When you decide to start a small business in today’s unstable economic climate, it can be frantic, difficult and highly expensive. Initially, you may think it’s just a case of buying or making products and selling them for a profit, right? Wrong! If you fail to keep your books properly in order, your new company may head for bankruptcy just as it’s gets up and running.

For these reasons, it’s vital to organise your accounting system in order to keep your business on a solid grounding. It should be integral to every financial decision you make, from purchases, sales, inventory and salaries.

If you are lacking in an accounting background, as most people are, you may be wondering where to get started. The first step is to select some small business accounting software. This will help to organise all of your financial records and important for every business, big or small. Some of the main things to look for when selecting some accounting software for your business are:

Simplicity. Choose software that is easy to install, set up and understand. Navigation should be simple and offer a walk-through of the applications.

Accounting Applications. You will need common modules such as accounts payable, accounts receivable. There are some questions you need to think about before you purchase accounting software; does it cover all your basic accounting needs? Can the software cope if your company grows?

Reporting Options. Choose software that allows for creating a range of reports. The software you choose should be able to create at least one report for each module. If you can, choose software that will allow you to create your own customised reports. Reports can benefit you by unveiling areas that are harming and benefiting your business.

Help Facility. Your software should be available with email, phone and live support. A help section should be available with indexed topics and a search facility. The help centre should have qualified technicians and accountants on hand to assist you.

We consider the following three to be the best accounting software for small businesses:

1. Peachtree Complete – 10/10 – Covers almost everything a small business could need from accounting software.

2. MYOB Business Essentials – 9/10 – Plenty of reports available and offers a great deal. Very cost effective.

3. QuickBooks Pro – 8/10 – Another good alround option. Only lacks a little in additional services and miscellaneous features.

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