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It’s coming to the end of the financial year in my home town of Australia and in many parts of globe.
Stay On Top of Your Accounting
So far I’ve stopped working for an employer, and now I’m embarking on a journey of self employment instead. Many of you can perhaps relate to this. Since you’re now working for myself and working with clients and customers directly, you have to be the one in charge of your own financial destiny.
That includes taking account of your finances. Admittedly, I haven’t had a strong expertise in accounting. I’d say I have a stronger background in computing, law, international relations and economics.
Lucky for me, I have a thirst for learning, and I am currently figuring out more and more how to get on top of my accounting, and my taxes.
As a result, I’d like to help you out too with some very basic tips and resources about accounting software that can help you get on top of your money, whether you are self employed or not, a social entrepreneur or an employee.
Accounting Software Efficiency
Accounting software can allow a small business to achieve much greater efficiency, but choosing the right package can be confusing. A basic package should do things like calculate VAT (for British companies) or GST (for Australian companies), run reports and break down spending by supplier, as well as make it easy to compare revenues and spending.
Microsoft Excel
Starting off with a basic package from a well-known supplier can be a good way to begin. A very basic software program that you can use is Microsoft Excel
It comes with spreadsheets to help you calculate and organize your finances in a systematic way. There are shortcuts and macros that you can use to speed up the process of accounting. It’s very customizable depending on your own style of accounting, although it lacks step by step guidance for absolute beginners for how to use the program for specific accounting tasks. You’re going to have to figure it out for yourself. I use Excel for my own accounting and bookkeeping.
MYOB, Quicken & Quickbooks?
However, many companies may need more then just the basics. That’s where I think accountinf software like MYOB, Quickbooks and Quicken come in very handy. For example, if your company needs to link online orders, a more specialized package may be necessary. Upgrading your accounting software with the same supplier is smart because it makes it easier to migrate all of your customer data and supplier records from one package to the other.
When buying an accounting software package it is wise to pay for added support services, especially if accounting or computing is not your specialty. These added services can save you a lot of time and hassle.
I had the fortunate opportunity to try out other software packages that specifically focus on business accounting. I tried out the free version of the MYOB accounting software for instance. It was the basic version, but it already came with many features to help me keep track of my cash flow, income and balance sheets. Nonetheless, as a newly self employed person, I found that the MYOB software was a bit tricky and rigid for my liking. I do agree however that it can be beneficial for those who have a strong accounting processes already in place. For novices like me, I felt more confused and overwhelmed more than anything.
I also tried out Quickbooks and Quicken and encountered the same sort of problems. These are powerful accounting packages, however, they were too complicated for me. I intend to perhaps use these effectively in the future, but I think that the best option for me now is to simply use Microsoft Excel
Efficient Payroll Accounting Software
ezPaycheck
When considering accounting software specifically for payroll, a new edition of ezPaycheck payroll software from Halfpricesoft.com is one solution that can help small businesses to handle their payroll tax processing quickly and efficiently.
The latest edition of the software has been updated with the new Form 941, and also includes customizable payroll reporting, an auto-fill paycheck data feature, customizable tax and deduction features, and employee list export feature, income tax rates updates and tax for updates.
Halfpricesoft.com specializes in payroll tax software for small businesses, non-profits and accountants, but ezPaycheck features a user-friendly design that makes it ideal for non-accountants with basic computer skills as well. EzPaycheck frees up time for small business owners to focus on more important tasks by taking care of the tedious chore of calculating payroll taxes for them.
Online Accounting Software
Bill.com
Bill.com is an online accounting software as a service provider that is bringing powerful new document management and accounts receivable features to small businesses seeking better control of their day-to-day finances.
The company has announced significant product updates that allow for better management from any mobile device 24/7. They specialize in providing integrated bill payment, online invoicing and cash management solutions for small and medium sized businesses, as well as accounting and bookkeeping firms.
Bill.com is used by tens of thousands of businesses to streamline their accounts payable and accounts receivable processes, because it enables them to make smarter payment decisions and get paid faster. The company has added updates that will eliminate the need for many paper-based activities and streamline the accounts receivable process down to a minimal effort.
Have I Missed Any Good Business Accounting Software?
Share some business accounting software that has helped you and your business or social enterprise.
Using Accounting Software for Business Efficiency http://goo.gl/fb/5rUJj #socent http://dlvr.it/W6WwW #vgiveadamn