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The Advantages of Using Accounting Software

Accounting Software Makes Managing Your Business Much Easier

You did not start your business to spend your time handling paperwork—filling out forms, filing returns, billing clients, and paying bills. You want to spend your time focusing on growing your business. You want to spend most of your time doing the things you want to do—the reason your started the business in the first place! While it appears to be a daunting task to keep track of all the things you need to do to run your business and be in compliance with tax authorities, a good bookkeeper and accounting system will solve your “back office” problems and give you the time and control to run your business effectively.

Accounting software will make your life much easier! It will track your sales, accounts receivable, accounts payable, bank transactions, and provide you with a host of reports to better run your business.

You can print your invoices and checks. You may want to send your invoices electronically rather than printing them, saving your company paper and postage and getting the invoice in your customers’ hands more quickly. Also most accounting software interfaces with spreadsheet software so you have added flexibility in viewing your business statistics. The software may also include payroll software (usually at an additional cost), which will provide you with weekly, monthly, quarterly and annual reports for analysis and tax filings. If you have four or more employees, an outside payroll service such as ADP or Paychex should be evaluated. These services are relatively inexpensive, save you time and make sure that all payroll taxes are paid and returns filed on time.

Many Packages Are Not Expensive And They Are Simple to Operate

There are several excellent accounting software packages available. The cost and installation varies depending on the size of company and the type of business you are. For less than $200 you can purchase on off-the-shelf accounting software package that will provide you with sophisticated reports and tracking of financial results. The price increases somewhat for more bells and whistles. For example, if you require inventory controls the accounting software will be a bit more expensive. We recommend finding a bookkeeper first and get his/her recommendation regarding the appropriate software for your business. Accounting software is relatively simple to operate but require certain skills to set up so a bookkeeper, certified in the particular software you choose, should implement the software for you. The bookkeeper will train you or a member of your staff to run the software and will be available on a regular basis to review the input and adjust any items needing correction. An experienced bookkeeper will help you make sure that all local, state and federal returns are filed on a timely basis and comply with regulations. And, when it comes to financing the business, the bookkeeper will help you compile the essential reports to meet the finance company’s requirements.

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