The books! Everyone knows “the key to running a successful business is to manage your expenses”. Otherwise, you can lose money without even knowing it, even if your business is “makes money”. It’s tough when you start out with no budget. It’s true you have to spend money to manage and make your money, but this is not always the case.
When I was approached by Panthong to partner with him and help him run Triple M Designz Productions, I was a little reluctant to take on the responsibility of handling all the financials. It wasn’t because I couldn’t. The question for me was “which accounting software are we going to use?” This was the first question that came to mind because I knew “the key to running a successful business is to manage your expenses”. I have a lot of experience with different types of accounting software from complex ERP’s to simple QuickBooks, but they all cost money. Remember, my starting budget = $0.00. I knew that I DID NOT want to keep our financial on a spreadsheet, even though I’m pretty proficient in Excel. Yes, it can be done and a lot of small businesses do it, but it’s not efficient. Why reinvent the wheel, right?
Eventually, I found Wave Accounting, it’s FREE and the user interface is so simple and very intuitive. For all the accounting pros and amateurs alike, it has your accounting basics: income, expenses, income statements, balances sheets, customized invoices, journal entries, etc. You can also link your personal accounting and manage it at the same time (although, I don’t recommend it, nor does your accountant). If you get stuck or have any questions, their tech support answers right away and you can usually find answers to your questions on forums and blogs. We’ve been using Wave Accounting from the beginning and it has worked great for us. We’ve recommended it to some of our peers and they have also been very happy with the program. Since it’s free, I wanted to share with everyone. Give it a try. If you need accounting software to run you business finances, I highly recommend it. It’s free.
To sign up for Wave Accounting for free visit https://app.waveaccounting.com/en/accounts/register/
Fellow entrepreneurs and small business owners, share with us your experience with Wave Accounting or tell us what you’ve been using.