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Accounting is the language of business. It allows you to make smart decisions regarding your business, based on real world facts, rather than gut instincts only.
If you manufacture or resell someone else’s inventory, Visual Bookkeeper can track your sales by item and match that information to your cost of goods sold, disclosing your “realized” margins. If your margins are too thin, you can decide whether you need to increase prices or cut costs. A good accounting program can help you find problems and recognize opportunities.
Accounting is absolutely necessary in order to track and document sales tax, state and federal payroll taxes, income tax, etc. Taxes are an “exact science,” and software will help you track that information accurately.
Accounting software is a management tool, used to control costs and maximize profit. For instance, if you carry 200 items in inventory, but only 25 are selling, your space is filled with useless stuff. Either return it to your vendor for a refund (if possible) or liquidate it. Then, stock up on the items that do sell… and those that sell at the highest profit, with the highest turn-over. Visual Bookkeeper has an “Inventory Profitability report” that reveals the exact details management needs to sharpen its focus on profitable inventory. This information is comes to you as “a byproduct” of doing your accounting, but it provides the kind of insight professionals need to make informed decisions, instead of operating by “the seat of their pants."
Accounting software is truly a management tool, used by professionals to manage the financial side of their business.