I own a small business but all the day to day activities are keeping me so busy the paperwork and numbers work doesnt get done. Im paying bills with the money Im amking but im not sure if im making money!! Please help!!
2006-07-14 13:29:00 · 5 answers · asked by rafastella 2 in Business & Finance ➔ Small Business
Is there a fast easy way??
2006-07-14 13:35:41 · update #1
Hire an accountant. Some small local firms have a service where they send a bokkeeper to your office to enter data into your accounting software, reconcile your bank accounts, etc.
2006-07-14 13:54:32 · answer #1 · answered by NC 7 · 1⤊ 0⤋
The most popular are Quickbooks or Quicken (quicken is sold in either the home edition ..for home or for very small business...or business edition which includes both for home and business...for medium business). For something more elaborate thre used to be a program called Peachtree (I don't know if it's still out or not, you might want to check).
Ok, save all your receipts by month in a divided expandable file. At the end of the year your accountant could pull that together if you ran out of time. The way you would have known if you were going to make money was to have done your five year business plan and determined the price of items, how many hours you needed to work to be able to pay your bills, and what your break even point was. Most businesses don't make a profit for the first 4-5 years.
2006-07-16 08:23:38 · answer #2 · answered by sophieb 7 · 0⤊ 0⤋
First you should know your break even point.
thee second thing is how do you track your money. first do not mix you house money with business money that will sink you fast and your taxes will be lost big time. give your self a pay check this should be part of your break even point.
next make and set a system, i use several checking account each has it purpose. the next thing i do is only wright check on the 14th and last of the month, yepp i only track stuff twice a month.
2006-07-15 15:18:37 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Use Quickbooks and the Cash method. If you can't do this yourselves, hire an accountant. If you can't afford an accountant, but you are busy, may it means you are not making enough money.
2006-07-14 20:33:53 · answer #4 · answered by ASV 3 · 0⤊ 0⤋
If you have MS Word or Excel, try some of the business financial templates at the free design gallery on MS site http://office.microsoft.com/en-us/templates/CT061993371033.aspx
2006-07-14 20:56:57 · answer #5 · answered by Kammy B 2 · 0⤊ 0⤋