Long gone are the days of creating your balance sheets, income statement and trial balance in a columnar pad, but hey it still cool to do something like that right? Its like doing the hardcore stuff of accountants. Well me, I’m not an accountant, nor have any background doing accounting work (except for the a brief educational training I had when I was in Junior year), all I have is a business, and a goal on how to make the business work, improve and profit more.
With that, I found a very interesting tool for your Accounting needs: http://www.gnucash.org/
The tool is basically a Accounting System software capable of storing account details (expense, income, assets etc).
I’ve been using the tool for almost a week now and I find it very useful and effective in managing small to medium size business.
- Basic of All Basic – Its basically an accounting system, you don’t need to be an accountant to learn the features and use the tools. With a basic understanding on how you want your money rotate and increase profit, your good to go using it.
- All Entities and Roles represented by Account – Each entity will be represented by an account, either it is income, expense, equities or assets, it will be treated as an account. These accounts can then be related to each other to make the money rotation more understandable. These concept makes it a very easy to learn tool, especially for beginners in business like me.
- Reporting – Income statement, balance sheet, trial balance, charts etc. These are just a few of the reporting features that the tool have.
- Budgets, Employees and Customer connection – Users can put theses data on the tool to provide more flexibility of their business data.
- Tax and Loan - You can define your own tax table and use that to your accounts taxation process. Loan transactions for each account.
- Scheduled Transactions - You can schedule transaction on daily, monthly or yearly basis.
- and many more - Loan Repayment, Reconcile, Stock Split, Budget and many more
Considering having a business of your own? Work efficiently and effectively with this tool. I would certainly recommend checking it out first.
and heres an idea: How about you let your managing employees, put all their data on a cloud storage (drobox account – its free) and you consolidate their data using this tool? – This would allow you to take charge of fees that you don’t want your branch to see (salary and expenses) and put reporting process so that you can completely take charge of your income.