Simple Accounting Software
Many small and mid-sized business owners are in the process of researching simple accounting software packages and platforms that can fit within their budgets and still provide all the services they need to help them manage multiple accounts, tax issues and vendor contracts. During the current economic downturn, many business owners are looking for the most efficient but also functional simple accounting softwareproducts, since they need to stay in business during the slowdown, but they also want to stay ahead of the competition when the market returns.
The best simple accounting software packages available at the small and mid-sized business level that don’t require an integrated ERP system or, in some cases, a landscape of software created by the same provider, are Sage Peachtree, Tally Accounting Software, and Intuit QuickBooks. Other packages are also available in addition to these, and like these, many providers offer different levels of service scaled to different budgets. Simple programs offer only the most basic features, and advanced or premium packages offer more and cost more. At the most fundamental level, many forms of simple accounting software are available as freeware or open source programs that can be downloaded from the internet at little or no cost.
At the very least, simple accounting software packages should offer the user the ability to create balance and ledger sheets to keep track of income and expenses. The user should be able to enter a transaction only once and the program should be able to sort the transaction into the proper journal and make the necessary calculations without error. The simplest programs should provide budgeting and planning tools as well and should allow the user to reconcile the balance statements from multiple bank accounts. Simple business management tools may be available at this this level, but more complex business management functions end to incrementally increase the cost of an accounting software package.
In the next cost category, simple accounting software products should help the user to create cost and opportunity comparison charts. With these charts, a small business owner can compare different financing, loan, and credit card opportunities. Individuals and business managers involved in real estate acquisition can use this function to compare mortgage offers and opportunities as well.
At more expensive product levels, simple accounting software packages should allow the user to translate currency for multinational transactions. Some high functioning software packages also have language translation features and features that can provide assistance with local, regional and international tax laws. At the most complex levels, accounting software packages for small businesses offer industry specific features, helping business owners manage regulation and compliance issues, manufacturing specifics, and product lot tracking. For very small businesses, these features may not be necessary.