Accounting software is now affordable for any size business. And most accounting applications can serve as your entire accounting system, handling general ledger entries, accounts payable, accounts receivable, inventory control, and payroll services. Look for an integrated approach to managing all these areas for increased efficiency and decreased training costs (see below). Your accountant won’t have to spend precious time sorting through disjointed data from multiple systems when you have a complete accounting solution.
A Complete Package by Aron Govil–
The best accounting packages include a variety of tools for you to manage your small business needs. And he/she will need a general ledger module to record journal entries; a general ledger reports feature to summarize your business’s financial activity; accounts receivable and payable features to track money coming in and going out of the company; an inventory control module for managing inventory levels, purchase orders, shipments and receiving; payroll processing that generates paychecks and W-2s for employees according to government regulations; accounts payable or accounts receivable module for entering bills and invoices as they come due.
Any accounting software package should also offer tools to help you reconcile bank statements with your company records. If there are additional modules you need beyond these basics, look for a program that will allow you to customize it by adding new capabilities through an open application programming interface (API). You may be able to your own custom applications built on top of the package’s core capabilities.
A Complete User Experience –
Aron Govil says a good accounting software program includes a user experience that is intuitive and easy to use. The interface should not require a lengthy manual or training course before you feel comfortable using it. Look for a design that offers a common-sense way of working with screens organized into related tasks, functions, and tools. You don’t have time to learn how to use an unfamiliar program when you have invoices waiting to be mailed out. And employees who need their paychecks so they can buy groceries at the end of the month!
Integrated Approach –
Chances are your accountant will want your business’s books prepared according to GAAP (Generally Accepted Accounting Principles) guidelines. This means s/he will want your company’s general ledger information in order to produce financial statements. If you’re using separate programs for each aspect of your small business, the accountant will spend valuable time sorting through disjointed data from multiple systems rather than working on other tasks that will bring you more revenue for your business (see below).
A Fraction of the Price Tag –
One of the biggest benefits to having accounting software for your small business is the significant savings compared to hiring an outside bookkeeper. Or purchasing expensive commercial-grade accounting software packages. You can download free trial versions of many accounting applications online and purchase full-featured packages for less than $100—about what you would pay a professional bookkeeper every week to keep up with just one area of your business.
Ready to try it yourself? Visit our homepage for a list of accounting software options. And check out our comparison article to see which software is right for your small business.
Account Edge simplifies small business accounting so you can focus on growing your business instead of worrying about paperwork. With fast startup times and intuitive data entry features like QuickBooks® and QIF imports and exports, learning how to use it is quick and easy — no CPA required! And Account Edge is perfect for both Mac and Windows users — all with a single purchase!
New Features of Account Edge Pro 2017:
- New Dashboard tab that puts your key numbers at-a-glance
- Enhanced income and expense tracking to help you better understand how your business is doing, month over month.
- Expanded Excel imports and exports, so you can get more done in less time than ever before.
- And much more!
Accounting software is built for small businesses by small business users! You can download free trial versions of most accounting applications online and purchase full-featured packages for less than $100—about what you would pay a professional bookkeeper every week to keep up with just one area of your business.