Accounting is Easy With UnitWise
Ladies, how are you managing your expenses? Do you have an accountant? Are you entering all your account information that you need in your own excel sheet? Do you have a banking app on your phone that you glance at every once in a while?
Well UnitWise, the complete business management solution that’s specifically designed for those in the beauty industry is here to help with accounting and financial tracking features that will simplify tracking your expenses, income, sales, bills, and more. These totals can even be generated in easy-to-read reports for you!
Setting Up Accounts With UnitWise
Once you sign up with UnitWise you’ll gain access to accounting and financial tracking features that can be accessed in your dashboard. Simply log in and click “Accounts” then “Chart of Accounts” to see all of your various banking-related accounts.
There are a few basic premade accounts titled ‘Checking’ and ‘ProPay’ but you can add as many accounts as you would like or customize the preexisting ones.
Some examples of the accounts you can create are “Unit Spending”, “Lisa’s Checking”, and “Office Expenses”. The possibilities are endless.
Keep in mind that these accounts aren’t linked to your actual bank accounts, so you don’t need to enter any of your banking information. Simply enter their current balances and transactions to keep track of money that comes in and out as you go.
Within the accounts page, you can edit any account at any time to change the name, type, or balance. You can also view your recent transactions. Under the transaction tab, you can view between one or even 100 of your recent transactions. You can also search for specific transactions.
Under the Accounts tab, you can track expenses and other income like interest and rebates. You can also transfer money between accounts at any time to make sure your accounts accurately reflect your finances.
Expenses, deposits, transactions, and more can quickly be added to your account. For example, Under the Accounts tab click “Expenses” and “Create expense” to add a new one. You can enter the expense name, date, payment type, payment amount, payee, and more in a matter of seconds. The expenses can even be split between multiple accounts.
Then to view your reports to keep track of your financial success, tax totals, and more. Simply click “Reports” under the Home tab in your dashboard. Then you can click on the type of report you would like to generate. For example, under ‘Sales” you’ll have the option of running a report for Party Sales, Cost of Sales, Annual Expense Details, and more.
The Year-End/Tax report will generate all of the totals you need to complete your return and the report can easily be printed or emailed to your accountant. You can also view your WAS reports to see how your unit members are progressing.
To run a report simply click on the type of report you would like to generate then you can enter in your custom dates. You can also elect to run the report for the year to date, calendar year, and more. When your desired dates have been selected click “Run Report”. It’s that easy.
Start Accounting and Reporting Today!
*Content found in the UnitWise blog is for informational purposes only. UnitWise is an independent business with no affiliation to Mary Kay®.