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Published October 18, 2018
A weekly look at issues facing Wyoming business owners and entrepreneurs from the Wyoming Small Business Development Center (WSBDC) Network, a collection of business assistance programs at the University of Wyoming.
By Robert Condie, southwest regional director, WSBDC Network
Should you spend money on an accounting system to keep track of your finances, or should you use a free option that may require more work on your part? This is a question that is almost always asked of me as small businesses are about to start. Finding out which route is right for your business can save you a lot of stress, especially when tax time comes.
From my time spent working with accounting software and knowledge of spreadsheets, I’ve heard arguments both ways as to what is best for your business. But, at the end of the day, I believe accounting software can be beneficial to every small-business owner. Here’s why:
-- Digital spreadsheets, like Excel, require knowledge of complex formulas that can make your records prone to errors.
-- Simple spreadsheets are easy to alter, which can make you susceptible to fraud.
-- Each income stream needs to be tracked separately. This means that, as you start offering more services, the number of spreadsheets you have to maintain will increase.
Now, that doesn’t mean you have to buy the most expensive software out there. The WSBDC Network can help you find the software that works best for your business and budget, and how to track your finances effectively -- even if you decide an Excel worksheet is best for you.
Get in contact with your local SBDC adviser by visiting www.wyomingsbdc.org.
A blog version of this article and an opportunity to post comments are available at www.wyomingsbdc.org/blog1/.
The WSBDC Network offers no-cost business expertise and technical assistance to help Wyoming entrepreneurs think about, launch, grow, reinvent or exit their business. The WSBDC Network is hosted by UW with state funds from the Wyoming Business Council and funded, in part, through a cooperative agreement with the U.S. Small Business Administration.
To ask a question, call 1-800-348-5194, email email@example.com, or write 1000 E. University Ave., Dept. 3922, Laramie, WY, 82071-3922.