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The number of accounting software packages tailored to small businesses has proliferated in recent years. Today you have a wide range of accounting capabilities and price points to choose from.
Yet it's estimated that half of the nation's small businesses still don't use accounting software, despite its wide availability and indisputable benefits. With several applications available for less than $100, now's a good time to take a closer look at the benefits of accounting software.
Get a solid return on your investment
in financial software
First and foremost, financial software provides an easy way to organize your accounts. This orderly storage of your financial records can save you tremendous time and reduce headaches if you need to research payment histories or if you're ever faced with an audit.
Financial software also automates much of your day-to-day record keeping. You can configure software so that debits and credits to your account can be automatically tracked for up-to-date balances. And through automatic online bill payment, you can guard against late-payment penalties when you schedule.
In most cases, a good accounting software package will help you:
• reduce errors
• maintain a clear view of business performance
• simplify payroll procedures
• save time with better information organization and faster retrieval
Determine the capabilities you need
Consider the size of your business and the level of accounting capability you require. Several options exist for under $100 that should meet your needs if you only want expense tracking and invoice capabilities. But if you need additional tools such as payroll processing capability, accounts receivable and payable reports and profit/loss statements, you can find several packages for less than $500 with these high-end capabilities.
Consider accounting supplements
Many third-party vendors offer supplements to the more popular accounting software packages on the market. These supplements contain tools that simplify accounting in specific industries. For instance, if you're a nonprofit organization, there are supplements that provide templates and other specific forms designed around regulations and reporting requirements for your industry.
Setup and support
Most accounting software packages install on your computer using setup wizards. Though the setup times vary from product to product, small-business accounting software doesn't require any special skills or training for installation. Nonetheless, if you're concerned about installation, manufacturers offer various phone and online support options if you need help. Some products also offer user forums where you can learn more about your product from others who use it on a daily basis.
Retain your accountant
The implementation of accounting software can practically eliminate your dependence on an outside accountant. But business experts recommend
that you retain the services of an accountant for tax preparation and filing purposes. Here again, your ability to generate and present organized reports to your accountant at tax time will greatly reduce the amount of time your accountant spends going through your records. And when accountants charge by the hour, this type of preparedness and organization can pay off significantly.
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