It’s essential for small-business owners to learn accounting principles in order to master their company’s finances. In addition, they should use QuickBooks manufacturing software to effectively organize both their finances and inventory management system.
These are some of the lessons I took away from the Wall Street Journal article, “Starting Up, and Conquering the Numbers.” Author Colleen DeBaise starts by noting, “Many people start a business because they want to support themselves doing what they love. Too often, though, they neglect to focus on the numbers side of the business.”
Business owners need to make important decisions concerning the purchase of inventory and equipment, expansion into new markets, and employee hiring. To do so, they need to have a firm grasp of their business’ financial situation.
The article includes an account of a businesswoman who pulled her small business back from the brink of bankruptcy by learning the accounting side of her business. This helped her make smart decisions that lifted her manufacturing company to a new level.
She eventually started to use QuickBooks because it is a better data organizer than Excel or scratch paper. This businesswoman, and many other business owners, would be wise to integrate QuickBooks with inventory management software to help them find even more ways to save money.
Mistakes in inventory management can be expensive. Businesses must first master their finances and then their inventory to be successful.
Learn more about how manufacturing inventory software can help your small or medium-sized business on the QuickBooks Manufacturing website. You will probably be pleasantly surprised by all of the benefits that can come your way with it.