Donna Reade

QuickBooks Online Consulting & Bookkeeping

Why Small Businesses Should Care About Accounting Software

accounting-softwareYou’ve heard it time and time again: “Accurate bookkeeping is necessary for business health.” This isn’t meant to come off like a scolding finger-wag. Bookkeeping is simply a foundational aspect of running a business and should be regarded as such.
Bookkeeping and accounting are inherently different, though the two practices share similar implications.
Accountants typically focus on preparing and processing statutory returns, giving advice on legal structures, and offering their expertise on general finances.
Bookkeepers, on the other hand, tend to focus on maintaining financial organization, recording and reporting on business transactions, and providing detailed statements that reflect the health of a business. Bookkeepers have been expanding the scope of their expertise to include things like developing and reviewing internal business processes and employing other technologies like document management and inventory control to improve overall business efficiency as well.

When you work with a seasoned bookkeeper who knows the ins and outs of accounting software, you’re able to hand off the financial grind over to the pro and focus on doing what you do best – running your business.

So, why should you care if your bookkeeper works with the latest accounting software technologies?

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Five Accounting Apps to Be a More Efficient Business Owner

appsAs a small business owner, it’s important to learn how to work smarter, not harder. Assess what your day to day looks like. What aspects of your business are eating up most of your time? Which manual tasks can be simplified with technology? From accounting and bookkeeping to hiring and training employees, there’s a software or app that can reduce the time spent managing everyday business activities.

HERE ARE MY TOP FIVE APP RECOMMENDATIONS TO BE A MORE EFFICIENT BUSINESS OWNER

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Are you Afraid of your Financial Statements?

It is scary to me how many business owners cannot read their own company financial statements let alone understand them. Any business owner who wants to grow their business should have at least a basic understanding.

So here we go:

The two basic Financial Statements are the Balance Sheet and the Profit & Loss Statement or P & L.

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