small business accounting software

I make a least one video per day like the one above to help the people who use this low cost replacement for small business accounting software (for example Quickbooks) to master new skills and improve their business (the video above took about an hour to make). As I shall show you in a moment it is now very simple to take the skills and knowledge you have and turn this asset into digital content and market and sell it to a worldwide audience. I recommend you build your own information product (digital content) from scratch as the return on your investment in time will be higher (profit margin) and you will have the added benefit of being able to learn more about your customers and build more value into your product.

I hope you are aware of iTunes, but I bet you didn’t appreciate it is probably as significant to the progress of the Internet as the web browser in as much as it is a powerful way of accessing, downloading and organising video content. I love these video distribution platforms as they really have helped me sell and build a reputation for my low cost alternative to conventional small business accounting software such as Quickbooks or Peachtree.

The first thing you need to understand is how to prepare your knowledge or content so as you can turn it into video, don’t worry its quite simple. As opposed to using pen and paper I generally like to use software slide making tools like Microsoft powerpoint or Apple Keynote as they are really easy to put interesting content into and you can use the output in your video. The really good news is that you can produce a storyboard, create your video and fine tune it and get it to market without spending any money what so ever the most this exercise is going to cost you is time and effort and believe me you will learn so much that you will look back and see that this is time well spent.

I have been creating my videos in Podcast, YouTube and downloadable video format for over two years now using a really fantastic tool called Camtasia Studio which is developed by TechSmith a US company, whatever you do watch all of the tutorials before downloading the thirty day fully functional trial. Downloading and installing the Camtasia software before you have got everything else ready will reduce the amount of time you have to produce and refine your video.

Now you know what tools you need to create your videos and in the next few days I will be publishing to this blog (owners permitting) another and much more detailed lesson on storyboard creation using how I created and distributed my small business accounting software videos as real life examples of what is possible.

small business accounting software

If you are running a small business or using small business accounting software it’s vital that you master reading and understanding your profit and loss statement. And if you are stuck You will find videos on Youtube in the Small Business Heroes channel to help you understand this report or statement.

What you have sold, spent and how much profit you are making in a time period is reported in the profit and loss or income statement.

The Profit and Loss or P&L is often referred to as the Income statement, it tracks and reports the financial activity of your business over a period such as a month or a quarter.

Here is a very simple overview of how to read the profit and loss report and understand the financial activity.

I will discuss how the profit and loss report created by most small business accounting software is formatted and why it's done this way

I will walk you through the simple mathematics in the profit and loss that result in the bottom line or how much profit you are and are not making.

Just one important point before I begin. You cannot tell from your profit and loss how much cash you have. Get this straight right now profit does not equal cash, they are entirely different animals and always have been. The balance sheet tells you the amount of cash you have available and the financial position of your business.

Always first is Sales (in other words how much you’ve sold),it’s also known as Income or Revenue and is always shown at the top of the profit and loss report generated by your small business accounting software The balance or amount on this line is derived from your Income Accounts.The Income accounts contain a detailed history of the products and services you have sold.

So if you’re reporting by month and in March you invoiced or sold 1,000 worth of Products or Services. This line will show a balance of 1000.00 for March.

Each line in this top section represents the sum of the transactions over the time period you specify when you run the profit and loss report