As small business owners how do you keep track of your expenses and profits..? Even if what you do is just a hobby and you use your allowances to purchase fat eighths and ric racs, still the question remains.. How do you manage your accounts?
I have been using the pages from the back of my notebook to jot down income but after a year of using the 'system' I realised that I am unable to use the information I have to make any future decisions for my small business. While my income are neatly jotted in a notebook, my expenses on the other hand are scratched in my schedule book. By the end of the month, the only thing I'm aware of is I've made some money, but I have NO idea whatsoever of the REAL expenditure and profits I've made.
So, care to shed some lights on how you go about handling matter relating to money?? Pwetty PLEASEEEE..
7 comments:
my system is even simpler but easier to reconcile. i record all sales and purchase in Excel. Just total up at the end of the month and see the scary truth that with all those fabrics buying i am in constant Loss lol
great to know you're having a good time back home sue! :)
I know what you mean about being at loss.. I supposed inwardly I dont want to see/face/know the truth about the ammount of money I'm spending on the so called stocks :D
However, after a year, I need to face the truth and really figure out where I stand.. Thanks for sharing Zura
Sue, I have well received your beautiful fabrics and book. Thanks. Hope you have a wonderful holiday in Malaysia.
Hi Sue,
I'm using AceMoney since 2008. Well, it's very small business (if i can call it business lol) but, i like to see how my money's flow.. :P
for more info, you can click to http://www.mechcad.net/products/acemoney/download.shtml
Choose Ace Money Lite (that is free for lifetime)
Nampak susah, tapi senang sangat nak guna actually... I've tested a number of simple account system before, but i like this the most.. :)
I think if you wanna see cash flow.. the number will always be in red. But if you add a bit of accounting treatment by tracking your inventory.. n saperate it from your CF.. there u can the profit. only then you will aware of whether you have price it accordingly or not.
Previously I used my MYOB accounting software.. quite user friendly but not accessible to any pc.. have to install it first
correction on there u can the profit = there u can see the profit
Maya and Mila - thank you for the tips and links. Will definitely look into the programmes you have recommended and try to improve my money management. thanks again
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