Mark Kohler recommends QuickBooks over Excel for small-business accounting. It organizes transactions into a chart of accounts and generates reports on profitability, break-even points, and cash flow, turning raw data into actionable insights.
Select the right accounting software. Now I'm going to make this easy for you. We're going to use QuickBooks. Don't screw around with anything else unless someone's going to sit there and help you through it, because I'll tell you right now, QuickBooks rocks. QuickBooks will allow you to set up a chart of accounts, which is a way to categorize everything. It's going to allow you to do cool reports. Was I profitable last month? What's my break-even for cash flow? So QuickBooks is really about organizing all of that bookkeeping that you were doing back in Excel. And so as you make money and spend money, QuickBooks brings it together and delivers it to you on a silver platter that you can understand.
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