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What features should I look for in small business accounting software?
I think my company needs accounting software. I have no experience looking for solutions, so I don't even really know where to start. What are some of the features solutions I consider MUST have?
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6 Answers
I've been working with small business for 10 years. Most start with QuickBooks or Peachtree to get started. I would recommend one of those to track expenses and write checks and create financial statements. The next step would be a mid-market solution like Microsoft Dynamics GP which will allow you to have sales orders, purchase orders, inventory and financials all integrated with potential for integration to SharePoint, CRM, and other applications down the road. Check out www.erpsoftwareblog.com for more information on selecting a software package.
The features you should look for are:
Accounting
Invoicing
Expenses management
Financial reporting
Tax reporting
Contact management
Inventory management
It sounds to me like you are not an accountant. Quickbooks & Peachtree are pretty intense and most people find it hard to set them up without some accounting knowledge. Another good, inexpensive and easy option is www.workingpoint.com.
WorkingPoint has all of the features above, managed through the dashboard, which contains a daily operating report, a profit and loss module, areas that provide feedback on who owes you money and vice versa. There’s an easy to read expenses report, plus buttons that allow you to create new quotes, invoices, etc. Along the top of the dashboard there are menus for contacts, invoices, bills,items,accounts, reports and your company profile.
For $10 a month you get invoicing reports: Profit & Loss (Income Statement), balance sheet, bill and expenses tracking, double-entry bookkeeping, contact management, inventory management, cash management, online company profile, customisable business dashboard, data import/export, firewall protection, SSL encryption, data backups, unlimited users, unlimited customers, tax reports, payment collections through PayPal and recurring invoicing plans.
The features you should look for are:
Accounting
Invoicing
Expenses management
Financial reporting
Tax reporting
Contact management
Inventory management
It sounds to me like you are not an accountant. Quickbooks & Peachtree are pretty intense and most people find it hard to set them up without some accounting knowledge. Another good, inexpensive and easy option is www.workingpoint.com.
WorkingPoint has all of the features above, managed through the dashboard, which contains a daily operating report, a profit and loss module, areas that provide feedback on who owes you money and vice versa. There’s an easy to read expenses report, plus buttons that allow you to create new quotes, invoices, etc. Along the top of the dashboard there are menus for contacts, invoices, bills,items,accounts, reports and your company profile.
For $10 a month you get invoicing reports: Profit & Loss (Income Statement), balance sheet, bill and expenses tracking, double-entry bookkeeping, contact management, inventory management, cash management, online company profile, customisable business dashboard, data import/export, firewall protection, SSL encryption, data backups, unlimited users, unlimited customers, tax reports, payment collections through PayPal and recurring invoicing plans.
Look for a simple user interface that is comfortable for you based on your experience level. Not too many options. Determine what is your desired level of financial analysis, Your accountants or advisors can determine when you need to move from a starter package like Quickbooks to a more sophisticated system like Microsoft Dynamics GP.
I strongly urge you to look at a cloud based solution for your small business. I recently blogged about a Wall Street Journal article that predicts a strong migration towards the cloud in the small business segment. http://bit.ly/hLuEFp
I have tried out indinero.com for keeping track of finances. It is very easy to figure out and much friendlier than a typical clunky application. Quickbooks offers a web-based version too, so that is worth a shot too.
I totally agree with George's comment above. Look for a simple user interface that allows you to easily follow what is going on in your company.
Bob,
Your question is not clear to me.
1) What do you mean by "I Think" ?
2) Hard to determine from your question if a) your company has already a system/software in place and is not happy with it and looking for something more adequate, or b) has nothing in place and not sure if a software will do you some good?
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