So how can you make this process easier, less painful and cut your accountancy fees?
Well buying an accounting software package is one way.
First of all you need to decide whether you are going to keep your accounting records manually, that is using pen and paper, for more detail go to: www.quick-selling-software.com.or whether you are going to computerize the process.
If you decide that computerizing the process is the way to go then you need to decide whether to buy an accounting software package, for example Sage or Quicken, or whether a spreadsheet, such as Microsoft Excel will suit your needs better.
As a general rule if you are a cash business that just needs to record income and expenditure then you are better off using a spreadsheet.
So, should you choose an accounting software package? Yes if:
You have customers to whom you extend credit and you buy goods in the same way
You process in excess of 50 transactions per month
Your business is an Incorporated Company (Limited Company in the UK)
AndYou are computer literate or are willing to learn!
Before choosing the accounting software, speak to your accountants ? they will be familiar with the various accounting software packages on the market and will be able to advise you. Most accountants use software in their office to process the bookkeeping for their clients and will have a working knowledge of the accounting software package they use. It may be cheaper for you to use the same one they do, because they can advise you how to get it up and running and will be on hand to answer questions, plus at your financial year end when your accounts need preparing it will be less expensive, believe me to have a compatible program.
I also recommend doing some research yourself, you may be able to obtain a demonstration disk or download of the most popular accounting software packages and this will give you an idea of how they work and if they are user-friendly.
The cost may also be an issue, for more detail go to: www.software-designers-pro.com. so you need to decide on your budget. But consider how your business is likely to expand - you may outgrow that budget accounting software quickly and end up buying the more expensive one anyway.
Accounting software providers may also try and up-sell you a maintenance contract. Save your money! In my experience the established software providers will not have bugs in their systems. They will also try and upgrade you to the next version on a regular basis, but if the software is doing everything you need then there is no need to upgrade.
Accounting Software For Small Business
1) Intuit QuickBooks Accounting Software
Quickbooks is a popular full featured accounting and payroll program designed for small businesses - or, I should say, a small business accounting software series. QuickBooks is available in Basic, Online, Pro, and Premier editions; the Pro Edition of this accounting program includes management tools such as a Vehicle Mileage Tracker and a Cash Flow
Projector
2) Simply Accounting Accounting Software
Full featured accounting and payroll package with all the features and reports any small business needs, including Internet and e-commerce features. This small business accounting software's data entry screens resemble their paper counterparts, and the screen tips and drag and drop functionality make the accounting program easy to learn. Professional versions include a time and billing module. Comes multi-user ready.
3) MYOB Plus Accounting Software
A double entry small business accounting software system with a user-friendly interface and over 100 financial and management reports. Includes a Professional Time Billing Module that is ideal for service businesses and the Officelink feature allows direct one click access to MS Word and Excel. Comes multi-user ready; just purchase an additional workstation license for each additional accounting program user
4) Peachtree Complete Accounting Software
The Complete version of this small business accounting software program includes over 125 reports and features such as in-depth inventory, time and billing and job costing. The accounting program comes multi-user ready and "value packs" for 3 or more users are available. Peachtree accounting software is also available in Premium and First Accounting versions
5) Microsoft Office Small Business Accounting
The big selling feature of this small business accounting software is integration – and that’s a pretty big selling feature if you’re already using Microsoft Office. Being able to reuse data already entered into Excel or Outlook is a really useful feature and the integration with the Business Contact Manager makes it easy to stay on top of accounts. A slate of add-
on services ranges from online payroll through PayPal invoicing
Both Pahal Keshav & Ratcha Wongdee are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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