Options for your business accounting software
If you are starting out in business or you are planning expansion one of the tools you may need to look at is your business accounting software. There are several different options available and finding the right solution may take some time.
A good starting point may be to speak to your accountant or bookkeeper if you have one, they may have a product that they use and can recommend. It is also worth contacting other businesses or look on forums for recommendations.
We have outlined some of the options available for your business. Look at each option and find the advantages and disadvantages.
Free Accounting Software
There are a couple of free accounting software downloads available. One of the choices that I have looked at is Pandle. It is a great start to using a full accounting package; there are some features which are paid for. I have used Pandle for a couple of small businesses, and on both occasions it has worked well for the needs.
Free Microsoft Excel Templates
There are several free Excel bookkeeping templates available for download, most of these are for the very basic business, and you may find that you need to transfer to another product fairly quickly. Some of the templates are also fairly difficult to use, and mistakes can easily be made. Ensure that you test the template first and if they have a demo take a look to see if the reports included are useful.
We have written some of our own free Excel bookkeeping templates. We try and make them simple to use, with clear instructions. Our templates include Cashbook, business expenses and petty cash.
Paid Microsoft Excel Templates
Paid for Excel templates can be a cheap solution with a one-off payment. If you are going to pay for a spreadsheet; ensure that you can do a trial first.
Business Accounting Software – Cloud Accounting
What is cloud accounting? Cloud accounting is becoming a very popular product for business accounts. You pay a fixed fee each month which includes support and upgrades. All the software and data is held on a remote server, which you can access from any PC. Most of the suppliers offer a free trial of up to 60 days. Some of the choices include QuickBooks, Sage, Accounts Portal, Kashflow and e-conomic.
Accounting Software Packages
The traditional way is to purchase an accounting software package such as QuickBooks or Sage. It can be an expensive initial outlay, but in the long term may be cheaper than paying monthly for cloud accounting. On top of the software, you may also need to pay for support on a yearly basis.
Look at our accounting software reviews section for further details about the different packages available.
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