Choosing a bookkeeping software for your Network Marketing Business
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So many options…so little time! This is true in so many areas of our lives and is no different when we talk about setting up the back end of your business. I know it can be frustrating and I am sure you are feeling it, so we are going to review the two software options that I recommend to my friends in Network Marketing and the clients that I work with directly!
In general, you want to utilize a software that allows for automation, is easy to understand, and allows for the proper output (or reports) that you need to make financial decisions. The two most important reports are the balance statement which indicates the value of your assets (what you own) and your liabilities (what you owe). And of course, the profit and loss statement, the total of your revenue and expenses for any given time period.
Let’s dive into my favorites – and trust me, you don’t have to have an accounting degree to understand these!
Wave
The best part about Wave – it is FREE. Yes, you read the right my friend, it is completely free! You cannot go wrong at this price point! They promise their software is 100% free with no trials or limitations. If you utilize the platform to invoice customers, they earn money off the processing fee of that transaction, which allows them to keep the software available for free.
Wave will integrate with most banks. I say most because there are still some small-town banks that do not allow connections to bookkeeping software. If you bank at with a small bank and determine they don’t allow for the connection, it is ok, there is a way to import your bank transactions to allow for smooth entry and reconciliation. (More on this at another time!)
Another awesome feature, even with the free version, is the ability to upload receipts to the software. No more file folders full of paper documents, they can live right within the software. And since the software is completely free – no need to worry about losing the documentation if you quit “paying”!
To check out more details on Wave and determine if this software is a good fit for you head to www.waveapps.com.
Quickbooks Online
Quickbooks online is a tad bit more advanced. It does everything Wave can do, but with the addition of many bells and whistles. Quickbooks is also one of the most widely used bookkeeping softwares among bookkeepers, tax professionals, and even CPAs.
The pricing structure and offerings can get a tad bit confusing, so here is my suggestion. Of the 4 subscriptions they offer – stick with either Simple Start or Plus. The self-employed version does not provide enough customization to properly setup your chart of accounts nor the ability to track inventory. If you want the ability to track inventory digitally within your bookkeeping software, Quickbooks Plus will give you that ability!
Starting with Quickbooks is also a good option if you plan to scale your business. While Wave is a good starter option, the bigger your business gets, the more comprehensive of a solution you will need for automation, expense tracking, reporting, etc.
Moving from one software to another can be very time consuming and cause many headaches. And, being in network marketing can lead to an inventory headache. Keeping proper track of your inventory can be done very easily inside of Quickbooks and allow for a much better financial review at any given time.
Click here to review Quickbooks offerings and determine which subscription level will best fit your business and needs!
I hope this overview helps you to make a well-educated decision in choosing a bookkeeping software for your network marketing business!
Need help on putting together your chart of accounts? Check out this blog post on determining the right accounts for your documentation - https://bit.ly/38GRyRh
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xo - Britt
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