Time tracking is an integral part of many businesses but it’s often a tedious and disliked part. Despite this, time tracking is highly important on both the revenue side and the expense side.
The Importance of Time Tracking
Posts by Phil Kirkendall:
Xero or Quickbooks?
So you’ve made the decision to move from a desktop accounting application to the cloud. The next question is, which vendor will you choose? There are many worthy choices out there that will serve most businesses. However, we’re looking for the most optimized solution and there are certain factors that need to be considered. QuickBooks Online is the most widely used and recognized player in the industry.
Our firm reviewed QuickBooks Online and Xero, another major player in the could accounting space. After reviewing both QuickBooks Online and Xero, we settled on Xero for these four reasons.
Modern Envelope System
Before technology and credit cards ruled our lives, cash was king. It was simple to not spend more than you had because if it wasn't in your wallet, you couldn’t spend it. The “envelope system” became a great way for those struggling to get out of debt to plan their monthly expenses and climb out of the financial hole. After receiving a paycheck, you would cash the check and then place money into each of your envelopes representing a segment of your expenses. Examples of envelopes for an individual may include: mortgage, utilities, savings, insurance, and general purchases. The result is that you take control of your money and plan out your finances instead of being a slave to debt. The same can be done in a business!