Small business owners wear many different hats. Bookkeeping and invoicing is probably not your favorite task. Most would prefer to do what they love to do. Here’s how to make the process easier so you can focus on what you enjoy most.
Bookkeeping: The Bain of Your Small Business Existence
As a small business owner, you’re not expected to do it all – but you are expected to at least know the basics of how things work.
If this describes you, then you have a few options. You can use software, which will help you quickly and easily create invoices and make payments to vendors; you can hire a bookkeeper or accountant to do the daily and monthly billing and invoicing duties; or you can try an online service.
Bookkeeping and Invoicing Software
Which method you use is going to depend partly on the size of your business and partly on your management style.
If you have a very large business, such as a retail store or large ecommerce business, then you may want to hire an accountant or bookkeeper. That keeps you out of the thick of the numbers and ensures that your records are accurate.
Some applications, like Freshbooks, are only available online whereas Quickbooks comes in both online and downloadable software versions.
A Must for Managing Your Business Money
Billing applications are like having an accounts receivables department at your fingertips. They track invoices issued, payments received, overdue invoices, gross margin, as well as customer information.
In addition, bookkeeping applications offer the ability to allow your accountant or bookkeeper to access your information. Your accountant is given a special keyword that provides them with secure, read-only access to your records.
Bookkeeping and invoicing may be your least-favorite activities – but with the resources above, it can be quick, easy and accurate!