Accounting Systems vs Excel Worksheets for Small Businesses

by Rob Condie | Mar 24, 2022 | Biz Tips

Those looking to start or grow a small business inevitably run into the accounting systems vs Excel worksheets matchup when tracking their finances. If you have ever wondered about the capabilities of the two and what would be best for their business, then this article is for you. Identifying which options you can realistically use in your business will help with proper record-keeping for end-of-year taxes and much more.

Which is Better?

This is a question that is always asked as small businesses are about to start, which way is the best way to go: a big (sometimes costly) accounting system or a small, simple spreadsheet that can keep track of everything that is needed at the end of the year? From my time spent working with accounting software and knowledge of spreadsheets, there are arguments supporting both options for small businesses. However, at the end of the day, an accounting system seems to be the best way to go about your bookkeeping needs.

Some points against using spreadsheets are as follows:

• Excel formulas are complex and prone to error. Accounting software handles all the calculations for you, and does it properly.
• Excel spreadsheets are susceptible to fraud because it’s easy to change information and hard to keep track of who’s making the changes, whereas accounting software maintains an audit trail.
• Spreadsheet errors are easier to make (copy/paste errors, moving content out of cells that other formulas base their calculations on, etc.), and are much harder to track down.
• Each income stream requires a different spreadsheet to track your earnings. This means that as you start offering more services, the number of spreadsheets will increase, and this can become confusing.

One of my favorite things about an accounting system is the ability to create a multitude of different reports to see your business from many different angles. There are built-in reports for Income Statements and Balance Sheets as well as reports broken down by vendor, sales item, and more. Fundamentally, accounting software is built to ensure you record your accounting data effectively with minimal mistakes and good auditing. Keep in mind, you still need to use the tool properly to get the benefit. Another advantage is that many accountants and bookkeepers are more familiar with accounting systems and can help with any discrepancies that may arise.

Help is Available

I am a Certified QuickBooks ProAdvisor and I also have experience with other platforms. Additionally, I can help with excel worksheets and to see if an accounting system would be right for your business. To get started with our no-cost, confidential assistance, contact your local advisor or click here to register as a first-time client.

About the Author: Rob has experience in commercial banking, Accounting Systems, and he speaks Spanish. As someone who loves seeing small businesses succeed, Rob enjoys the journey a small business takes from start to finish. When he is not on the road or meeting with clients, Rob enjoys spending time with his family and enjoying the outdoors, hunting, or fishing.

Creating Shareable Experiences for Social Media

by Jake Dixon | Mar 31, 2022 | Biz Tips

Not much beats social media when it comes to sharing experiences with friends, family and even your small business. Whether you pay for ads on social media or prefer to expand your reach organically, small businesses should pay special attention to making customer experiences noteworthy. In The Experience Maker, author Dan Gingiss lays out the importance of experiences in all your marketing efforts, but in this post we will focus on the social media aspect.

Why Are Shareable Experiences Important?

In his book, Gingiss shares the results of a study showing that 75% of people don’t believe advertisements but 90% believe recommendations from friends. Additionally (and possibly counterintuitively), data shows that customers are more willing to share positive experiences about a business rather than negative experiences. If your customers aren’t sharing their good interactions with your business, you may need to look at making a few changes.

Creating Shareable Experiences in Your Small Business

Luckily for you, the personal service offered by many small businesses works as a big advantage in creating shareable experiences. For example, a restaurant with eye-catching food presentation, unique tableware and a cozy atmosphere is prime content for any diner with an Instagram account. Scrolling through Facebook right now, I see a friend sharing a post (with an added testimonial) made by a contractor who recently completed a renovation project in their basement.

Sometimes it just takes that little bit of “above and beyond” to prompt someone to share a positive experience. With that idea in mind, it should be easy to come up with strategies specific to your small business that can turn current customers into advocates on social media. What are some areas of your business that are best suited to exceed your customers’ expectations?

Help is Available

If you ever need any help with creating shareable experiences in your small business social media strategy, your local Wyoming Small Business Development Center (SBDC) Network advisor is ready to provide no-cost, confidential assistance anywhere in the state. Click here to sign up and find your local advisor. Also, I highly recommend checking out The Experience Maker to help boost your marketing strategy — as an added bonus, it’s a book all of our advisors are familiar with.

About the Author: Jake is a professional storyteller and data-driven marketer with a passion for strategy and leadership. He spent 12 years working in television news before crossing to the other side of media as Director of Public Relations for Idaho State University’s health care programs. Since 2017, he has overseen the statewide marketing efforts for the Wyoming SBDC Network. When he’s not in the office, Jake enjoys road trips with his family, riding bikes and tackling new home renovation projects.