What does it mean to be a small business owner? It means a few things. First, that you have worked incredibly hard getting your business off the ground. And two, that you have probably spent many sleepless nights trying to learn every area of your business including basic accounting principles. If you’re just trying to wrap your head around this three-headed monster that is basic accounting, then this may serve as a decent guide to getting started. Continue reading “Basic Accounting Principles Small Business Owners Must Know” »
Key performance indicators help you measure the performance of your business, and it’s ability to meet goals and expectations. Regardless of your industry, you need to establish key performance indicators (or KPIs) to understand the growth and trajectory of your business. Creating KPIs is more time intensive than it is difficult, and requires you to understand the connection between goals and results. Continue reading “How Do I Create Key Performance Indicators?” »
Business benchmarking is the comparison of your current performance data to either past performance data, or your competitors performance data. By benchmarking your data, you can gain a clear understanding of what areas of your business need improvement.
Continue reading “Using Business Benchmarking to Improve Operations” »
I’m sure you’ve heard of fundraising, but have you heard of crowdfunding? Crowdfunding became a big thing with the rise of websites such as Kickstarter. Crowdfunding is the process by which you raise capital through either donations, or a number of investors. So how can your business benefit from crowdfunding? Continue reading “Crowdfunding and What it Means For Your Business” »
According to a study conducted by Allmand Law, at least 90% of startups fail. The fundraising period for most startups is the make or break period, yet even making it past the fundraising thousands of startups still fail. Continue reading “6 Fundraising Lessons To Learn From Failed Startups” »
Fundraising for your startup can be one of the most important and stressful times. When done right, it can lead to partnerships with angel investors and venture capitalists that lead to millions of dollars to grow your business. If done wrong, it can lead you down a long road where you begin to second-guess your business and model.
Raising funds for your business takes a lot of planning, a lot of patience, and a significant amount of time preparing pitch decks and financial models.
So how exactly do you start to fundraise for your startup?
Continue reading “Fundraising For Your Startup” »
NetSuite Software Overview
The number one cloud based ERP program that merges accounting, CRM, and inventory planning. NetSuite targets mid level businesses with rapid growth as well as large enterprises looking to streamline the data management of their core business processes.
NetSuite starts at $499 per month for the base package, and charges an extra $99 per additional user.
NetSuite Features and Strengths
- Automatically does depreciation of fixed assets which must be manually done in QuickBooks
- Multitude of functions besides accounting:
- ERP/supply chain management
- This can be managed by QB but only with add-ons that cost extra and have connectivity problems
- Connection to Email
- Role based integration allows different employees to have personalized access based off of function in company i.e. CEO; CFO; Accounting; Marketing
- Real time reporting and auto reconciliation
- Dashboard allowing for quick overview versus QuickBooks’s reports
Converting to NetSuite From QuickBooks
NetSuite has a conversion program to easily upload files that have been exported from QuickBooks. This being said however, they both represent the data in different forms and thus many tedious manual entries may need to occur to successfully convert to NetSuite. Additionally, these uploads have a cap on data so one must upload several chunks of data instead of doing it all at once. This chunking of data also presents its own problem as skipping or double counting can occur causing more manual entry and data checking.
Converting from NetSuite to QuickBooks can be just as cumbersome. Although it is possible to download all the files from NetSuite and then re-upload them to QuickBooks, this can cause the same issue of missing or double counting data, which requires tedious manual entries to fix.
Both companies offer services to do this for you, and there are a multitude of third party companies that specialize in this, but the problem is that they will not be familiar with your company, which leaves room for costly mistakes. These services often approach the problem the same way someone in house would, so what you are paying for is tedious manual data entry.
NetSuite is the jack of all trades. With its combination of accounting, CRM, ERP and ecommerce programs, its functionality outweighs QuickBooks hands down, however because NetSuite puts such an effort into being able to do everything, some features and functionality must be sacrificed. NetSuite is perfect for medium to large sized companies looking for a program that integrates all business functions. There is no customization by industry which makes some of the features useless depending on the company. Overall, NetSuite is an expensive program, but if your company can utilize all of the features, it will be better off with NetSuite.
Choosing the right small business accounting software isn’t as easy as most people think. With the opportunity to cut overhead by up to 75.6% with the right small business accounting system, making the decision on which one is right for you can be critical. Do you know how to choose the right business accounting software? Check out our simple tips to help make your decision easier. Continue reading “How to Choose the Right Small Business Accounting Software” »
Xero Accounting Software Review
Xero is an online cloud based accounting software ideal for small businesses of anywhere between 1-100 employees. It is also good for Service businesses, such as freelancers, professionals (i.e. lawyers and doctors), as well as consulting firms and out of house accountants.