Accounting Tools for Business Decision Making 7th Edition

Accounting Tools for Business Decision Making 7th Edition Pdf Free is a reference to help accounting practitioners and students gain an understanding of various tools used in business analysis, forecasting, and decision making. It is written for people who would do data analysis on Excel spreadsheets.

It’s no secret that income statements, balance sheets, and cash-flow statements are known as the three financial statements. But you probably never knew that these three statements are the core of every business decision made in the world of finance.

If you are looking to make the most out of your business management and finance, consider the benefits of financial accounting tools for business decision-making. In order to make good business decisions, you need to have the right information, which is why your accounting and finance departments are so important. With the right platform, you can effectively manage your finances and make informed business decisions that will drive growth and profits.

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DESCRIPTION

Accounting: Tools for Business Decision Making, 7th Edition is a two-semester financial and managerial accounting course designed to show students the importance of accounting in their everyday lives. Emphasizing decision-making, this new edition features relevant topics such as data analytics as well as the time-tested features that have proven to be of most help to students.

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What to consider when choosing an accounting tool

Each small business is different, with different needs and different employee skill levels. Remember, if you’re a service business, you likely don’t care whether an accounting product offers inventory management, while the gift shop down the street probably does.

Likewise, if you or your employee is still struggling to grasp the basics of accounting, the last thing you need is a complicated accounting application.

Here are a few things you may want to look for when deciding whether an application is right for you:

1. Features specific to your needs

Do you sell products? If so, you’ll want to look for an application with a good inventory module. Need to pay employees? Look for an application that includes payroll. By figuring out what features are most important to you and your business, you can more easily locate the application that is right for you.

2. Ease of use

If you’re just starting your business, or handling the bookkeeping and accounting yourself, the last thing you want is a complicated, cumbersome application that is painful to navigate through.

All of the applications in our list here offer a free trial, so spend a week or so giving an application a test run prior to purchasing in order to find the application you’re comfortable with.

3. Accessibility

If you’re always on the go, the last thing you want is an accounting application that ties you to the office. Instead, look for a cloud-based application that includes a good mobile app.

Make sure the mobile app contains the same features that are found on the full version. If it doesn’t, it may make sense to look elsewhere.

4. Price

While pricing isn’t the most important factor, it can be the deciding factor when it comes to purchasing accounting software. This is particularly important for startups and businesses with limited cash flow.

The most expensive software doesn’t necessarily equate to the best product for your business, so find one that fits your needs and your budget.

5. Scalability

If you’re a one-man or one-woman show, scalability isn’t really important, but if growth is in your business plan, then make sure you find an application that can grow along with your business

Accounting Tools for Business

1. Kashoo

Kashoo is a good fit for sole proprietors, freelancers, and very small businesses, and is one of the better options for those that want to keep track of income and expenses, but are uncomfortable connecting their bank accounts to an accounting application.

Kashoo makes it easy to enter income and expense transactions manually. Source: Kashoo software.

Kashoo offers four distinct activity areas; Actions, Lists, Reports, and Add-Ons. This makes it easy even for new users to jump in and get started using the application without the need to spend extra time learning the ropes.

The application uses a combined income/expense screen where you can record both income received and expenses paid. You also have the option to connect Kashoo to your bank account, but the income/expense feature makes it easy to record necessary transactions without connectivity.

Kashoo offers easy invoicing, with the ability to pay vendors electronically as well as by printing checks, another option that isn’t readily available in other applications. Kashoo also makes entering journal entries a snap, and the list feature lets you track client, supplier, and item details.

Kashoo reporting options are sparse, with only eight reports available, though complete financial statements can be run. Reports have limited customization, but can be exported to Excel if desired.

The benefit of using Kashoo is that it makes it easy for new business owners to enter financial transactions. Another benefit is that while you’re given the option to connect your financial institutions, Kashoo works just as well if you choose not to.

Kashoo offers a single plan at the cost of $19.95/month, or $199/year, and supports an unlimited number of users.

Read The Blueprint’s full Kashoo review

2. ZipBooks

A great fit for freelancers, small businesses, consultants, and contractors, newcomer ZipBooks includes great time-tracking capability.

A great addition to any business that needs to track hours in order to bill clients, ZipBooks is a good option for solo attorneys and accountants or any other professional who routinely bills for time.

ZipBooks built-in timer is a great addition for attorneys, accountants, and other professionals. Source: ZipBooks software.

ZipBooks users a built-in timer to track time, with the timer displayed at the top of the user dashboard for easy access. The timer can be started and stopped as needed, and you can record notes along the way for billing purposes.

ZipBooks offers good accounting functionality, with the option to link bank accounts. In addition, if you do link the application to a bank account, ZipBooks uses a built-in algorithm that assists in transaction categorization, remembering how a previous transaction was recorded, in order to record it properly.

Invoicing options are also available in ZipBooks, with the ability to customize invoicing as desired, with an option to add a payment link to any invoice.

Reports in ZipBooks are fairly basic, though the application does include intelligence reporting which includes a business health score.

One of the biggest benefits of using ZipBooks is that it offers a free plan, which allows you to start small and scale up to a paid plan when necessary.

Along with the free Starter plan, ZipBooks offers two paid plans: Smarter, which is $15/month and supports up to five users, and Sophisticated, which is $35/month and supports an unlimited number of users. An Accountant version of ZipBooks is also available for accounting professionals.

Read The Blueprint’s full ZipBooks review

3. Wave Accounting

One of the best accounting software applications for freelancers, sole proprietors, and micro-businesses, Wave Accounting is completely free accounting software. And when we say free, we mean free.

Not just a few of the features, or a starter plan, but the entire application is free. You’ll only pay extra if you want to accept payments online through Wave Payments or choose to use their payroll service.

Wave Accounting makes it easy to set up your business. Source: Wave Accounting software.

Wave offers excellent invoicing capability, as well as the option to connect your bank accounts directly to the application. Recurring invoicing is also available in Wave, which is a time-saving feature for those who bill on a regular or retainer basis.

You can manage your customers in Wave, but the application offers limited opportunity to track customer details. Although you can add both products and services to Wave, there is no real way to track inventory movement, making it a much better option for service and consulting businesses.

Wave includes 12 standard reports, with financial statements available. Reports have limited customization capability but can be exported to a CSV file for customization if necessary.

Wave’s no-cost price tag can be a huge benefit for small businesses and startups with a limited budget. The downside of the application is limited support availability, with support only offered by submitting a request. However, live email support is offered to those who purchase Wave Payments and Wave Payroll.

Wave Accounting is 100% free for the entire accounting application. If you choose to accept online payments, you’ll be charged 2.9% plus a $0.30 fee for each transaction, a very reasonable price.

Wave Payroll currently charges a base fee of $35 per month, plus a fee of $4 per employee, though full-service payroll is only offered in eight states.

Read The Blueprint’s full Wave Accounting review

Conclusions

Keeping track of money is part of what caused me to get interested in accounting. I came across this eBook (mentioned below) that was published by the Small Business Administration. There are 6 resources that you can get to get help with managing your expenses. You get simple tools that will make running your business easier and more efficient. The purpose of the book is empower readers with tools for making smarter business decisions.