Bookkeeping for Profitable Small Businesses
As a small business owner, you wear many hats – marketing, sales, customer service, and more. But one area that can often get overlooked is bookkeeping. Keeping track of your finances is essential for a profitable small business, but it can also be time-consuming and confusing. That’s where accounting software comes in.
![What accounting software do I need?](https://empowered2profit.com/wp-content/uploads/e2p-uploads/2023/05/What-Accounting-Software-Do-I-Need-1024x1024.png)
There are many options out there for accounting software, but two of the most popular are QuickBooks and WAVE. So, which one is right for your small business? Let’s take a closer look.
How Much Revenue Have you Earned?
If your business is just starting out and hasn’t hit $30,000 in revenue this year, or you don’t anticipate hitting that mark, WAVE might be the best choice for you. It’s free, which is always a plus for small business owners, and it’s a great tool for those just starting out.
But if you’re over the $30,000 mark, or you anticipate generating more revenue in the near future, QuickBooks Online might be the way to go. QuickBooks is a popular choice for many small business owners, and for good reason. It offers robust features and integrations that can help streamline your accounting and bookkeeping processes.
![YouTube video](https://i.ytimg.com/vi/t6b7iPKe9qA/hqdefault.jpg)
However, if you’re considering QuickBooks, it’s important to note that not all versions are created equal. QuickBooks Self-Employed might seem like a good choice for sole proprietors, but it’s actually quite limited in its functionality. Instead, consider QuickBooks Simple Start, which offers more features and flexibility.
Bookkeeping Software isn’t a One-Size Fits All
When it comes to bookkeeping software, there’s no one-size-fits-all solution. It’s important to consider your business’s specific needs and goals, as well as your budget, when making a decision. But whether you choose WAVE or QuickBooks, investing in accounting software can be a game-changer for your small business. By keeping track of your finances more efficiently, you can make better decisions, maximize profits, and ultimately build a more successful business.