Choosing an accounting system for your small business? Read about the flexibility, comprehensiveness & usability of QuickBooks.
As a small-business owner trying to navigate your own business accounting system you are faced with many choices. You may have searched online for various small-business financial accounting software programs that offer different benefits to your business. But in my experience setting up accounting systems for remodelers, custom-home builders, developers, and manufacturers over the past 25 years, I’ve found QuickBooks to be the ultimate financial package. It’s robust enough to process and report on all of your financial transactions, it eliminates the need to employ multiple software packages, and it allows you, as the owner of your business, to maintain your own financial records.
Just One Accounting System for Your Small Business
There are a lot of small-business financial accounting software programs out there! Don’t fall into the trap of buying one program to produce invoices, another program to manage payroll, and yet another program to handle your job-costing. QuickBooks is composed of a variety of integrated subsystems, including:
- Accounts payable
- Purchase orders
- Accounts receivable
- General ledger
- Management reporting
These subsystems are able to access and carry data across the accounting “cycles.” For example, when you enter a purchase order in QuickBooks, you select specific cost items and indicate the job. The data then flows from the purchase order to the bill-entry process, and then to the bill-payment process without you having to re-enter the same cost and job data. Then, you can even access the same information to create Invoices!
In other words, QuickBooks minimizes your data entry work, and helps to maintain the integrity of your data, so that you have fewer month-end balancing and reconciling steps. At the end of the day, your accounting should be correct with minimal extra work, and you can then use that time and resulting financial information to build your business.
Small Business Financial Accounting Software that Can Be Customized to Meet Your Needs
If you’re going to stick with just one accounting system for your small business, then I believe that small-business accounting system must be flexible. Today you may want to see the information organized one way. Tomorrow you (or other users) may require a new perspective. QuickBooks gives you this flexibility. With QuickBooks, you can:
- Simply drag and drop to move an account from one position to another
- Group, subtotal, or merge accounts
- Create management reports that show either summary level information, or reveal critical detail regarding your job costs and estimates
- Prepare financial reports that you can use for banking or tax purposes
- Filter reports to show only certain data
- Create multiple customized ‘templates’ for your business forms (e.g., purchase orders, quotes, statements and invoices)
- Segregate and subtotal overhead costs
And that’s just the beginning. Once you learn how to use QuickBooks, the program is fully customizable to your specific business.
Ready To Get Started?
BuildYourNumbers.com offers workshops and training classes to teach you how to effectively use QuickBooks as your small business financial accounting software and how you can use it to meet your needs for construction or manufacturing job-costing. If you are ready to improve your accounting system for your small business – so that you can lead your business to a brighter future – you can enroll right now. If you have any questions, please contact us today.