Running your own private label products business means keeping up with a lot of moving parts. You have to worry about sourcing, marketing, copywriting, and keeping up with the competition. With all of these customer-facing tasks to take care of, it’s easy to forget the business organization that needs to take place on the back end.
Tracking your income and expenses is a huge part of running your own business, and that means you need to keep your eye on these things at all times. Of course, we all have our own individual gifts, so hiring a bookkeeper is always an option. If you do plan to handle the financials on your own, there are a few programs you can investigate.
This is perhaps the best-known solution available—so prevalent, in fact, that the brand name as now become a catch-all for bookkeeping software. You know: Kleenex instead of tissue, Jacuzzi instead of jetted tub, Band-Aid for adhesive bandages, and now QuickBooks for running the business side of your business.
Pros: Easy to use—even if you’re not a computer genius, easy-to-read reports, affordable pricing options, and flexibility with some third-party apps.
Cons: Industry specific features for large inventories work well but are expensive—a distinct drawback for small businesses, system crashes, poor customer support, and user limitations.
As you can see, there are some ups and downs, as with everything. Before making a choice, do your research to make sure QuickBooks has everything you need.
Xero is another highly regarded accounting software that could be a good for your business, depending on how you do business, of course. It’s a pretty robust system with some features that QuickBooks can’t offer, so it should be high on your list to investigate.
Pros: Easy integration with banking, easy-to-use interface, cloud-based applications and storage for accessibility anywhere, payroll options, and frequent updates.
Cons: Some payment types such as PayPal can slow the process, and online-only businesses can put a strain on the system.
This isn’t a solution for brand-new entrepreneurs or enterprise-level businesses, but if you’ve grown to a medium-sized organization, it could be the best fit for you.
This growing online bookkeeping application is a great option for small to medium-sized businesses. FreshBooks is smaller than the other options, so you’re bound to get some great customer service, if you ever need it. Don’t be fooled by their size, though; they’ve won some big awards and the future is very bright for them.
Pros: Huge range of features, cloud-based invoicing, online payment gateways, time tracking with easy transfer to invoices, expense tracking, seamless collaboration for joint projects, easy reporting, and a mobile app you can use anywhere.
Cons: Reporting features aren’t as robust as other programs, and some bugs still exist in email systems.
In addition to these popular options, you can also check out Quicken, NetSuite, FreeAgent, Zoho, and Sage Intacct. Keep in mind that you may need to give a few of them a test drive to make sure they have the features and options that you need for your individual business. You may also have to sacrifice some of your favorite features to get the software that best fits your needs.
We can’t make a specific recommendation for you because everyone’s business is different. We can, however, walk you through many of the other aspects of starting, growing, and running your private label product business. Don’t hesitate to reach out and schedule a free consultation with us! You can also join our FREE 5-Day Bootcamp at any time for a little boost to your business.