Accounting is a major aspect of every business. More than often, business owners also find accounting to be a very scary aspect of the business. Some business owners try to avoid accounting every chance they get. Having this fear and avoiding accounting in your business can blind you from the importance of having an accounting system in place for your business. Accounting systems help track all of a business’s day to day financial exchanges. By tracking these financial exchanges as a business owner, you are more prepared to make financial decisions, set financial goals, and more importantly, GROW YOUR BUSINESS. Dubsado’s Accounting feature is an easy tool that can assist you in staying organized and FINANCIALLY HEALTHY. Before we get into how Dubsado can help you stay financially healthy with its Accounting feature, let’s dive into what accounting is and why it’s important for your business.
Accounting is a summarization of a business’s financial activity. This financial activity is measured and communicated in financial reports that can be easily stored, sorted, retrieved, and presented for future purposes. There are two main types of accounting, financial accounting and managerial accounting. The general purpose of financial accounting is to gather financial information which is summarized into financial reports such as balance sheets and income statements. These financial reports are provided to people that are outside of a business like customers, stockholders, creditors, or banks. Managerial accounting focuses on providing a businesses management team with vital information needed to keep the business FINANCIALLY HEALTHY. This information includes salaries, profits, budgets, and costs of goods and services. Most small business owners use managerial accounting to make financial decisions, set financial goals, and more importantly, GROW THEIR BUSINESS.
Having an accounting system in place is important because it keeps you aware of what is going on with your businesses finances. Accounting systems can assist you with staying on track of who owes you, what you owe and to who, any outstanding loans and interest repayments, management of your payroll, attracting investors, maintaining your budgets, and most importantly, it prepares you for TAX SEASON where you as the business owner will be obligated to provide financial data regarding your business to the IRS. When accounting is done properly it can also serve as protection for you and your business from any potential risks such as fraud or being selected for government audits.
Dubsado offers an amazing Accounting feature that you will find easy to use and helpful which it comes to dealing with your businesses finances. With Dubsado, goals can be set to keep track of your businesses growth annually or monthly. Profit and loss statements can be easily exported and sent to your accountant directly from Dubsado. This can help with fostering a healthy and professional relationship with your accountant by having often contact with your accountant. They will appreciate your attention being paid to your businesses finances and will show you CARE. Dubsado also provides you with a chart of your accounts that easily sorts all of your day to day transactions. With this chart you can see how much money is being made for all services that are offered. How awesome is it to see what services are bringing in the most money! With just a click of your mouse you can also view invoices that are pending as well as past due. This will come in handy when it is time to follow up on your invoices. With Dubsado’s Accounting feature, you are given all the tools needed to plan how to conquer your businesses goals as well as be will prepared to satisfy any financial data request in a cinch.
It’s always important and beneficial to have some accounting common knowledge. Having this common knowledge helps you stay aware of what is happening with your businesses finances and how to maintain them. If you don’t have an accounting system in place and are shopping around or researching an accounting system, LOOK NO FURTHER! Dubsado’s Accounting feature gives you all you need to keep your business GROWING and FINANCIALLY HEALTHY. With Dubsado’s user-friendly tools your business will stay organized and shooting for the stars or better yet those $$$ signs.