The are many different accounting systems available to small business owners, and there are many of those small business owners that have never thought about utilizing them. At our Accounting Firm, we receive many “shoeboxes” full of receipts and bank statements each year. While we can appreciate the lack of time these business owners have, these same owners typically have no exact understanding of the profitability of their business until well after year end.
The question today is, given the world circumstances at this time; does it make sense to start developing an accounting system that will make sense for not only the business owner, but for the business?
As an Accountant, I believe that this is the perfect time to review your finances and begin to develop a practical system that can not only be useful to you now, but will benefit you long-term. Once you have a properly established system, you will gain perspectives about your business that will show you not just how your bottom line looks month after month but you will begin to see more clearly what your profit margins on each and every job that you do. Sharing this information with your financial consultant a9in many cases, your Accountant) will enable them to analyze and help you more thoroughly create a plan to develop more profit.
With so many systems on the market, it is impossible for me to point to just on product that is best. Just like your small business each system is unique in its own way. Your financial consultant will be able to guide you to the system that will work best for you and if you want, help you to develop it to match your business and its unique needs.