In an earlier post we talked about using accounting to capture numerical data for day to day business management.
But more importantly, that data can be analyzed to gain insights into business operations.
Here are a couple of accounting tools you might find useful.
Pencil and Paper
Although pencil and paper continues to be a robust tool for keeping books, you may want to hire a bookkeeper.
A bookkeeper can be a wealth of information, and help you be accountable. Keeping your books up to date will make things easier come tax time.
Accounting software is also readily available, and especially important for those who want day to day access to their books for decision-making.
If you Google “accounting software” you will likely be overwhelmed by the choices; however, there is very good software beginning at $ 200 or $ 8/month for a subscription online. First you need to know that most software advertises that once loaded on your computer, everything works fine, and there is no need for prior knowledge. Unfortunately that is not always the case. So, if you are comfortable with software and accounting, you will be fine. Otherwise, you may want to hire someone, as you may soon discover that many operations are behind the scenes and go off into many strange directions.
A good first step is Quickbooks, a popular small software product. They have several products designed for an array of users from sole proprietor very large enterprises.
Here is an example of one of the many business calculators that can help you with your business financials.
To gain access to more calculators please visit our Financial Calculators page.