If you're anything like me then you dislike with a vengeancedoing your accounts and taxes.
So how can you make this process easier, less painful and cutyour accountancy fees?
Well buying an accounting software package is one way.
First of all you need to decide whether you are going to keepyour accounting records manually, that is using pen and paper,or whether you are going to computerize the process.
If you decide that computerizing the process is the way to gothen you need to decide whether to buy an accounting softwarepackage, for example Sage or Quicken, or whether a spreadsheet,such as Microsoft Excel will suit your needs better.
As a general rule if you are a cash business that just needs torecord income and expenditure then you are better off using aspreadsheet.
So, should you choose an accounting software package? Yes if:
• You have customers to whom you extend credit and you buygoods in the same way
• You process in excess of 50 transactions per month
• Your business is an Incorporated Company (Limited Company inthe UK)
• You are computer literate or are willing to learn!
Before choosing the accounting software, speak to youraccountants - they will be familiar with the various accountingsoftware packages on the market and will be able to advise you.
Most accountants use software in their office to process thebookkeeping for their clients and will have a working knowledgeof the accounting software package they use.
It may be cheaperfor you to use the same one they do, because they can adviseyou how to get it up and running and will be on hand to answerquestions, plus at your financial year end when your accountsneed preparing it will be less expensive, believe me to have acompatible program.
I also recommend doing some research yourself, you may be ableto obtain a demonstration disk or download of the most popularaccounting software packages and this will give you an idea ofhow they work and if they are user-friendly.
The cost may also be an issue, so you need to decide on yourbudget. But consider how your business is likely to expand -you may outgrow that budget accounting software quickly and endup buying the more expensive one anyway.
Accounting software providers may also try and up-sell you amaintenance contract. Save your money! In my experience theestablished software providers will not have bugs in theirsystems. They will also try and upgrade you to the next versionon a regular basis, but if the software is doing everything youneed then there is no need to upgrade.
Of course, you could also pay someone to do your accounts foryou, either your accountant or a bookkeeper - the payoff beingyou don't have to do it yourself and it frees you up toactually run your business!
Copyright © Jakki Francis,(UK), 2005
About The Author: This article is copyrighted. Please feel freeto use it in it's entirety including copyright information andinformation about the publisher. Jakki Francis operates thewebsite http://www.accountingsoftware-reviews.com
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