Time to choose accounting software?

Choosing accounting software for your business can be daunting especially if you are starting out in business. This article will present to  you some of the options available.

There are many different types of accounting software and vary just as much in price ranging from free to thousands of pounds. Here is an explanation of some of them.

Online Accounting Packages

With this the program and data is accessed online, which means

• You can log in from any Mac or PC via the Internet
• You’re not tied to one computer

 However you will not be able to use this system – for example – if:

• Need more than five users
• Are looking for a payroll system (check with software provider)
• Want time tracking or forecasting
• Require stock control

There are usually more than one version available depending on how many reports and how complex your accounting needs are.

Desktop Accounting Packages

This accounting software can be downloaded using the internet or can bought on CD from stores or online. With this type of software the program and the data are stored on your hard drive. It is therefore only accessible on that computer or on any computer that you install the program on.  If more than one person is going to access the program and accounts file at one time you will need to purchase a multi user package. The data for this type of accounting package can be stored on a network computer, however it is stored on a hard –drive as opposed to online. The program will have to be installed on each computer that uses the program.

As with the online accounting packages there are different versions available, depending on how much you want to do with the accounting software.

Free Bookkeeping Software

As the sahying goes ’there is no such thing as a free lunch’ and although there is free software available it usually comes with limitations and expectations. Providers do this in the hope that you will purchase the full product at a later date.  For example QuickBooks Simple Start is free to download, however you can only keep a record of 20 customers and 20 suppliers. You cannot keep track of your on account suppliers or who you owe money to and has limited amount of reports.

All said and however itis a way to help you started, especially if you are setting up on a limited budget. You can upgrade to a more comprehensive version once you are more cash liquid.

Spreadsheet

If you don’t want to use accounting software you can also consider using  a spreadsheet. If you know the basics of MS Excel or any other spreadsheet package, this won’t be too difficult to do. However we would be happy to help set one for you or provide you with one of our templates for you to adapt to your needs.  Send us an email request and we’ll get in touch to see how we can help. Alternatively give us a call on +44(0)7714408165 mentioning this article.If you would like some templates already made for for you, we recommend that you try this. Click here to view more details

There is a very wide choice when it comes to accounting software and it can be confusing, especially if you are new to it all. The advice I would give is to read the reviews of others using it. See if they have a demo version that you can at least see how it looks. Speak to your accountant to see what they recommend. However be careful your accountant doesn’t advise you to use what would suit THEM for you have.

When choosing Accounting Software always look at the comparison charts of the different versions as this not only helps you compare but can also highlight what the different versions can and can’t do.

Getting Help

Once you have bought your software it is a good idea to get someone to help you get started. It helps to have input from someone who knows what the software can do and relate that to what you need now and in the future. AW-Accounting & Business Solutions is one such company and can help you out. They offer a set price package to help you get started as quickly & painlessly as possibly. They can help with most software packages and are registered QuickBooks Professional Advisors. Making use of this will save you hours of your time figuring it all out, allowing to do what you are meant to do and that is make money!