Browse Category: Finance

running a painting business

Making Accounting as Easy as Possible

Accounting Is Not Fun

Let’s face it, no one likes doing the books. At the same time, no one would ever argue that is not an essential, important part of running a business. These days, there are a ton of different ways that you can take care of your accounting without spending half of your working hours on it. Additionally, there’s no need to have an actual background in accounting in order to have something that will help you to get some insights into your finances and simply organize yourself for the eventual sale of your business or if needed an audit.

All of my businesses books are kept on Waveapps, and online accounting software. I like web apps because it allows me to handle my payroll, track all of my expenses and income, collect credit card payments, and invoice customers. The good thing about having all of this in one place is that it helps me too very easily integrate all of my different financial accounting needs. The other great thing about it is that it is a cloud-based software so it’s not like I have to be in my office or have to be at home to work on it. As a matter fact, I would be able to even do this sitting on a beach in Jamaica if I so wanted to. I highly recommend that you look into getting a software solution like this that will allow you to take care of your payroll up track all of your expenses and invoice people because honestly this is the last thing you want to spend your time working on. If you’re anything like me, you want the easiest solution that you can find.

The other great thing about it is that at the end of the year you’re able to export all of your profit and loss into a document that you can then use to handle your tax return or simply pass over to your accountant. Also, I found that reviewing the records at the end of the year often on covers mistakes that I’ve made that could have proven themselves costly. One year, I found that I accidentally recorded income from a client twice; ones from the actual check deposit that he gave me and another time when I erroneously reported having received a credit card payment. This would’ve potential he cost me hundreds if not thousands of dollars.If I had not had been for this software solution I would’ve been out all of that money.

The other great thing about it is that at the end of the year you’re able to export all of your profit and loss into a document that you can then use to handle your tax return or simply pass over to your accountant. Also, I found that reviewing the records at the end of the year often on covers mistakes that I’ve made that could have proven themselves costly. One year, I found that I accidentally recorded income from a client twice; ones from the actual check deposit that he gave me and another time when I erroneously reported having received a credit card payment. This would’ve potential he cost me hundreds if not thousands of dollars. If I had not had been for this software solution I would’ve been out all of that money.