Don’t Run Your Business Finances With Makeshift Accounting Solutions

While you may think running your small business’ finances using invoices generated in Word or Excel and tracking income and expenses through Excel spreadsheets will suffice, think again!

Sure, it’s simple and inexpensive but it’s not a good way to properly manage your business accounting and finance needs. It doesn’t provide a central system for tracking or managing finances nor does it provide you with the robust reporting that a true accounting or financial software solution does which properly run businesses need.

Your CFO, Controller, Accounting or Finance Manager, bookkeeper or other accounting/financial professionals can’t help manage the business finances properly or give you an accurate read of your business’ financial health with some make-shift accounting solution.

To manage your business and understand its financial health, you need to have access to proper accounting and financial reports including, but not limited to: balance sheets, income statements (P&L), accounts receivable (A/R) and accounts payable (A/P) reports, cash receipt reports and more.

Your CPA will also require certain financial reports and may require certain general ledger (GL) detail reports in order to help determine tax liabilities, confirm income, expenses, assets and liabilities are properly classified, prepare/generate 1099s (if applicable) and prepare the business or corporate tax returns (if applicable).