Running a successful and profitable business is never an easy task, and in today's economic downturn, the job has perhaps never been harder. Surviving such an atmosphere is not a product or luck or chance, but it is the hallmark of an owner who understands his or her finances and knows how to navigate turbulent waters. One of the most important tools that business owners, and more specifically, small business owners, can use to thoroughly understand his or her organization's finances and make informed decisions about the best course of action is accounting software. By utilizing programs such as QuickBooks, for example, owners can get a snapshot of their financial position in seconds, not to mention saving valuable time and money by promoting efficiency and organization in their business.
Years ago, virtually all book keeping was done by hand, and most often at the end of the year for tax time. Owners would keep records of all the expenses and income, enters it into a ledger, and holds their breath and prays for a profit (not to mention praying that they would have the money to pay their taxes). This outdated method is sure to sink many ships in this economy. Now, by using software to record income, write checks, and categorize expenses, all it takes is a click of a button to analyze profit and loss statements, revenues, expenses, tax liabilities, and nearly every other financial aspect of a business. Depending on how in-depth a person gets with their accounting software, they can track inventory and efficiency, and the profits and losses on every individual job, leading to valuable information on how best to tweak their pricing and service structure so as to maintain a profit.
Yet another advantage to these accounting software programs is the services that they provide, namely payroll services. By using payroll services (for which there is generally a nominal fee), the owner takes all the hassle out of paying employees. Taxes and withholdings are automatically calculated and withheld, saving untold hours of calculations. By simply viewing a report, an owner can view the amount that he owes the government, and then pay his or tax liabilities to both the federal government and the state. There is no longer a place for surprises in tax withholding bills! Additionally, some companies utilize conveniences such as direct deposit to further simplify their lives. With all these advantages, it is hard to understand why anyone would not want to simplify their business management through these tools!
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