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Organize Your Small Business Finances with Home Budget Software

 

Home budget software is one of the best investments you can make as a work-at-home mom. There are a number of budget softwares to choose from, so it's important to know what finance budgeting needs you have to find the right software for your needs and skill level. While there are a few different forms of software to choose from, you can find the one fitted to your specific needs for optimal accuracy and ease of use.

Identify Your Organizing Needs

Whether your an Avon beauty consultant or run a high end bakery out of your kitchen, you need to stay organized. The rules and regulations are many and complicated for small business, especially when you work out of your home. You need to separate work bills from personal bills. You need accurate records of every client and their purchases and payments.

You need accurate inventory records. There are also regulations on how long you keep files on hand. For detailed information on how to handle your business finances and paperwork, ask your tax consultant to ensure you don't throw out anything important.

Software Available

Unless your work requires you to use specialized software, (medical transcriptionists, etc.) the two most popular home budgeting software's are QuickBooks and Quicken. They both have different versions allowing you to choose the one most closely related to your work and start with a software fitted to your needs. If you operate a business where you only offer services and not product, you can choose the Professional Services version.

Organize Your Finances

If you've been operating exclusively on paper and you're in the middle of your fiscal year, it's a good idea to input all of your records into your budgeting software. This may take a bit of time, but you'll have consistent record keeping and the ease of pulling reports at the end of the year to complete your tax documents accurately. It can be overwhelming to find where to start, but take it one account or pile at a time.

Start by inputting all customer records and employee records (if applicable). Once you have your records in, you can go through and start applying sales to your customers. When inputting invoices, change the default date to the actual date of your invoice. Double check this with every entry. Before you input your expenses, make sure all of your bank and financial accounts are created. 

As you work more with home budget software, you'll learn shortcuts and other ways to make using the software easier. Take the time to read the manual, and ask questions if you know other business owners who use the software you purchase. Organizing your finances and using home budgeting software will streamline your business and allow you to work more efficiently. This will give you the confidence you need to take your business to the next level and bring in more money.

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