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.
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.
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.