IT’S TIME TO GO PAPERLESS, AND DITCH THE BOOKS & REGISTERS USED TO TRACK FINANCIAL TRANSACTIONS IN YOUR BUSINESS
Does your work table look like the picture above? As a business owner, do you still keep the books of your business with files and registers?
The typical small business owner handles the major functions in the business. Business development, accounting, customer service, store keeping (where there’s inventory), and sometimes physical delivery of products. The accounting function is oftentimes manual, with transactions recorded in different registers. A business owner with an accounting background will likely have a well-formatted Spreadsheet, to keep track of financial transactions. The non-accountant business owner may also keep a basic spreadsheet, to monitor the business. The accounting software is avoided by most small business owners, as they can’t figure it out, and they would rather put the money for a software, to other use.
If you’re still keeping records with books, you certainly need to upgrade your bookkeeping activities. An accounting software may not be as expensive as you think. Different software, are suitable for different types of businesses. You can go for a monthly subscription plan on an on-line accounting software. However, you have to consider the naira to dollar exchange rate, when making a purchase in Nigeria. If you have a trading business, you’re in luck, as the most basic software will meet your needs. However if you require a software with raw materials and finished goods inventory management, payroll management, expense reimbursable, project management, and a fixed assets register; you will need to spend a bit more to meet these needs.
Kuhl-Cher’s accounting training/coaching sessions, equips business owns with bookkeeping and accounting skills, which are required to keep the business books correctly, on a Spreadsheet or software. More importantly, business owners learn to make sense of accounting data. They understand all the numbers, and can make well-informed decisions. Our Spreadsheet is designed with several accounting functions, and it is customized to meet the specific needs of the business. You can have perfect accounting records at minimal cost.
Am accounting software, or a well-designed spreadsheet will provide key business information, at a glance, using the dashboard. You can also navigate the rest of the software, from the dashboard (fast-track). You can issue automated invoices with a software, and track your receivables. Don’t lose money when you can avoid doing so. An accounting software, or a good spreadsheet, will track all revenues and expenses, track inventory, track projects, track sales by; customer, product and month, track sales taxes, show your expense profile with all vendors, and track the expenditure on various operating expense categories.
You can add accounts, which are not on the chart of accounts, so you capture expenses unique to your business or country. I think we need a separate account for diesel in Nigeria. We simply can’t recognize it under power or utilities. If you’re like me, you’ll want to differentiate certain expenses, such as; power token and diesel for the generator, fuel for the car and fuel for the small generator, repair of the big diesel generator and repair of the small fuel generator, and so much more. You can do this with ease using a well-designed Spreadsheet, or an accounting software.
Various reports can be accessed at a click, on a software; sales summary, product profitability, receivable summary, payable summary, inventory summary, the profit and loss account, the balance sheet, the cash flow statement etc. Some accounting software have a budgeting function, and accounting ratios, and so does Kuhl-Cher’s spreadsheet.
If you’re still using books and registers to keep the books of your business, it’s time to go paperless. Let Kuhl-Cher take you on an amazing new journey, where your accounting function is made easier. However, you’ve got to do the work, and post those entries, if you don’t have an accountant. If you have an accountant, you’ve got to understand how he/she is keeping the books of your business. Knowledge is very powerful.