Accounting isn't hard - it's figuring out how to spend all that money you saved by being good at it that's the real challenge! In this blog I want to go over the basics that you can implement in your small business to help you make business critical decisions on time.
GL Software:
This is where you are going to find your ERP (Enterprise Resource Planning) system. This can be as simple as Quickbooks online or as advanced as Oracle. Choosing a system and modules depends heavily on what you plan to accomplish and where your business is at currently. There are three tiers to these systems and most of my fellow small business owners will fall into the Tier 1 Systems : Quickbooks, Sage 50, Xero, etc,. All of these systems are great for their own reasons. I prefer Quickbooks for my clients due to the ease of use and mobility when it is time to upgrade to those tier 2 systems. This aspect of your accounting portfolio is arguably the most important. From here you can do a majority of your analysis and decision making. Additionally most systems have modules which you can pay extra for to cover the aspects mentioned later.
Expense Management:
Its all about the money! Tracking those payments to vendors is extremely important. The last thing a small business owner needs is the headache of sorting through messy files trying to figure out who your 1099 vendors are and how much you paid them. I set my clients up on Bill, Coupa, or Expensify for their cost effectiveness and their syncing capabilities.
Payroll:
Payroll can be scary! Look into a system that can do it for you. There are plenty of outsourced HR firms and apps that can make it a breeze. For small businesses I like to recommend ADP, Gusto, and Isolved. These systems can sync into your GL feed to automate processes and send out checks. Stop wasting hours and Payroll and focus on the growth of your business.
Accounting can be more than just numbers on a page. It's about understanding your journey, your dreams, and your aspirations. Let's work together to make your financial path smoother and more rewarding. Schedule an appointment with us so we can tailor our services to your needs. Whether you're expanding your business horizons or planning for the next generation, Creation Accounting is here to support and guide you every step of the way.
