Make Managing Your Business Easier With Good Accounting Software

When it comes to large, multi-million dollar corporations, it's a given that these companies use accounting software to help manage their finances. But what about small business? Believe it or not, in our computer saturated world there are many small business owners who still manage the financial aspects of their business with old-fashioned pen and paper. Certainly there's nothing wrong with this; generations of business owners used the system long before the computer was invented. However, they also used to hitch horse to wagon for a trip into town.

Having run several small businesses of my own, I know that a good accounting software package makes all the difference in the world, especially at tax time. The most advanced and complex programs can be set up to track all transactions that have tax implications. With a mouse click or two you can have the numbers crunched and displayed or printed, ready to utilize when filing tax returns. Some programs can even interact with your tax preparation software, importing the information and automatically completing your returns.

Although various accounting software packages have their own bells and whistles, these programs commonly provide three main functions: billing & invoicing, ledger accounting, and customer management. Depending on the program, other features that might be available include accounts receivable & payable, inventory control, scheduling, budgeting, forecasting, financial planning, and more. Users can also choose between single-entry and double-entry programs.

Single-entry means that all the modules within the software are dynamically linked. In a single-entry program you might create an invoice for John Doe; when the invoice is completed, you're done. The software automatically takes the invoice information and plugs it into the ledger module, the tax modules, and so on. A double-entry program requires the user to input information into each module individually.

Depending on your operating system and budget, there are dozens of options to chose from when purchasing accounting software. Far and away the most popular of these programs is Intuit's Quickbooks. It is available for both Windows and Mac, but not for Linux. The popularity of Quickbooks resides in its ease-of-use and long list of useful features. It has some bloat, but not as much as would be expected from a commercial product. Quickbooks' biggest draw backs are price and licensing.

Microsoft offers its Accounting Express and Accounting Professional suites which integrate with all of the Microsoft Office products. It uses the familiar Office interface and allows sharing and merging information across all of the applications. There's also Peachtree Accounting, Mac Accounting, MYOB Business Essentials, and Simply Accounting.

If you are working on a low budget and don't need the power of a professional suite you might consider some free packages like Free Accounting Software 2.0, Big4books. com (online service), or GnuCash.

Occasionally there are businesses that have very unique needs in terms of accounting software and office integration. Sometimes off-the shelf products are insufficient, not customizable enough, or lack needed features. If your business is in this position another good option is to hire a software developer to write a program specific to your company. It costs a bit more but it might be worth it in the long run. 

Matthew Kerridge is an expert within the computer software industry. If you are looking for cheap accounting software please visit http://www.ebuyer.com/

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