“More than half of all small businesses still do not use any accounting software solution,” according a 2005 survey released by Access Marketing International Partners, Inc.

That's a staggering amount of owners, especially since all of us need to know, on a moment's notice, which projects are profitable, which need fine tuning, and which should be eliminated due to poor results or lack of interest from customers we believed would want such products or services.

When I started my business in 1990, I began tracking my pre-business spending in ledger books purchased from an office supply store. Once the business was up and running, I wasn't sure what software package was worth the investment, so I counted on the spreadsheet component of Microsoft Works to help me compile revenue and expenses.

After speaking with my accountant, I decided to use QuickBooks Pro and have been very pleased with the product. But don't let my reference to one software program convince you to buy it.

There are many packages to choose from, and perhaps that is the reason why so many business owners have not installed a system. The steep learning curve is another hurdle. But that shouldn't stop you from making a wise decision to get help to keep your revenue up and finances under control.

If you aren't using a financial package, a choice must be made sooner than later if you are to run a business long term. Just as there are many software options, there are many places where you can find help to use the product and understand the components that tell you, at a moment's notice:

1. Revenue and expenses on a monthly basis.

2. Revenue and expenses compared by month or year.

3. Percent of sales for each product or service.

4. Projected sales and expenses by month.

5. Profit and loss on a monthly and yearly basis.

 

I cannot tell you how instrumental this information has been for me to keep my expenses as low as possible while working on ideas to increase revenue.

The ability to view totals, pie charts, and bar graphs continues to motivate me to do better. Try to resist being fearful of these visuals, even if looking at numbers makes your heart palpitate. All of it keeps your mind sharp and energy levels high.

What are the steps to install software to stay your financial best? Here's a 10-point blueprint to lower your stress levels and bring the financial portion of your business into the 21st century.