Jun 11, 2019
In this episode, Karen and Cadie share one of the easiest ways to get a firm grasp on the running of your business, knowing the cost of goods sold, identifying your profit margins, or determining how much to charge for your products and services: finding and using the right accounting/bookkeeping software. Every business needs to use an accounting software package. If you set it up correctly and learn how to use it, you can significantly benefit the growth of your business, save money, get paid faster, and offer more convenience to your customers. Plus, you can easily find out where all that extra money could be getting flushed out of the business. Hint, take a look at the toilet paper expense line item.
1. Why are Quickbooks and other accounting software better than spreadsheets?
2. What are the most significant benefits of using an accounting software solution?
3. How can you determine the best accounting software solution for you and your company?
4. Are there any concerns or negatives when using accounting software solutions.
5. What are the most important features should an accounting software package offer?
5. How important is access to real-time business data to the health of my business?
6. What is Cadie's biggest vice?
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Quotables and Tweetables
You can not do what you need to do with your business on just a spreadsheet. People think they can, but they're not doing themselves justice. - Karen Simmons
Too much changes. A spreadsheet can track your information, but it's not going to give you the financial reports or information that you need. - Cadie Gaut
Accounting software can save you money with your CPA and accounting bill. - Cadie Gaut
We all have our weaknesses and vices, and mine happens to be coffee. - Cadie Gaut
You don't have a handle on your business, cost of goods sold, your profit margin, or to know how much to charge unless you have a complete and accurate financial report. - Karen Simmons
With accounting software, you sync with your bank account and with your credit card account. There are no double entries. - Karen Simmons
If you're able to e-mail your invoices, you can offer convenience for the customer, and you'll get paid faster. - Cadie Gaut
I pay bills quicker when they arrive as an e-mail with online payment versus if I have to write a check and mail it. - Cadie Gaut
You're not going to make any money without spending any money. If you pay the money for the correct accounting software and learn how to use it, and set these systems up right, they can make you money. - Karen Simmons
I can't think of a single business out there that should not use some kind of accounting software, and I don't care which one you use. - Karen Simmons
There are lots of industry-specific accounting software out there. - Karen Simmons
My Freshbooks accounting software makes my company run smoothly. Because I don't know how to use a spreadsheet. - Johnny Gwin
Fees are non-existent. To me, as the cost of doing business. - Karen Simmons
To be able to sit down and develop a successful business plan to get your business to where you want it to be, you have to know where you're at and where you've been. Having the right accounting software gives you that crucial business data. - Cadie Gaut
Not everybody needs to be a CPA. To have your business data, reports, and information, it can be at your fingertips with the right accounting software, and if you set up correctly. - Cadie Gaut
You want always to compare your business to last week. Compare it to this month of last year. Compare the same month or year to date for the previous five years. - Karen Simmons
Stuff in your business goes walking out the door. I know a client who locked up the toilet paper because they know the exact costs of the bathroom supplies. - Karen Simmons
I don't care if you're selling Avon or anything out of your house. How much are you invoicing and receiving? How much is your business costing you? How much money do you have left over after costs? Are you doing better than you did in the past and can you project out where you want to be? - Karen Simmons
There are so many options out there for accounting software, so explore them all do the free trials figure out which one is going to be best for you Invest in the time to try your software choices. You need to make sure it's the right one. - Cadie Gaut
Learn more about Karen Simmons & Cadie
Karen C. Simmons, P.C.
Payroll Vault - Mobile & Baldwin Counties