1. Speak with an accounting professional who can suggest software that matches your need to track sales and expenses.

Hopefully, you're working with an accountant that specializes in small businesses, but you may not have reached this point or found an accountant you can trust with the intimate details of your business.

Accounting professionals can be found through networking groups, including chambers of commerce and meetings that combine breakfast, lunch, or dinner. They can also be found through colleague and client referrals.

I found my accountant through a networking group and meet with her twice a year: once early in the year before April 15, and again in November to ensure that my records are properly prepared for next year. You may find that your schedule is different, but it's important to meet with your accountant at least once a year.

My decision to use QuickBooks came after visiting a retail store and reading the back of financial software boxes. I've been pleased with my choice, but as I mentioned earlier, do not allow my decision to become your default. Do your own research, and have an accountant help you if possible.

2. Ask colleagues and industry groups for recommendations.

Everyone goes through the same decision-based pains when choosing any type of software package, and accounting is no different. Opinions from colleagues and allies are instrumental in helping you choose what to buy, and industry groups provide the same type of assistance. Get help from these sources before making your final decision.

3. Enroll in a short-term adult school course to learn how to use the software.

This part is essential if you find difficulty following a manual but are motivated by face-to-face coaching and on-screen tutorials in a classroom setting.

4. Start slowly.

Don’t think that you should be a software expert in one week or less. That’s overwhelming, especially when there are other business matters to complete during this learning curve. Consider working with your new software about two hours a week at the beginning. You’ll have lots to input from the start of your fiscal year (most businesses use the default January to December), so starting slow will help to familiarize you with the product.

5. Check the library for helpful books to rent.

Libraries have been instrumental in helping me understand portions of the software that weren’t clearly explained in the original manual. That’s been true not only for accounting software but for all types of software used in business. The weekend is a great time to explore what library books have to offer. Don’t overlook this valuable resource.

6. Consult the software maker's online tutorials, FAQs, and user forums.

Most, if not all, software manufacturers encourage users to visit their online frequently asked questions’ sections and forums where new and recurring questions are solved. Bookmark this Web area for easy access. When you have a question, the site is easily retrieved, and you get can quickly get back to business.

7. Subscribe to online or print newsletters that specialize in your financial program.

You’ll find online newsletters created by the software manufacturer and outside sources that have written books and have interest in educating you.

8. Explore other software features as time allows.

Once you become comfortable with the main options, such as inputting sales and expenses, continue to educate yourself by reviewing other functions you’ve yet to use.

 

9. Back up your system.

When my former computer failed, I was gratified that I had backed up my financial software. There's no way I could have re-constructed all of the information.

10. Keep your receipts and other financial data in one place, and input the information on a schedule you can follow.

I input my income and expenses as it arrives. Your schedule may be different. My small-sized receipts (taxis, store purchases, etc.) are kept in an envelope close to my desk, and oversized receipts (phone bills, rental cars, etc.) stay in a folder clearly marked, “financial receipts.” Empty your purse and pockets when you arrive at the office, and place your receipts at the computer for easy input.

Using, updating, and consulting your financial program will become as addictive as other business operations.

Make this the year to get your financial records in order. The future of your business is counting on it.

Want more help from a financial whiz? June Walker is an accounting expert who specializes in working with solo business professionals. Visit her Web site at www.junewalkeronline.com for terrific tips to get the financial part of your business in order.

©2005 Shirley Frazier. All rights reserved.

Shirley Frazier is a professional speaker and author. As president of Sweet Survival, a 15-year business planning and market consulting firm, Shirley works with solo business owners and large organizations to design profitable marketing plans. Shirley frequently speaks at trade and business shows, has appeared on CNBC and the Discovery Channel, and is quoted in many business and consumer publications. To book Shirley for your next event, call (973) 279-2799 or Email shirley@shirleyfrazier.com. For more information, visit www.ShirleyFrazier.com or www.SoloBusinessMarketing.com.

Click here for reprint permission.

Return to Library