We get asked this many times is it really necessary for me to use Quickbooks when I am a small business or independent contractor?
How I usually answer that is with some questions to the business owner. Depending how they answer their questions they can see for themselves if it for them or not.
1) Do you have a method of keeping your business financial records?
2) Do you have many different places in which you keep this information? Is it all over the place or is it in 1 centralized place you can easily access and go to?
3) Do you have a way to easily reconcile your business accounts?
4) Do you have a way to compare your last years business to the current year ? Also do you have the ability to have all vital reports at your finger tips when you need it?
5) Do you have an easy way to look at graphs, customer information, open accounts receivable invoices, accounts payable, leads, time tracking, mileage?
6) Do you have a valid tool to help you with planning growth for your business by seeing the reports, the graphs the statistics you need from a financial standpoint. Do you have the ability to work up a budget for your business?
7) Can you see the big picture of your business with what you are currently using, can you see trends in services requested or not requested, how long does it take for my clients to pay, who are my best clients, what am I currently spending on advertising & marketing, what is my lead conversion rate? Do you have any idea where your business is at today, if you needed to know right away?
These are just a few questions I will ask. If you wish to have a growing business then it is crucial to have an accounting system that is reliable, up to date, is not time consuming when looking for important needed information, give you peace of mind and most importantly see where you are going because if you do not know where you are going then it is likely you will be spinning your wheels which can inhibit strong financial growth in your business.