Keeping track of resources for a small business owner is important because it translates into money.
In earlier times, businesses required a a qualified bookkeeper to keep the company accounting records. But in more recent times, the introduction of accounting software has made the keeping of accounts a much more efficient process.
In addition, mistakes or other inefficiencies are reduced with bookkeeping software.
At the end of every reporting period, it is these bookkeeping records that report the business’s profits or losses, assets, liabilities and equity. The entire process can be worthless if not done properly.
Over the past 15 years or so, more and more accounting software solutions have entered the market for small business owners .
They are generally quite cost effective as well as being quite easy to use for someone who has been trained in bookkeeping.
They also cover a number of functions such as tracking cash flow, inventory, invoices, payroll and even customer relations management.
Here are a number of the popular packages:
- Intuit Quickbooks
Quickbooks has four editions from basic to premier. They have a huge market share and because accountants are risk averse and tend to go with the most popular product, Quickbooks will continue to be very popular.
Xero is the new kid on the block and is spending millions on marketing even though the company is yet to make a profit. Having said that, it’s marketing is generating a lot of hype that is gaining it market share quickly.
- Sage 50 Accounting
Sage is another major international company that has been around for a long time. It has several versions that vary in their complexity. Sage is very popular in the UK.
- Simplazz 1-2-3
Simplazz 1-2-3 is a very easy program at the other end of the spectrum as it is focused on micro small businesses who know nothing about accounting. This is a great program for micro-small business owners and created by Cashflow Manager in Australia.