What is the best accounting software for small business

 

What is the best accounting software for small business?

 

Well it’s January. Time to compile all of your business financial information needed to prepare your tax return. Most business owners are not exactly jumping for joy at the thought of adding up all those numbers.

hours at the computer

 

And how do you arrange all of that information to look at the big picture of the past year? If you don’t have a bookkeeper who puts it all together and hands you a Profit & Loss statement then it’s up to you as the business owner to get those numbers.

 

Accounting software is designed to track all of that information and give you reports based on those numbers. There are a lot of choices out there. So what is the best accounting software for small business?

0001091_quickbooks-pro-2016-3-user-download_300Hands down, the best accounting software for small business is QuickBooks


 

My opinion is based on 10 years of running my own bookkeeping business. I have done bookkeeping for a number of different types of business over the years. From caterers to farmers, QuickBooks works well for all of them.

 

Although most of my clients have me do their bookkeeping for them. Some business owners prefer to do their own bookkeeping and hire me to show them how. One of the very first things I have them do is purchase software. And the software I always recommend is QuickBooks.

 

Specifically QuickBooks Pro because it offers all of the features they would need without getting into anything to technical.

 

QuickBooks was designed with the “non-accountant” in mind. The home page shows you icons arranged in a way that makes it easier to see what you need to do.

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Before you see this home screen you’ll set up a company in QuickBooks. It will take you through a question and answer interview which will set your company file up based on your specific information such as name, address, EIN, and so on. Then based on the type of company you are in and what information you want to track.

Bookkeeping in a nutshell, is tracking all of the money that comes into and goes out of your business. You’ll be entering all of that information in in a way that is familiar to you such as writing checks and creating invoices. QuickBooks will take that information and keep it in the accounts you tell it to. Then with a few clicks of the mouse you can retrieve it all arranged neatly into professional looking financial reports.

There are many other features you’ll come to appreciate and depend on including

  • Create invoices or sales receipts with as little or as much detail as you want. You can even email them to the customer without ever leaving QuickBooks
  • Show payments on those invoices
  • Post your bills along with the due date and let QuickBooks remind you when they are due
  • Keep contact and account information for all of your customers and vendors
  • Reconcile your checking and credit card accounts
  • Track your assets
  • Optional add on payroll means you can process all of your payroll and print paychecks or send direct deposit right from within the software

One of my favorite features is the ability to download information from financial institutions right into the software saving you tons of time keying in multiple transactions.

Intuit does have an online version as well and although I don’t use that service myself I know a lot of business do. It’s set up a little different than the desktop software and it’s important to note the two do not play well together. You’ll need to pick one or the other.

QuickBooks Pro is software that you download on your computer and all of your data is kept there as well. You pay for it once and you own it.

QuickBooks Online is cloud based software. Nothing to download, always up to date, and available from anywhere you can get online. This is a subscription service that you will renew yearly.

Whether you prefer a cloud based subscription or a software you own, QuickBooks is the best accounting software for small business.

Keep watching for more information about QuickBooks to come as I’ll be posting how-to’s, tips, and tricks using QuickBooks software.

Got something specific you want to know how to do? Leave a comment below and I’ll do my best to help you!

Thanks for your time,

Barb Kessler

6 Comments on “What is the best accounting software for small business

  1. Hello Barb Kessler,
    Thank you for sharing this information.. As a small business owner myself I understand getting caught in the confusion of spreadsheets. QuickBooks sounds like a easy to follow solution. Your in-depth analysis is extremely helpful in making the correct choice for my accounting needs.

    1. You won’t regret it Ellen. Although I love excel for lots of things, QuickBooks makes bookkeeping SO much easier. And you can get reports with one click of the mouse!
      Thank You,
      Barb

  2. Well done! I need this information, because I’ve just started a network marketing business and I just started renting out my home in another state. Now I don’t need to wade through all the software programs out there and try to figure out the one that best addresses my needs. Thanks!

    1. Thank you Dennis, and good luck with your business! Network marketing sounds fun! QuickBooks can most definitely help you track the rental income and expenses as well.
      Best Wishes,
      Barb

  3. Quickbooks sounds like something I may want to use sound’s like this software will do it all for you wow. I think that I will need alittle more information can you send me more info ? Then I can make a better decision if this is for me thank you.

    1. It really is a very robust software. I’ll be posting more about QuickBooks and all the things it can do but in the meantime I’ll send you an email.
      Thank You,
      Barb

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