I am proud to announce that my event styling business has grown to a level where I now feel that I need to set up an accounting system for it. Initially I was able to keep track of the money flowing through the business mentally. But as my client base grew over time, I have eventually gotten to a level where I am unable to keep track of the revenues and expenses mentally: hence necessitating an accounting system for the business. Granted, I am still able to keep track of other aspects of the business mentally. After all, as I said in my last blog post, event styling is almost an exact science — where specific inputs lead to specific outputs. That is with respect to the operational aspect of the business. But the financial aspect of the business is trickier to keep track of – hence the need for a specialized accounting system.
The accounting system I have in mind is one where I would simply buy the necessary software (say QuickBooks), which would enable me to enter the necessary data, in order to (automatically)come up with the various financial statements as need arises. I reckon that through this system, I can handle things like payroll accounting by myself at — least for now. I feel that my business has not yet grown to a level where I’d need to use the likes of the Securitasepay system for payroll accounting systems. I nonetheless dream of the day when my permanent employees will be able to go to the Securitasepay login page, to view their pay stubs every fortnight. And going by what I see whenever I visit www.securitasepay.com, this is not too big a vision to entertain: as there are many medium sized businesses that use the Securitasepay system for their payroll accounting. Going by the current trajectory, my business should soon be in that league.
Thus what I am really looking for, at this stage, is good accounting software. I have not yet gotten to the stage where I’d need to hire accounts assistants and accountants. It is just my hope that my business will grow further, and I’ll soon be unable to keep up with the accounting needs (even with the help of the accounting software). Once I get to that level, I’ll definitely consider hiring professional accountants and accounts assistants to help me with this aspect of the business.