesses can definitely start with Excel, or many apps that keep track of your expenses for you. Below I will go over 3 programs that I recommend that you can get started with and are very user friendly, but also always remember, JNA Firm is here to assist.

Waveapps

Great for businesses starting out. Especially businesses that at the beginning will not have many transactions. Waveapps is free to start so you will not have an added expense just to have your transactions tracked. With the Free version, you can automatically link your business bank account to your software so the transactions come in daily and you can record them as needed. Their system is very user friendly and plenty of videos out there to show. The best thing if you decide to stay with Waveapps as your business grows, is that as you grow, you can start adding paid features as you use them instead of having to get it all at once.

Freshbooks

Second on my list is Freshbooks. When you are not ready to go to a full, more complex accounting system with added benefits, this would be a great way to start. Freshbooks core is with small businesses, especially Freelancers in mind. Very user friendly, with benefits such as time tracking per client and invoicing directly once completed is a great benefit to already have. Their plans do add benefits as you grow with different packages offered. Their simplicity makes it easy to learn.

Quickbooks

This is by far the most popular program. Used by majority of businesses, most people have come across it at one point or another. If your business is at a point that it purchases and sells products, running payroll, or if your business requires more tailored added features for your business, to get the financials the way you would prefer to see them, this is the program I recommend. With countless apps and outside services like payroll companies that have already integrated with Quickbooks, it makes it easier to tailor your accounting system your business. Out of the 3, this is the more expensive option out of the 3, so this would be more of a recommendation for an established business with already a few moving parts. Quickbooks is a great way to get all of that in one place.

If your just thinking of starting a business, need help with your current system, or need an upgrade to get a better understanding of your business, there is always room for improvement 😉.

As always, sending positive vibes your way 🙏

Entrepreneur tee

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