Choose a financial program that fits your needs and your budget
Gone are the days when paper-based ledgers were the only option to track key accounting tasks. Now, a plethora of small business accounting software choices are available. Accounting software can help your business in numerous ways: reducing errors, saving time, organizing customer data, streamlining payroll and giving you a complete view of your company's financial status. With a clear picture of your financials, you can make smarter business decisions.
Before choosing among software accounting systems, here are some key questions:
- Can it scale or upgrade if my business grows?
- Is it easy to learn and easy to use?
- Does it have all the features I need?
- Does it have features I don't need?
- Will it run on my computer?
- Will it work on an office network?
- Does the vendor offer online and phone support?
- Is the price right for my needs?
The best contacts and resources to help you get it done
QuickBooks rules the roost in small business accounting software
The leading small business accounting software offers many products to fit your needs. Simple Start, its most basic version, is ideal for sole proprietors and tracks sales and expenses, prints checks, pays bills and prepares invoices. More powerful, yet still easy-to-use versions are geared for multi-users in growing small businesses. They work with Microsoft Office and offer additional features, such as managing payroll, forecasting, budgeting and tracking inventory. QuickBooks also offers industry-specific accounting systems for retailers, professional services, manufacturers, nonprofits, wholesalers/distributors, contractors and accountants.I recommend: Take a quick interview at the QuickBooks Web site to determine which program is best for you or compare features.
Try Microsoft small business accounting software for familiarity
If you like the familiarity of Microsoft Office, its Small Business Accounting software may be a snap to learn. This comprehensive accounting software suite includes inventory management, sales order and purchase order processing, job tracking, banking and payroll. If you only need basic accounting help, this program may offer more than you need.I recommend: Microsoft Small Business Accounting provides a comparison chart with other leading accounting software programs so you can decide which one fits your needs.
Try MYOB small business accounting software for Mac
MYOB offers three accounting systems for Mac users, two for Windows users. Its basic version handles simple accounting needs, including banking, sales, expenses and customer management. In its more sophisticated versions, you'll get a comprehensive accounting software suite with tools such as forecasting, budgeting, banking, sales and receivables, purchases and payables, time billing, payroll, inventory management, contact management, appointment scheduling, employee file management and even logo design.I recommend: MYOB offers a free trial version of its software so you can give it a test drive.
Try Peachtree small business accounting software for an entry level solution
Choose from four options: a basic, standard, advanced or premium program. If you're in start-up mode, or you're just switching from manual accounting systems to business accounting software, try Peachtree First Accounting. This entry-level solution offers simple check writing, invoicing and accounts receivable. Look into its more souped-up versions if you need inventory management, payroll solutions, time billing, job costing or depreciation calculations for fixed assets. Check out industry-specific accounting software for construction, distribution, manufacturing, nonprofits and accountants.I recommend: Peachtree offers demos and a side-by-side comparison of features to help you choose a suitable product, or click on "Right Choice for My Business?" under each product heading and answer a few questions to zero in on a program.
Try MultiLedger small business accounting software for a networked solution
A networkable accounting solution, CheckMark's MultiLedger allows up to 10 users to manage jobs, track cash flow, monitor accounts receivable and accounts payable, calculate commissions and manage inventory.I recommend: Download a demo version MultiLedger of so you can test drive the features
Try Simply Accounting small business accounting software for a growing business
Designed for Microsoft Office users, Sage's Simply Accounting comes in a Basic version designed for smaller businesses and a Pro version for growing businesses. With Basic, a single user can write checks, track projects, manage inventory, handle payroll, track taxes and create budgets. The Pro version lets up to six users handle time and billing, departmental accounting and multiple price lists. It also lets you create orders, invoices and time slips using your Pocket PC.I recommend: Sign up for a free trial of Simply Accounting, or check out the comparison chart to choose which version is right for you.
Consider online accounting systems
Instead of installing an accounting software solution onto a single PC or network; you can buy access to accounting solutions hosted online for a monthly fee. The upside is that you (or your accountant) can access your business's financial records using a Web browser; the downside is that you must have a live Web connection to work with your online accounting application.I recommend: Check out Intacct Express, QuickBooks Online Edition, ePeachtree and NolaPro.
Tips & Tactics
Helpful advice for making the most of this Guide
- If you're new to business accounting, consider a solution that also has books - as opposed to online help guides - available to step you through accounting software and the accounting process.
- As you evaluate small business accounting software packages, make sure that your industry-specific versions or add-ons are priced right for your needs, and that you buy the correct version - for example, "basic," "pro" or "enterprise."
- If more than one person will use your accounting software from more than a single computer, make sure that your version will run on a network and/or is priced right for multiple licenses.
- Don't always choose based only a price. A solution that saves you $30 might cost you hours of time if it's harder to use or requires customization.
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