Accounting software

[sculler]

Hello,

Which one is the best accounting software for small business?

Thanks

[vangogh]

I don't know that there's one best accounting software. There are pros and cons to all software and which is best for you will depend on your needs. What kind of operating system will it be installed on? What are your account needs? How are you planning on using the software?

Quickbooks from Intuit is probably the most used accounting software for small businesses, but there are others. If you can help us with more details I'm sure we can help you find something.

[sculler]

Thank you, Vangogh!
Just tried QuickBooks for Windows 7 It looks like suitable for me

[GarethS]

Hello,

Which one is the best accounting software for small business?

Thanks

Most of my clients use Sage. My advice when asked though is to contact your accountant as they should have knowledge of a range of software and the one best for your business.

It can also help to use one they use as the data is easily transferred and read by them. They can often help if you have any issues or questions with the software.

[vangogh]

Good point about asking an accountant. Not only will they likely know the software, but they should be able to help you choose the one that's right for your needs.

I've heard of Sage, but can't say I know much about it. I've been looking for something for myself and I always end up looking at either Quickbooks or Account Edge, both for the Mac. I can never make up my mind. Fortunately for me my brother is an account and he's going to be visiting me in a couple of months so I'll have time to ask him what he thinks.

[TheResourcefulCEO]

I've used Sage, Peachtree Accounting and Quickbooks. My personal favorite is Quickbooks. Many CPA firms use Quickbooks and so it's easy for them to export the data from the Quickbook database and check the data from their office. This works well for businesses that outsource much of their bookkeeping and accounting to external bookkeepers and accounting firms. It also works very well for those who get their financial statements compiled, reviewed or audited. The easier it is to check and confirm information, the lower the hours and overall cost.

In addition, Quickbooks has a solution for companies of all sizes, from sole proprietorships with no employees and few customers to companies with a few subsidiaries and numerous employees.

Finally, I find that businesses that outgrow regular Quickbooks can move onto Quickbooks Enterprise then onto other larger, Hyperion-based systems as they grow. The transition is relatively smooth, in comparative terms.

I'm not an accountant but a former CFO coming from the finance side who has worked with a lot of accountants at all levels internally and externally. These are just my personal preferences based on my experiences and my reasons for those preferences. Hope it helps as you make decisions as to what is best for you and best meets your needs.

[Freelancier]

What I've seen is that the products from Sage -- and that includes Peachtree Accounting -- are designed for companies that want to do double-entry bookkeeping. QB is for companies that want to manage their bookkeeping more like they manage their checkbooks and bank accounts. I prefer QB, but I can see the case for Sage's offerings. But your accountant should help you decide.

[vangogh]

That's interesting. I hadn't really thought about who each software was for. It makes sense there are different parts of the market and each serves a different segment.

I would probably go QuickBooks for myself, except they don't get good reviews on Macs. Intuit seems to not care very much about Macs and the software usually lags behind its Windows sibling. It's certainly the more commonly use application, which is a reason to use it. However the poor reviews are what has me looking at AccountEdge as well. Whichever one I go with, I'll probably also sign up for merchant services with them so I have to review how the services compare as well.

[VeritasCustom]

I use Wave Accounting. It's totally free and has worked great for me.

[vangogh]

I was going to ask how they make money and suggest you might want to be wary about using free accounting software, but then I saw they have a pro network and a business model in place. Looks like decent software and the price makes it easy to give a try.

[Jennifer]

Hey sculler,
Quickbooks is one of the best accounting software for small business.:)

[Adam Bluemner]

Figuring out which accounting software can be tricky. There are literally thousands of options on the market. The reason there are so many options is really because different business types need very different things.

For instance, if you run a construction business, you need to track totally different things than a retailer. A small contractor needs to look at things like estimating costs on jobs, comparing actuals to budgets, maintaining 1099 data, etc. A small retailer might not care about any of that and instead is thinking about inventory counts or e-commerce. These are very basic examples, but you get the picture. Because of niche specialization, savvy buyers can take advantage of automation opportunities available via technology at a fraction of a cost of replicating the same functionality manually. Returning to that contractor example. Let's imagine they are a painter. One of the most tedious administrative tasks that doesn't make them any money and just burns up time might be doing calculations of material requirements for every job based on square footage. There are actually take-off estimating programs available that automate that. It might only save 20 minutes a job, but over the year that might represent 100 hours that are returned to the business owner and available to be applied to billable work.

So, figuring out the right software isn't just about looking at the industry, it's also about looking at the opportunity for automation. A $200 program that doesn't have take-off capabilities might be ok, but a program that requires a $1000 investment and can save a few grand could be a better one. OR NOT.... Perhaps, that capital could be invested in yet another program--or any other business tool--that yields an even better investment return.

The bottom line is to be educated about your options. Look at the default choices that are designed for general small business usage. Figure out how much time they'd save you and the value of that time. Consider what additional performance data they'd give you and make a reasonable assessment of how that can help you make better business decisions. Then look at that against options that are designed for your industry and particular business challenges and do the same. Demos, case studies, and industry references are all good things to look at as well to help get a very clear picture of what using that software will really look like for your business.

Best of luck!

[Choice Checks]

Sage software (Peachtee Accounting) is a excellent program to use. It gives you the true numbers (especially if your using FIFO and LIFO). It is harder to learn but very good to use. If you need to create a invoice (payment and PO) you can do that in one click, vs QB that is several steps. Most banks dont support PEACHTREE to download your statements in. Same thing with ecommerce store. Not able to import. QB is supported more with ecommerce and banks. Each program has its pros-cons, but will work great for any business. I would recommend doing a trial and use it hard of each and then make a choice that would be good for your business needs.

David Hamlen
Choice Checks

[Brian Altenhofel]

So, figuring out the right software isn't just about looking at the industry, it's also about looking at the opportunity for automation. A $200 program that doesn't have take-off capabilities might be ok, but a program that requires a $1000 investment and can save a few grand could be a better one. OR NOT.... Perhaps, that capital could be invested in yet another program--or any other business tool--that yields an even better investment return.

This is one of the primary reasons I use Quickbooks Online. I create a customer in QBO, and that customer gets created in my CRM and help desk software, as well as many other places. A customer places an order online, and they are automatically created in QBO if they don't exist (and thus created everywhere else), and invoices and payment records are handled immediately in QBO.

At one point a few years ago, my "client boot up" time was close to two hours. Now, I just pick whatever application happens to be most convenient at the moment and it takes 5-10 minutes.

[wrober]

Hey David, great description about Sage. We use Sage 200 and I like because it's modular, which means I can pick and chose the modules I need/want. Sage 200 ERP | Sage 200 Suite from DMC Software (http://www.dmcsoftware.co.uk/Sage200Suite/) is a good otpion. But as Adam said depend on your business type.
Best,
Will

[justin-coreassistance]

I've been using FreshBooks for a little while now and like it a lot. Great invoicing, ties into my business bank accounts, etc. For tracking time I use their iPhone app (free) and a Mac app called ChronoMate (paid).

[rjoyce3582]

I use Quickbooks online for almost all of my clients. I recently was introduced to wave and signed up to see how it was. It is a really good accounting software for a simple start up. Pretty comprehensive, cloud base, and free. The dashboard and basic functions actually remind me of Quickbooks online. It does have other options you can add for a small fee. You can accept credit card payments thru script. Wave doesn't actually charge for this but Script does. You can also do payroll for a VERY reasonable fee.