QuickBooks accounting software: Tips for a small business start-up
Start-up businesses are an essential part of any country’s economy. Not only does a small business start-up create jobs and inject cash back into the economy, it can provide new ideas, technology, products and services. But before the economy can significantly benefit from a new company, the business must be at least moderately successful.
Accounting software and sound financial practices can help a new business to get through its difficult first year. Once a business’s cash flow is running smoothly and a sufficient customer base is established, the economy will begin to feel the positive effects of its existence.
Take a look at the accounting tips below, and use them in conjunction with accounting software, to get your small business start-up off the ground. QuickBooks offers a range of small business accounting software that can help entrepreneurs with every aspect of their company’s finances.
Accounting tips for a successful small business start-up
- Use accounting software from day one
While your business may not be making that much money at the very start, it is essential that you keep track of your finances from the day that you make your first transaction. Small business start-ups often begin with minimal capital and resources.
Using accounting software will help you to use money wisely and monitor your cash flow. Knowing how much money is available to you will allow you to make frugal decisions.
- See your accounting costs as an investment
Since cash is usually not plentiful during the early stages of a business’s life, many entrepreneurs choose not to invest in their accounting department. However, spending money on accounting software should be seen as an investment rather than an expense.
QuickBooks offers a cost-effective accounting software solution for recording income and expenses, paying accounts and calculating salaries and taxes. Investing in accounting programs will save you money in the long term. Keeping a close eye on your company’s finances will decrease unnecessary spending and help you to pay your accounts on time.
- Don’t do tomorrow what can be done today
Many business owners wait until it is time to do their annual tax return before looking at their books. Even though running a small business start-up is time-consuming, it is imperative that your incomes and expenses are recorded daily.
Retroactive accounting leads to errors, which can become very costly when the time comes for a professional accountant to do your tax return. If your books are in disarray and out of date, you could end up paying an accountant much more than necessary.
- Keep receipts for everything
Each and every receipt should be filed away accurately, regardless of how insignificant it may appear. Many expenses are tax deductible, but without the receipts you will be unable to claim the tax back.
Even if the tax deduction on a particular item is small, the receipt should still be kept. Remember that you will only apply for tax returns once a year and if those receipts are added up, you could receive a significant tax rebate.
Use QuickBooks’ accounting software for your small business start up
Accounting forms the backbone of any business, and without careful money management, it can be difficult for a business to grow. QuickBooks can provide small business owners with the tools to monitor their finances.
Take a look at our range of accounting and payroll software for accounting programs for your small business start-up.
QuickBooks SimpleStart - for new and home based business
The simplest way to manage and track money going in and out of your business.
QuickBooks Pro - manage your business accounts simply and easily
Manage your business accounts simply and easily.
QuickBooks Premier - fast and easy advanced accounting
Fast and easy advanced accounting.
Quick Payroll is designed to meet the fast growing needs of dynamic South African SMEs.
It simply manages all aspects regarding payroll, including payroll calculations, leave registers, report writing, tax year-end, and more. Quick Payroll interfaces seamlessly with QuickBooks accounting software, which means your general ledger journals will automatically update.
Our solution automatically provides new tax law or statutory upgrades as they arise, keeping you on the payroll cutting edge. What is more, our Quick Payroll is so flexible; it can be used in any industry sector, injecting value into your company, employee and client relations across the board.
Quick Payroll Lite is designed to meet the fast growing needs of dynamic South African SMEs. It simply manages all aspects regarding payroll, including payroll calculations, leave registers, report writing, tax year-end, and more. Quick Payroll Lite interfaces seamlessly with QuickBooks accounting software, which means your general ledger journals will automatically update.
Our solution automatically provides new tax law or statutory upgrades as they arise, keeping you on the payroll cutting edge. What is more, our Quick Payroll Lite is so flexible; it can be used in any industry sector, injecting value into your company, employee and client relations across the board.
Quick Payroll Startup is designed to meet the fast growing needs of dynamic South African SMEs. It simply manages all aspects regarding payroll, including payroll calculations, leave registers, report writing, tax year-end, and more. Quick Payroll Startup interfaces seamlessly with QuickBooks accounting software, which means your general ledger journals will automatically update.
Our solution automatically provides new tax law or statutory upgrades as they arise, keeping you on the payroll cutting edge. What is more, our Quick Payroll Startup is so flexible; it can be used in any industry sector, injecting value into your company, employee and client relations across the board.
