By Jack Meyers
Believe it or not, there are still those out there running a business using pencil and paper to track assets and accounts. You'd think that by living in the 21st century, these methods would be all but extinct. Still, there are those out there who would rather put great strain on themselves rather than make life simpler by learning a new program. The cost of the software alone is worth the investment when you think about the time it will take to finalize your end-of-year business reports.
1. Tax preparation- At the end of the year, printing a report of tax information could take mere seconds rather than calculating columns by hand. As long as the data is entered on a regular basis, all the information you need can reduce the time you spend on taxes exponentially. The 1099s you may have for contract labor can be printed out quickly for distribution regardless of how large your company is.
2. Asset tracking- Various reports showing assets and liabilities can be obtained with just a click of the mouse. This can be greatly beneficial to a company that needs a report in order to secure a bank loan. Instead of sifting through one stack of paper after another or a folder full of spreadsheets, any report can be selected and printed with ease.
3. Budget creation- By regularly entering the income and outflow of money, the business could develop a budget by seeing the numbers of what is being spent and where. Many people react differently to a spending report if they see how much of the pie chart it consumes. It's a great method to determine what costs need to be cut from where.
4. Quick and easy- If your accountant or yourself enter receipts and check stubs on a daily basis, the whole process could be completed quickly. This will also provide accurate reports if you are curious as to how well a particular aspect of your business is doing in terms of sales at any given time.
5. Accuracy- An argument can be made about data only being as accurate as those who enter it. The same can be said about the mathematical abilities of those who write down and constantly erase numbers. The truth is, people are more likely to mistake hand-written details over those that are digital. It doesn't take a college degree to enter in the same information in a budget program such as Quickbooks versus writing them down in a ledger.
6. Redundancy- Most of the popular budget programs such as Quickbooks allow a user to save backups on a regular basis. This is best if the backups are located on a separate location other than the primary computer such as a flash drive or a server. Backups can be set to happen daily, weekly, or even after every use. The argument that information can easily be lost is usually made by those who don't know the program. A fire can destroy paper easier than data.
Although many people are set in their ways, it is time to crawl out of the dark-ages and into the digital future. A great deal of these people will complain how they don't have time for enjoying life, but yet they will not do anything to improve their situation. These people can't be forced into using a budget program that could alleviate days or even weeks worth of work. They just need to work into it themselves.
1. Tax preparation- At the end of the year, printing a report of tax information could take mere seconds rather than calculating columns by hand. As long as the data is entered on a regular basis, all the information you need can reduce the time you spend on taxes exponentially. The 1099s you may have for contract labor can be printed out quickly for distribution regardless of how large your company is.
2. Asset tracking- Various reports showing assets and liabilities can be obtained with just a click of the mouse. This can be greatly beneficial to a company that needs a report in order to secure a bank loan. Instead of sifting through one stack of paper after another or a folder full of spreadsheets, any report can be selected and printed with ease.
3. Budget creation- By regularly entering the income and outflow of money, the business could develop a budget by seeing the numbers of what is being spent and where. Many people react differently to a spending report if they see how much of the pie chart it consumes. It's a great method to determine what costs need to be cut from where.
4. Quick and easy- If your accountant or yourself enter receipts and check stubs on a daily basis, the whole process could be completed quickly. This will also provide accurate reports if you are curious as to how well a particular aspect of your business is doing in terms of sales at any given time.
5. Accuracy- An argument can be made about data only being as accurate as those who enter it. The same can be said about the mathematical abilities of those who write down and constantly erase numbers. The truth is, people are more likely to mistake hand-written details over those that are digital. It doesn't take a college degree to enter in the same information in a budget program such as Quickbooks versus writing them down in a ledger.
6. Redundancy- Most of the popular budget programs such as Quickbooks allow a user to save backups on a regular basis. This is best if the backups are located on a separate location other than the primary computer such as a flash drive or a server. Backups can be set to happen daily, weekly, or even after every use. The argument that information can easily be lost is usually made by those who don't know the program. A fire can destroy paper easier than data.
Although many people are set in their ways, it is time to crawl out of the dark-ages and into the digital future. A great deal of these people will complain how they don't have time for enjoying life, but yet they will not do anything to improve their situation. These people can't be forced into using a budget program that could alleviate days or even weeks worth of work. They just need to work into it themselves.
Author Bio:
Jack Meyers is a regular contributor for www.nannybackgroundcheck.com. As a detective he wants to spread the knowledge of terrible things that can happen when people don’t fully verify the credentials of a caregiver or any employee. He also writes for various law enforcement blogs and sites.
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