The New Accounting Software System
This quarter, my team members and I are working with Mr. Rivera, the founder and CEO of Green Bay Hauling, to implement the plans that we developed over the last quarter. Primarily, our goal is to help organize Green Bay Hauling’s finances. After building an accurate and up to date income statement and balance sheet, we plan to build a portfolio that Mr. Rivera can use to secure a loan for Green Bay Hauling. With this loan, Mr. Rivera can invest in more debris boxes which will allow him to increase the size of his business, take on more clients, and ultimately earn greater revenues. With summer fast approaching, Mr. Rivera has ensured us that he will not have any shortage of customers in the coming months. Given that most construction is done at this time of year, and Mr. Rivera has the capacity to manage many more debris boxes, it is our goal to help Mr. Rivera purchase as many boxes as possible.
In order to execute this plan, our first step is to organize all of Green Bay Hauling’s invoices and previous records. Luckily for our group, Mr. Rivera has done a fantastic job organizing these documents thus far. Given that these documents are already sorted by month and transaction type, it has been somewhat straightforward to find the information that we need. Our group considered using QuickBooks to enter all of Green Bay Hauling’s financial information online. However, we quickly realized that although QuickBooks is a highly robust and powerful program, it is simply too complicated for our purposes. Rather than learn to use QuickBooks, we have decided that it will be much more effective to use an online accounting software called Wave Accounting to record Green Bay Hauling’s financial information. Wave Accounting is a much more user friendly software. Yet, it is still sufficiently powerful for us to organize all of Green Bay Hauling’s financial transactions in a helpful way. We believe that Mr. Rivera will benefit from continued use of Wave Accounting to track the future earnings and expenses of Green Bay Hauling.
Moreover, it is important that we show Mr. Rivera exactly what we are doing at each step of this process so that he will be prepared to use Wave Accounting himself when we are no longer able to help him. Currently, our group is considering developing tutorials that Mr. Rivera might use to learn Wave Accounting more efficiently. Furthermore, we are working closely with Mr. Rivera to actually purchase a debris box. As a group, we have decided that the most efficient use of our budget will be to subsidize the cost of a 40 yard debris box for Green Bay Hauling. 40 yard debris boxes are the largest boxes that Mr. Rivera hauls and the boxes that are in the most demand. Moreover, these boxes are more expensive for customers to rent than smaller boxes and therefore earn the most revenue for Mr. Rivera.
As we continue to work with Mr. Rivera in the coming weeks, we hope to complete Green Bay Hauling’s financial portfolio and begin to teach Mr. Rivera how to use Wave Accounting so that he can record his future business transactions.