The #1 Step in Building a Profitable Business

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The first step in building a PROFITABLE business that won’t fall into the category of another failing statistic is having the DATA that shows where you’re starting from. You can’t plan for success if you don’t know your current financial reality. Every decision you make, whether it’s about marketing, hiring, or expanding, depends on a clear understanding of your numbers. Without this foundational data, you’re operating in the dark, making guesses instead of informed choices.

Bookkeeping is the process of recording that data. The accounting software you use to record that data is ESSENTIAL to utilizing your financials to make future decisions. But often, especially for new or newish business owners confidence in your bookkeeping isn’t first on your “to-do” list. (I get it! There are a million and one things to do)

The accounting software you use to record this data is crucial. It serves as the backbone of your financial operations, making it easier to categorize transactions, generate reports, and analyze your numbers at a glance. The right software will help you stay organized, save time, and ultimately give you the confidence to use your financials to make smart, strategic decisions for the future. Choosing the wrong system—or worse, not using one at all—can lead to disorganization, missed opportunities, and financial mismanagement.

So Let’s break it down…. What do you need and when do you NEED it?

What You Need to Have a Profitable Business

If you have a business (or truthfully a hobby that makes money) you need to record AND categorize your income and expenses (this is bookkeeping). My rule of thumb is…. If you have YET to make 10,000 and you don’t anticipate doing so in the next few months use WAVE – It is free and will get you in the habits of basic bookkeeping. If you have a business making over $10,000 it is time to invest in your accounting software to have a profitable business.

The majority of business owners can get away with QuickBooks “Simple Start”. This is the basic QuickBooks subscription – Currently, it is offered at $12.50/month for the first 3 months, and then the subscription costs $25 (Side note, DO NOT waste your dollar on QuickBooks self-employed, I would rather have you use WAVE than this subscription)

Now QuickBooks isn’t the end all be all. There are several accounting software options – I recommend QuickBooks to those new to managing finances for two reasons. One, if you have a question, more people have used it – so it is easier to get an answer (and faster to do so). Two, it is user-friendly and doesn’t require you to be an accountant to navigate it.

But the KEY is…. To DO your bookkeeping…. Whatever software works for you! 

Software sums everything up, provides necessary reports, and lets you look at trends. SOFTWARE is the key to making real-time business decisions….

They say if you want to know where you are going, you have to know where you are coming from… Software is the key to knowing where you are coming from. You should take the time to learn the software so you can crush it on your own! You have made it this far- DO IT!

BUT it is only good…. If you USE IT!

SO please, if you have a business (and even some of you hobbyists) Do the dang bookkeeping! Stop playing business and start being a business…. and if you don’t want to do it (or won’t) outsource it! It’s time for you to get the profitable business you have worked so hard for.

Cheers to You & Cheers to Profit!

Empowered To Profit

At Empowered To Profit, we’re passionate about simplifying finances and empowering business owners to thrive. Have a topic you’d like us to cover? Visit our contact page and let us know what you’d like to hear more about—we’d love to hear from you!

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