Accounting and Bookkeeping Software Overview:
Accounting Software Available To You On The Market
When you want to keep track of your records regarding financial matters with your computer you will need quality accounting or bookkeeping software. There are many to choose from on the market. Many have different features. If you have a business or personal life that requires a certain specialized system you may be able to find it already available to use with a software program that has been created. The trick is finding the right one for your needs.
The software ratings on the market will give you an idea of the types of products that have the highest ratings. This does not mean that it is the right fit for your needs, but it will give you an idea of what you can find. These different ratings include the ease of use by those who have rated it.
They also include the features that a program has. This of course includes accounts receivable and accounts payable. But it also includes features such as payroll, inventory, banking and timed billing. You can also find the basis on a product’s use and containment of invoicing, general ledger and even its ability to accept credit card transactions for you.
The number one rating on the market today is Peachtree. This software ranks the highest for usability by consumers and those who tested all of the top selling products. Out of all of the software features listed, the only two items missing were electronic deposits and taxes. So if you need a program for electronic deposits then this top rated program is not for you.
Rated second on the list was MYOB Business Essentials. These were rated just like every other accounting software program. This program does not allow you to track fixed assets or calculate shipping costs. So again, if these are needs you have for your business then it may be a great program, but not the one for you.
Third on the list, and most likely the best recognizable brand, is QuickBooks Pro. This is the professional versions, as there are many different programs that the company makes for different levels of use. It is interesting to not that Peachtree average price is around two hundred dollars and MYOB is a hundred dollars, while the third rated program is in between the two at an average price of one hundred fifty dollars.
Rated fourth and fifth on the list is interesting as well. These are NetSuite Small Business and Cougar Mountain. The price rises significantly on the price list, though they are not in the top three. Both of these programs cost on average over a thousand dollars.
Rated on the list in the following order are Bookkeeper, Simply Accounting, CYMA IV for Windows, DACeasy and Bottom Line Accounting. One item that lowered them on the scale was the ability to handle fixed assets. Peachtree is the best at it while Bottom Line Accounting does not support it. Pricing did not seem to have an effect on the rating in the accounting software that was reviewed.
A suitable accounting or bookkeeping software for your business should have the features your business needs. For example: do you need inventory tracking, or does your business requires detailed reporting to submit to share holders. There are programs on the list starting at less that forty dollars on up to programs that cost over a thousand. The best thing is to know your needs before investing in any program. Then you are sure to get exactly what you want and what you need.
Jay on behalf of Nooshin
What is Accounting Ledger?
If you are running a business, then you will need to keep an accounting ledger. You can, save yourself a lot of time and effort by using a good accounting software program that will do the necessary work of keeping the accounting ledger updated for you. Of course, no two businesses will keep their accounts in the same way and so the software package that you end up with must be one that is flexible enough to cater to different accounting requirements.
When it comes to maintaining accounting ledger, there are however certain basic requirements that do not change across business entities. These include controlling financial statements and creating and tracking invoices. Other aspects that remain the same across businesses include maintaining control over inventory and keeping proper accounts receivable and accounts payable records.
In regards to maintaining an accounting ledger with the help of software, it is important to select a software program that is flexible because there is going to be a need to tailor the programs to handle unique issues. These include maintaining the profit and loss account and creating a balance sheet as well as performing cash flow analyses. Each of these aspects begins with the general ledger and each of these financial statements is important as they indicate the state of health of the business entity.
By studying profit and loss accounts, balance sheets and cash flow analyses, a company can know at any point in time whether it is performing well or poorly. By using these statements, company’s can identify trends which should be analyzed so that proper action can be taken to keep the profitability and financial health of the company at optimum levels.
As an entrepreneur, you will need to pick out the root cause of various trends which in turn can be discovered by checking the financial statements. The first step is to look at the accounting ledger. This is why it is important to choose a software program that shows maximum flexibility in so far as its ability to handle the general ledger goes. This added flexibility will also help in identifying the points at which different trends originated and this information can then be used to fix up problems wherever and whenever they occur.
For example, if after studying the general ledger, you see that there is a decrease in expenses then you need to start the process of pinpointing where the trend began. Without proper software, this can be a tedious and very difficult task. The right accounting software can help you keep track of multiple numbers of accounting ledgers and in this way make the task of pinpointing trends that much easier.
Proper software must have the ability to display all the different journal entries in the accounting ledger with no more effort than performing a few basic keystrokes or by just clicking the mouse button.
This is a very important aspect to picking the right software but you should take special care to pick only a suitable software because otherwise you will not benefit much from your investment in the program.
Issue: When restoring Simply Accounting CAB file, you encounter an error.
There might be various reasons for this. In my case it was due to these points:
1- I was backing up my data from a directory that had some unknown files in that directory (folder), like ibdata1, iblogfile, and errorlog.txt.
2- The directory name that Simply Accounting data files located in were called something.SAJ. The folder name with the extension of SAJ is a special name Simply Accounting uses for its data. I think it will cause problem, if I create a folder name with that structure myself.
How to fix this problem:
1- When creating a folder to save Simply Accounting data, give it a name without SAJ extension. For example you may want to save your data as mycompany.SAI in a folder you created as: C:\mydocuments\data. You basically end up with a file named mycompany.SAI in the folder of: C:\mydocuments\data and you also end up with a folder created automatically by Simply accounting called: mycompany.SAJ in the folder of: C:\mydocuments\data. What you don’t want is creating a folder called: C:\mydocuments\data.SAJ
2- If restoring still gives you error: Open up your original data. Click on File and save it as a different name in a different directory. Now back up it up. The resulting CAB file should be ok now. To make sure, try to restore it.
3- If restoring is still problamatic, clear the option of verify data during backup.
Many think that by having all the innovations of today’s world such as the Internet, Twitter and PDA, we must be able to apply them to our every day life. With the world at our fingertips, organization is a much simpler task to achieve if you know the right place to go.
It seems with search engines such as Google, I can find whatever I want and right now, I want my receipts off my already cluttered desk. A busy life is almost a given with every man, woman and even child. Our daily consumption and expenses are mixed with our hectic schedules and I find no time to see where my money is going.
I, personally, am not prepared to go through my mountain of financial documents to see what I spent my last pay check on. If only I could type in key words in a search engine to find a certain receipt or invoice, then I wouldn’t get lost in my barge of finances. One entry and voilà, my dream come true.
There is interest in digital management of receipts online where a simple scan can take your disposition and change it into a mood of confidence. Small business owners and consumers at home can easily mail their documents to scanning services and these companies will use Optical Character Recognition (OCR) to read even the most faded receipts. With other features such as automatic image readings for distorted images and laser recognition, my horribly chaotic desk is seeing a solution.
Recently, I stumbled across the fact that these scanning services will also enter your information into a secure online account to view, email, print or export in many formats like PDF, Excel, Quicken and numerous others. Now I didn’t have the extra worry that I would be cut short when tax season came around because I prepared the numbers incorrectly.
Somehow I’ve managed to fit digitizing and organizing my receipts into my demanding schedule. I have protection for my financial documents, preserving them in case of an audit, and my records for taxes are much more accurate. When I get off work, I don’t go home to attempt to file my receipts. I just head to the postal office and send my papers where my virtual filing assistant can organize them.
Although, some may find that having their personal finances in the hands of someone else is an uncomfortable thought. This is clearly understandable, but does not mean the same services do not apply. If you wish for one less stressor in your life, buy the scanner along with the software to download onto your own computer, in your own house.
By purchasing a scanner and its counterparts, you still have the ability to identify and locate information, and to automatically organize your receipts into a simple database. You are able to still view, email, and export and at the end of the year merely search for neede documents for tax forms.
With the advanced world of today, one can get lost among the responsibilities of modern life. However, there are always affordable, innovative ways to maintain organization and accomplishment. My desk is clear of clutter, as is the financial aspect of my daily routine.