Small business owners are passionate about what they do. They love the service or product they provide and have turned what they love into a business. A part of small business ownership that they often do not love is the accounting aspects of their business.
Small businesses have many of the same accounting needs as a large business. The owner still needs to bill clients, pay bills, make deposits, pay the staff and control inventory. As the chief financial officer of your small business it makes good sense to consider getting an accounting degree from Minnesota School of Business. Having that depth of knowledge on your financial situation can be the difference between success and failure.
When it comes to managing the accounting details of a small business, having a good accounting software package designed for what you do is an absolute must have. The most important thing to look for when checking out accounting software is the ease of use. Top accounting software packages for small businesses have the easy to use and understand aspect down pat. Small business owners do not have the time to pour through instruction books trying to figure out how to get a check to print.
Some of the highest rated accounting packages used by small businesses are:
For small business owners, these programs provide the the ease of use with the basic functions that your business needs. The really great thing about these software packages is that someone with an accounting degree can use them to produce not only all the applications your business needs but the advanced reporting ability as well. If you do have an accounting degree these programs will provide you with all the higher level tools that much bigger packages provide.
After ease of use, the next thing these programs offer is a large variety of reports. As a business owner you need to know where you stand at all times. These packages can provide easy to read reports that are available at any time.
Some of the reports that are especially useful to small businesses are:
- Cash flow reports to give you information on what your cash status is.
- Accounts Receivable reports can tell you who owes you money and how long they have been unpaid.
- Accounts Payable reports let you know what bills are due and when they need to be paid. This report can also help you take advantage of discounts on purchases.
- There are special reports that can tell how much money you made or lost on a job. Job costing reports are very helpful for giving you the information on what the job made. This information can also allow you to bid better or adjust pricing for future jobs. These reports can give you all the material, labor and time spent on getting the job finished. Having the entire cost in one spot is a time saver.
- Payroll reports will give you the tax amounts that need to be paid in and where those payments need to go. Payroll will also flow to the job cost report so you have a complete picture of the costs.
- Financial statements will give a business owner the big picture on their business. These reports will also provide some graphical summaries which can be very helpful.
All of these programs can provide the small business owner with the tools they need to streamline the accounting process and provide the information they need to make informed decisions. With an accounting degree from Minnesota School of Business, interpreting the reports will be a breeze. The processes that these software programs use and the reports they produce are essential to the success of your small business.