Small Business Accounting Software

 

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Small Business Marketing

When it comes to your company's accounting system a properly employed technology can be a wonderful thing. But without adequate planning, technology can also unleash a risk that will wreak havoc within your company. Every small business needs to know where the money went and is going. In such a situation an accounting software program simplifies your small business accounting tasks, and provide all the reports and tools you need to effectively use your financial data.

Basic things to consider before purchasing accounting software for your business:

Capability

Your first step has to be an assessment of your business accounting needs. If you sell a product, then your accounting system needs to be capable of tracking your inventory. If you sell a service, then a client tracking system would be another important feature.

Either way, your software should be able to meet your tax reporting, invoicing, and payroll needs in addition to the basic accounting features required to monitor ongoing sales and expenses. But buying an oversized software program can quickly burden your accounting department with an unwieldy and impractical record-keeping system.

Expandability

As your company develops, your accounting software should, too. By planning for growth when you purchase your software, you will save yourself unnecessary costs and headaches down the road. Many accounting software providers intentionally design their products with business development in mind. Find one that allows you to purchase expansion components or upgrade to a larger system at a discounted price.

Compatibility

Your software should be well-suited with the hardware and software you are currently using. Beyond that, you also need to know whether the new software is capable of importing the data from your current accounting program or spreadsheet. If you can't import from your existing program, just know that you will need to re-enter a certain amount of old financial data into the new system.

Cost

Cost is always a consideration and to some degree, the effectiveness of your small business accounting software will be determined by what you are willing to pay. Accounting software programs can be purchased at the cheapest rate, but these programs are typically limited in terms of consistency and expandability. More reliable programs can cost hundreds or even thousands of dollars, depending on the size of your business.

Accounting Software Suitability for Your Small Business

Out-of-the-box accounting software is most suitable for small and medium-sized businesses that have standard accounting needs. If your business needs unique data reports, make sure the accounting software you choose offers customizable reports. If you run a service-related business, check to be sure the accounting software includes features such as a time and billing module.

All accounting software claims to be "user-friendly", but you'll still need to invest some time in learning how to use it. Take a close look at the accounting software before you buy it.

In terms of the learning curve, online help makes the program more effective. The accounting software should have features such as screen tips, a searchable help index, demos, print and online manuals available.

Some Small Business Accounting Software

In the process of selecting accounting software for your small business, there are quite a few choices: Quickbooks, Peachtree, Microsoft Great Plains, Microsoft Solomon, MYOB, Netsuite, Accpac, Simply Accounting, AccountEdge and a hundred others.

1. Intuit QuickBooks Accounting Software

Quickbooks is a popular full featured accounting and payroll program designed for 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 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. It is also available as multi-user.

3. MYOB Plus Accounting Software

It is 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 OfficeLinks feature allows direct one click access to MS Word and Excel. Comes multi-user ready; 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 is available as 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. 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.

Small business accounting software is a wise investment for your business. You will find the financial outlay pays more than for itself by enhancing your company's efficiency and productivity. It can be a great tool for your small business, allowing you to keep track of all your financial data, and easily produce reports for effective planning. But because you'll be using your accounting software frequently, it's important to ensure that you pick the accounting software that's right for your business and your needs.