WHY DO I NEED AN ACCOUNTING SYSTEM?
To keep your financial transactions organized you need an accounting system. It does not matter what type of system you have as long as you can understand it. Your accounting system may be a collection of excel workbooks and that is perfectly fine. One Caveat if you have a system of excel workbooks , you will be doing your own accounting because there is not a bookkeeper that I know that will work that way.
Utilizing technology is the way to go. If you opt to use accounting software such as Quickbooks, you are putting yourself in the best financial position. Using an accounting software will allow your professional bookkeeper or CPA the ability to review your books and make changes or recommend changes. There are also the benefits of reporting, and depending on your business structure, reporting is mandatory. Generating Financial reports are essential to reviewing your businesses’ financial health.
Using an accounting system has very specific benefits. For instance, it provides digital invoices and allows your customers to pay immediately through that invoice, plus you can invoice on the go. No more waiting for checks to arrive in the mail and then once you deposit the check, the hold on your deposit based on your financial institutions policy, some of those holds can be up to ten business days. That is a long time to wait for your hard earned money. Another benefit is the system will do the math for you. No more creating formulas wondering if the formula is correct or capturing all the necessary cells.
There is a caveat to using accounting software, you can still mess things up. Make sure to seek advice from a professional regarding setting up your software. There are agencies like us who offer training and support.
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