Accounting Software For Business Money Management – The Downside
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Home Page > Business > Accounting Software For Business Money Management – The Downside
Accounting Software For Business Money Management – The Downside
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Posted: Sep 19, 2010 |Comments: 0
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Most business owners have an on-going, love-hate relationship with their accounting software system. The reason for this, in my opinion, is that accounting software systems are “supposed to help you”, but they end up betraying you when it comes to money management.
You see, an accounting system cannot help you with money management: using your cash flow to your best financial advantage. It can only tell you, after the fact, if you did well or made mistakes. This means the ‘agreed-upon financial system’ that we rely on to help us, only has the ability to tell us what happened in the past – not how to correctly handle the money in the future so we can fix money management mistakes and get better results.
The subject of accounting is not complicated and mysterious. Accounting software is simply used for recording what happened after money was collected by a company. It simply keeps track of how much money came in and where that money was spent; pure recording of the transactions with no thinking involved.
Business Accounting Software Is Merely A Record Keeping Tool
All standard accounting software systems actually look back into the past. A system, like QuickBooks, tells you how much was made or lost, and how much money is currently owed. Even though this is important to know for tax filing purposes, it can put the company or individual in a position of being controlled by the money – being forced to make financial decisions based only upon how much money is left in the bank accounts.
Business Money Management Software Is A Business Planning Tool
Just the opposite, business money management planning software is used to look toward and plan how money will be used today and in the future. Business cash flow planning occurs BEFORE the money comes in and BEFORE it is spent. This puts the company and its owners in control of the money.
If you can control the money, then you can control your financial future.
Having an action plan worked out on how to get in more income and actually implementing those plans is essential for business owner. There is a natural law that nothing stays static or stable for very long. The statistic either goes up or goes down. Income is at the mercy of this natural law. A company has to continue to act to push income up, while the cost of doing business increases, prices rise and taxes eat away at income growth and profits.
To maintain profitability and create long-term stability and wealth, cutting expenses so you are operating within your income is often necessary. But fair warning here; make sure you don’t cut expenses in areas where it would reduce your ability to produce income. Careful spending on items that bring back in more money than was spent is the perpetual goal for responsible financial planning.
Too many business owners make the costly mistake of cutting back on marketing and promotion when cash flow gets tight. That can be a fatal mistake as constant marketing and promotion is the only way they will get in a constant flow of new and repeat customers. Using existing cash flow and resources in a way that prevents waste and generates more income is vital. All of these actions require planning before doing. That is operating in the future. Thinking is definitely required in this activity.
Where did all the cash flow get spent? Your accounting software system tells you that.
How much income will be coming in this week or this month? How can that cash flow best be used to increase the long term survival of your company? The answers to those questions require frequent, consistent, and careful money management planning – no accounting software required for those steps.
Don’t misunderstand me. I’ve been using QuickBooks since the early 1990′s and I often recommend it to my business owner clients: they need it merely as a way to keep records for having their tax returns prepared. But I, and my clients, also use the Money Management Solutions software on a weekly basis to stay in control of our financial futures.
What are you doing to take charge of your financial future?
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business accounting software, busness money management, accounting software, accounting software system, money management, money management software, business planning tool, business money management planning
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