Yesterday: Evaluate your current accounting system. What is working? What isn’t? What would make things easier?
Finding an accounting system that works for us has been one of our biggest frustrations over the past few years. For a while, we were using an online system called Outright that worked pretty well. It automatically kept track of every purchase and all we had to do was go through periodically to make sure that everything was properly classified. The system wasn't perfect but we were able to print out reports that helped us file our taxes and it was really easy to keep track of everything. It was very low maintenance and it was free to use. However, it was eventually purchased by Go Daddy and everything changed. Updates made it clunkier and it became more complicated for us to use, so we decided against making the jump when Go Daddy decided to make it a paid program.
We're currently stuck deciding between Quickbooks and Freshbooks. It would be far easier with our current banking setup to go with Quickbooks but it's a steeper learning curve and more of a financial investment. We can't currently choose Freshbooks because our bank isn't supported. From everything we've heard, Freshbooks is amazing for businesses like ours.
What it comes down to really though, is sorting out our banking situation before we move on to choosing a new accounting system. We love our credit union, but it's so incredibly limited in what they are able to offer. We so badly wanted our foray into cooperative banking to be a success but we've been miserable almost since we joined. We just can't put it off any longer, we need to sort things out so that we can move on and simplify our lives and our business.
Today: Review your client/project process. What works, what doesn’t? What are your road blocks. Brainstorm 3 ways to simplify your workflow and then create an action plan for implementing them.