The key to running a successful business is consolidation, meaning it is better to have a single software system that helps run and keep track of your business, than it is to use many different systems for different functions. One of the key areas where you can do this is to purchase commercial screen printing software that fulfils accounting needs in addition to business functions. ShopWorx is one such system.
• Tax: As a business owner, you have many different tax elements to keep track of throughout the year. These include withholding enough money from your employees’ paychecks, making monthly tax payments, figuring out your own taxes and the business’s taxes, and more. You also need to make sure you are being extra careful when you do your taxes throughout the year, because the IRS targets small businesses for audits more often than they target individuals. Business software helps make sure you are withholding and making monthly payments exactly on time each month and that all of your other accounts are in audit-ready, perfect order.
• Cash Flow Analysis: This accounting software function is particularly useful in making sure you are using your resources as effectively as you need to be in order to maintain a healthy business. This type of analysis can show where you are spending money too much and how you can cut back.
• Budgeting: A computer program is much more capable of keeping track of your finances than your brain is, so it is much wiser to enter all of your information and create budgets for your business season, certain projects, months and more, with the help of Apparel ERP software, rather than estimating.