The careful and consistent management of the money your company earns and spends is crucial to tracking revenue, finding out what you’re putting too much or too little money into, and of course an absolute essential for tax purposes.
Companies used to maintain records of all financial related matters by hand, but obviously this is an outdated practice that was inconsistent, time consuming, and prone to errors. These days, financial management software such as what Service Source offers is a much better choice. Keeping track of your revenue starts with financial management software.
A worthwhile investment, the right type of financial management software will go a long way in helping you to keep up to date with the cash flow in and out of your company. Finance software can be used for just about any type of business model, though obviously there will be certain software packages that are better suited for certain types of companies. Although it is best to switch to a software model for managing your company’s financial records, you should still periodically do record-keeping on paper, and make sure that the written statements match the digital ones. Additionally, it’s always a good idea to create monthly or even weekly backups of all financial reports, so that if you ever deal with hardware or software failure, you’ll have backups to restore.