QuickBooks vs. Teesom, which one is better? The truth is, you need both! This article will explain why Teesom perfectly compliments QuickBooks to run your screen printing, DTG printing or embroidery shop.
Most decorated apparel businesses were started from the owner having a passion over something that they love to do. The guy who was screen printing for someone else thought one day, “I should have my
own business. Not only will I run it better than this looney toon I’m working for, but my quality will be higher, and I can do more jobs that are specific to my interests.” And so, a new entrepreneur was born.
The problem with this scenario is that most of the time when someone starts a business, they know a whole lot about running production (the technical aspect of a business) but little about managing a
business or growing a business. This is why very few new businesses actually survive their first year. They see money in the bank and think they are successful.
But is that all that QuickBooks does? Tell you when you are successful?
Here are some of the things that QuickBooks, and any accounting program, were designed to help with
- Create a Balance Sheet
- Create a Profit and Loss Report
- Possibly help with payroll
- A system for paying your bills
- Keep a running balance of your business checking account
- Help you make informed decisions about your business
- Tracks Accounts Receivables and Payables
- Tracks Sales tax to pay to various government agencies
Here’s why you really need QuickBooks
- It gives the other half of your business overview, mostly from the expense side, i.e. your overhead expenses such as rent, utilities, credit card fees that are not captured in Teesom.
- It helps you make educated decisions about your company
- Questions like “is it time to hire another employee?” or “should I buy a new piece of equipment?” are easily answered through analysis.
- Cash flow projections
- Should (can) I take on this big new customer who is going to bring me 1000 pieces a week but doesn’t want to pay for 30 days?
- Profitability of your company
- Can I actually start paying myself back now!?!?
- Understand the health of your business
- Am I even profitable? Can I sell my business now for a profit?
- Predict the future from past trends
- Has my screen-printing sales exceeded my embroidery sales?
- My top customer’s use to be in building/construction but now it’s medical
- Get more productivity from your expenses
- My cost of goods went up and I discovered I had an employee ordering goods through my account
A business is sometimes defined anatomically: The management is the brain, the marketing is the muscle, and finance is the blood. Without the financial aspects the brain becomes uncommunicative and the muscle unresponsive. Understanding the basics of finance, is essential if any business is to survive and succeed.