Accounting

Now it's time to buy that accounting system you've been thinking about. Make it something that doesn't take a CPA to understand, is easy to operate and doesn't take up all your valuable time to set up. Think about these things before you buy:

f you have employees, you may need a payroll function

Do you need to track inventory? What method do you use?

Will the software exchange files with your bank?

Do you have, or will you need, a tax prep package?

Are there any unusual accounting requirements for your company or industry?

A HEARTY SOLUTION

There are several good packages out there for the new businessperson who is not an accountant. It is important to note that these packages don't replace the need for a business to seek the assistance of an accountant! In fact many businesses require an outside audit. These software packages will NOT replace that cost, but may help alleviate it by providing the accountant with easy-to-follow record keeping!

These are some good software packages that are readily available. Look them up, compare price and features, and see which one best fits your needs on paper. These all have a free trial period, but try to make as good a choice as possible before embarking on that free trial. After all, it takes a while to set up any accounting system, and you’d much rather do it only once! That said, the free trials are a valuable way to assure yourself that the accounting software will meet your needs before spending your hard-earned cash. Definitely take advantage. And if the package falls short, try another with your newly adjusted requirements in mind.

Here are the best-rated packages available:

Peachtree Software is a full-featured accounting system that comes in various "flavors" for specific industries.

Quickbooks is made by the same people as Quicken and has some of the same look and feel. It's a good beginning accounting software.

Simply Accounting is another good beginners' choice.

MYOB Plus is a full-featured accounting software that has a Mac version with an especially good reputation.

Microsoft Small Business Accounting integrates with your current Office products and gives you a similar look and feel, which could shorten the learning curve.

RECOMMENDATION

When you can afford it, it is well worth the price to buy one of the accounting packages above designed for small businesses. These packages provide an all-in-one solution to many of your accounting needs. Besides keeping track of all your transactions, they can tell you if you're profitable or not, write checks or send electronic payments for you, download financial information from your bank, print invoices, track your receivables, prepare your annual financial statements, send all necessary data to your tax preparation software or firm, and much more!