One thing that for sure you don’t want to neglect is the accounting for your business.
Now “accounting” may sound scary to some…but really, it’s just a matter of keeping track of your income, expenses, and the value of what your business owns.
It only becomes scary when you don’t keep good records, and then it becomes a mess to clean up.
So, it’s highly recommended that you get some accounting software from the get-go to keep track of your business transactions.
Don’t Lose Money on your Sales
Even if you have an accountant, you’ll want to keep track of your profitability. It’s amazing how many small businesses aren’t aware that they are losing money with each product they sell, because they don’t take into account all the costs.
An accounting program like quickbooks can help you track those costs and run reports to show the profits your business makes (hopefully lots).
The other benefit is that you need to keep track of all that information for taxes…da da dun!
You can share or export your quickbooks file, so your accountant can review it for tax season.
If you enter your transactions as they come, it makes it soooo much easier to track how your business is doing, and prepare taxes when it’s tax time.
Quickbooks Pro for your Online Business
I use QuickBooks Pro for my businesses. You can have multiple company files with one installation, so that can work out well if you have multiple businesses or are thinking of having multiple businesses.
Accounting may sound boring, but if you’re losing money on each product you sell, you need to find out fast. The profitability reports will also help you keep track of the overall profitability of your business.
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