If you're self-employed, you need to make sure that your records are accurate. Unfortunately, if you're on a tight operating budget, you can't afford to hire a full-time bookkeeper for your business needs. That's why you need to invest in a bookkeeping program like QuickBooks pro software that will provide you with the help you need with your records. Here are just four of the reasons why you should invest in an accounting program for your small business.
1. Track Your Sales
When you're self-employed, your sales records are crucial to your success. However, if you're tracking your sales using handwritten journals and bank statements, you may be missing out on vital financial information. Accounting programs allow you to track every aspect of your sales transactions, including the method of payment, delivery status, and refunds. Not only that, but your own accounting program will also allow you to keep track of your accounts receivables, which means there won't be any more lost transactions.
2. Manage Your Inventory
When it comes to running a small business, you can't afford to lose track of your inventory. Unfortunately, many people only worry about the inventory that will be sold to customers. However, there are other aspects of the inventory that will require accurate record keeping. You also need to maintain accurate records of your shipping supplies, as well as inventory for the items in your production.
3. Make Tax Season Easier
When you're a small business owner, tax season can be particularly stressful, especially if you haven't kept accurate records throughout the year. In fact, when your business is concerned, you also need to worry about tax records for previous years, as well. This is particularly important if you conduct a cash payment business, which is common in some small businesses. Cash payment businesses are at an increased risk for tax audits. Because an accounting program allows you to store all your tax information in one convenient location, tax season becomes that much easier.
4. Effective Document Storage
If you're storing your business records in a variety of files, you'll benefit from the inclusion of a computerized accounting program in your business arsenal. One of the benefits of this type of program is that it allows for the storage of all your business records in one convenient location. Not only does this make storage more convenient, but it also makes your records more accessible. That's because you can access your records from any computer on your business network.