Tuesday, June 4, 2013

Best Practices: Accounting

I have a saying I like to use when discussing accounting:  good record keeping allows for good bookkeeping and good bookkeeping allows for good accounting.  Good accounting gives you good financial reporting and good financial reporting helps you run your business.  We have discussed record keeping and bookkeeping best practices in earlier columns.  This week will start the accounting portion of the equation.
One of the best innovations in accounting has been the invention of accounting software programs.  Programs such as QuickBooks have eliminated much of the need to understand debits and credits which means lay people have a much better chance of completing their accounting themselves.   Successful users of accounting software programs take the time to select the correct program for the business and make sure the program is set-up correctly.  People often run into problems and frustrations when the program doesn’t work for the type of business they are running or the set-up is incorrect and therefore the numbers are wrong. 

The best way to insure success with your small business accounting in 2013 is to take the time to select the best accounting software program for your specific business and to get help with the set-up and training as to the correct usage of the program. 
Once you have purchased the right program and had it set-up correctly, you will find the accounting process to be much less arduous than you feared! 

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