Those who have been in business long enough will recall nostalgic and rewarding occasions. One such occasion is the exhilarating end of quarter or end of financial year period of drawing up books, making sure that all entries made to neatly kept journals tally in other areas such as purchases made with source suppliers and payments received for services rendered and merchandise sold. Even when there were cases where mis-payments or non-payments were recorded, there was no cause for alarm.
Those were the days when small to medium sized business operators and owners could still record all their finances in neatly kept journals, all nicely composed in fine ink, using different colors – red, blue and black – to codify different schedules of payments and receipts. The men and women who ran their own businesses in those days also had enough accounting, bookkeeping and business management training and experience behind them.
The case is no different today where small to medium sized operators have taken on new attitudes to do with the growing trend of entrepreneurship. But the volumes of business have grown. This is positive, but yet it is not manageable to do financial reporting the old-fashioned manual way. Today, no company, whether run from home, small, medium sized, and much larger, can afford to work without financial report writing software installed to their desktops.
Never mind that the company owner has a degree or qualification in financial report writing and/or accountancy, these days, more than ever before, it is also a good idea to contract in the services of a qualified bookkeeper and/or accountant to handle end of quarter and/or end of financial year financial report writing as well as concluding tax receipts.