QuickBooks vs Excel: Which One To Use for Your Small Business?May 16, 2023
Are you struggling to make decisions in your business?
You might actually be self sabotaging your own success by missing this critical business step!
Successful women in business know that in order to scale they need to know their metrics and have the right software to help them make decisions quickly!
Today I am sharing with you 2 financial software tools that are available for small business entrepreneurs.
Systems and software may not sound sexy and fun, but you know what does, FREEDOM! And that is why we went into business, right?
In today's video we'll be discussing QuickBooks vs Excel and why not using one can sabotage your business success.
As a business owner, you probably have heard of both QuickBooks and Excel. Both software have their strengths and weaknesses, and it's essential to know which one will be the best fit for your business needs.
Let's start by talking about Excel. Excel is a powerful spreadsheet program that is commonly used by many businesses.
It's easy to use, versatile, and flexible. You can create budget sheets, track expenses, and even create graphs and charts to visualize your data. It's a great tool for small businesses that are just starting and don't have the budget to invest in accounting software.
However, as your business grows, using Excel can become problematic. Excel isn't designed for accounting purposes, and as a result, it lacks certain features such as automatic categorization of transactions, bank reconciliation, and tax calculation. Excel also requires manual input of data, which can be time-consuming and prone to errors.
Currently I am utilizing Excel for my coaching business and here is the reason why… My business is simple with a minimum number of products and services so it's easy to input my monthly sales and expenses.
Plus I previously used QuickBooks for 10 years in my franchise, so I have a clear understanding of what needs to be tracked and how to lay it out for success!
Excel is fine when you are first getting started and your business is simple but once you begin to scale, most likely you will need to switch over to QuickBooks!
So let’s discuss that more now!
But before we do, if you truly want to implement cost saving tools so you can make more and work less, then comment I’m All In below!!!
Now let's talk about QuickBooks.
QuickBooks is an accounting software that is designed specifically for small and medium-sized businesses. It's a comprehensive tool that can automate many of the accounting processes, such as invoicing, billing, payroll, and tax calculation. QuickBooks also provides real-time financial reports, giving you a clear view of your business's financial health.
However, the downside of QuickBooks is that it can be overwhelming for beginners. The software has a steep learning curve, and it can take some time to get used to. It also comes with a subscription cost, which can be a concern for small businesses on a tight budget.
As I said before, I used QuickBooks inside my franchise for 10 years. This software was critical for crunching my numbers, making educated business decisions and preparing me for tax time!
If you are someone who wants to start out with all the right tools, then get QuickBooks now and you will never need to switch! You can save time by connecting your bank account and giving your accountant access for review time too!
So, why is not using one of these tools sabotaging your business success?
Well, without proper accounting software or spreadsheet, you may miss out on crucial financial information. You may not know if you're making a profit, if you're losing money, or if you're running out of cash. You may also struggle to keep track of invoices, bills, and payments, which can lead to cash flow issues and late fees.
Both QuickBooks and Excel have their strengths and weaknesses, and it's essential to choose the one that best fits your business needs. Excel can be a good starting point for small businesses, but as your business grows, using QuickBooks may be necessary to ensure accurate financial data and streamline accounting processes.
Not using one of these tools can have a detrimental impact on your business success, so it's vital to invest in the right software or spreadsheet for your business.
As always I like to share with you what has worked best for me on my entrepreneur journey, so this week’s FREE resource is The Blueprint to Building a Profitable Business without Burnout!
Inside this guide you will discover The 3 Biggest Mistakes I Made on My First Journey from ZERO to a Million Dollars (And What I Am Doing This Time Instead That ACTUALLY Works!) Please download this today, to avoid my mistakes as you scale your business to 7-figures and beyond!
And that’s a wrap on this week’s episode! Remember to live this one life you were given!
Life is a Journey and I am so glad you are on it with me!
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