Red Wing Software - Notes from the President Ken Hilton

Ken Hilton - President Red Wing Software

Spring is here according to the calendar. Although, with snow on the ground in many parts of the country, it may not feel like it. The arrival of spring prompts many of us to start thinking about doing some spring cleaning. Included in your spring cleaning should be a review of your financial information. Here are a few things to think about cleaning up.

When entering transactions, it’s easy to enter, as new, the name of a customer or vendor that may already exist in your database. This creates a duplicate of that name and may make it difficult to find transactions related to that name. Having duplicate names also skews the numbers, when performing analysis of the business you’ve conducted with that person or company. In CenterPoint, you can easily go into setup and combine duplicate entries, making it easier to find transactions for that name.

Another example is one that I recently completed with my own personal data. Since I started keeping my personal records in our software (November 1987), I have had separate accounts (subaccounts) for electricity and gas under a utilities account. After over thirty years, (apparently, I’m a slow learner) I realized I have never looked at my utility costs at that level, so I combined the two accounts into a single utilities account I called “gas and electric”. Not a big deal, but it makes my data a little cleaner.

Of course, it’s also the end of a calendar quarter, and that’s always a good time to take a look at how your actual business is doing compared to the budget you created for the year. (You did create a budget, didn’t you?) Also, it’s good timing to check inventory that you have on hand against the information in your accounting program.

I’m sure you can think of a number of other things that can be done as part of your spring (data) cleaning.

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