Sunday, July 25, 2010

Money Matters

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..   

On a lighter note, my holiday is GREAT with loads of yummy foods, friends and families.. and I dare not go near the weighing scale..*scarry*Pin It

7 comments:

Zura said...

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! :)

MyBotanG said...

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

ilikepapercutting said...

Sue, I have well received your beautiful fabrics and book. Thanks. Hope you have a wonderful holiday in Malaysia.

Maya said...

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.. :)

Mila@Rimbun said...

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

Mila@Rimbun said...

correction on there u can the profit = there u can see the profit

MyBotanG said...

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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