Can anybody recommend a good software program or app I'm a small shop not that big yet basically looking to keep track of employees material cost and be able to tell how much I'm making on each job
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I know I definitely need to track more I just listed the basics. But I tried QuickBooks I didn't think it was that easyQuickbooks is pretty much the standard for small operations. Most CPA and bookkeepers can access your books by you bringing just a data file.
In order to understand how much you are making, you are going to have to track lots more expenses that what you listed. Overhead will be bigger than you think.
What did you find hard about it?I know I definitely need to track more I just listed the basics. But I tried QuickBooks I didn't think it was that easy
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The original version of Quickbooks was very easy to use. I'm still running a 1994 version and it does exactly what I want it to do, no more no less. I also have an advanced version on my computer (and still running Windows XP) and there are a lot of new bells and whistles that I have no use for. I would suggest that you load the program onto your computer and start loading job, customer, vendor, debt and payment information onto it but keep your current method of accounting running in case you decide Quickbooks is not for you. But, I would log onto Quickbooks on a daily basis so that you get a working knowledge of its capabilities.But I tried QuickBooks I didn't think it was that easy
If your ambitions are to grow in the future, it would be advantageous for you to take at least a one semester course in bookkeeping. It is essential that a business owner have some knowledge of bookkeeping.
If you don't have the time at least procure some accounting books explaining double entry accounting.
Quickbooks is probably the software of choice for most contractors. You can modify it for a very small company or a large company. It also is good for generating useful management reports such as "profit and loss".
The nice feature of Quickbooks is that you really don't need to understand double entry accounting, the software does it for you.
We do our books in house and simple email the quickbooks company data file to our accountant at year end for tax returns.
Unbridled is correct about this. Strangely enough, I don't really like Quickbooks (even though I use it) because it tries so hard to hide the double entries from the user with all kinds of fancy interfaces which confuse me. I find the naked double entries to be very clear and concise.
Got my Accounting degree in 1989, then setup a spreadsheet (Lotus 123) to post my receipts to each account, saving the CSV record to a real-time bank reconciliation, and separately exported to a text file.As much as quickbooks hides the double entry accounting systems there are a few transactions that must be posted as a "journal entry" in which one must know both accounts to credit or debit. I just believe it to be necessary knowledge for any business owner to have bookkeeping knowledge, even if only taking an on-line class. The software is cheap and eventually will become easy to use.
I've had many ex-employee's venture on their own. My advice to them has always been: " It takes much more than being a good electrician to run a business"
But you have two things to keep track of with pretty much every transaction whether you realize you are doing it or not.Got my Accounting degree in 1989, then setup a spreadsheet (Lotus 123) to post my receipts to each account, saving the CSV record to a real-time bank reconciliation, and separately exported to a text file.
When monthly bank statements show my entry errors, or vendor errors, accidental double charges, or missing charges, corrections can be made with the vendor, and/or the permanent CSV text file on record.
My spreadsheet has avoided Credit / Debit redundancy in the journal (CSV records), since it only needs to match bank statements, and perhaps verify IRS form 1040, Schedule-C business expenses.
I get away with this as a self-employed, individual Sole-Proprietor, but other business entities may be subject to standard bookkeeping practices, with Credit / Debit double-entry standards.
Yes, redundancy seems hard to avoid. Was a member of ITEX international bartering club for a few years. ITEX members use the ITEX bank & checkbook, or recent smartphone App.. With its own bank account, bookkeeping for bartering was just like any other checking, or credit card account with a running balance.Even if you bartered goods or services ..there is still ..two different areas that you keep track of.