What is the best bookkeeping solution? Let’s discuss some very basic options
- Software Program
QuickBooks, Sage, Wave Accounting, Xero and Outright are various types of small business software packages for micro or family owned businesses. They are fairly good at capturing bank downloads, processing payroll, and large amounts of data. Almost essential when you have employees or large business volume, it would be painful to the accounting by hand or using excel.
Excel spreadsheets work well for single shingle operations with no employees. Virtually everything is contained into one job category and there might only be one sale per month to each customer. Many people track their rentals using spreadsheets, artists, despite their dislike of numbers gravitate towards this method.
- Manual Accounting System
Believe it or not, sometimes the most efficient ways to track profit and loss, is by using paper and pen. These check registers, accounting pads, or paper pnls, are often the most effective way to record business income and expenses. Especially if your business earns less than $30,000 a year.
- Hire a Bookkeeper
Would you make more money if you were out managing the business instead of mucking about with faded receipts and bank statements? Then a bookkeeper might be the best solution for you.