There is so much you can get from Excel spreadsheets, and no more! Don’t get me wrong, Microsoft’s Excel has its many purposes one of which is capturing information and making calculations including statistics with useful bars and graphs resulting in eye-catching, aesthetic presentations; however, it does not have the capacity to convert information from one report type to another, reconcile entries, or provide real-time bookkeeping and accounting stats, and therefore cannot provide the cross-reporting intelligence analysis that businesses need in order to facilitate strategic planning and make good business decisions. It is not enough to know
The fact that you are reading this means you have thought about it. But would you have been interested in a “cloud based” accounting and bookkeeping application a few years ago? Probably not! Like myself and many small business owners, you were probably still trying to get your arms around the cloud and doubting that you would ever entrust your most critical financial data to some outside company. But times have changed. Online, or cloud financial applications are slowly but surely becoming the norm, and many small business owners are taking notice, particularly because of their benefits.
For any number of reasons, you may opt to do your bookkeeping on your own instead of hiring a bookkeeper in-house or outsourcing your bookkeeping. Like many things, there are advantages and disadvantages to doing your own bookkeeping, but with some basic accounting knowledge and a keen eye for detail you should be able to pull it off. Here are a few tips to help you as you do it on your own: Use the Right Accounting System Accounting is either cash-based, or accrual-based. With the cash method, you count the income when you receive it, and