List Of Top Accounting Software For Your Business

Simply put, accounting is the lifeline of a business. Accounting deals with summarizing, analyzing and reporting the financial data and information about a business. An accounting software records and processes the accounting transactions of a business within its functional modules. Financial statements consisting of the balance sheet, profit and loss account, and statement of changes in financial position can be easily prepared with an accounting software.

An accounting software is all about the various functional modules that it has. Some of them are- General ledger which takes care of the company’s financial dealings; Accounts Payable where the company enters its bills and pays the money it owes; Accounts Receivable where money received is entered.

The different categories or types of accounting software are as follows:

a) Small business/personal accounting software which are mainly meant for home users. They are simple and inexpensive with simple functioning such as management of budgets.

b) Low end accounting software are for small business markets that are capable of serving a single national market. Such software are characterized by ‘single entry’ products.

c) Mid market accounting software are for companies with large businesses. These software are capable of serving the needs of multiple national accountancy standards and facilitate accounting in multiple currencies.

d) High end accounting software are complex and expensive business accounting software that are also known as Enterprise Resource Planning or ERP software.

However, you have to keep certain things in mind before buying an accounting software, like the prices of the software, its different features, its after-sales support and alike. Most of the accounting software include all the important accounting modules. The more specialized features a software has, the more expensive it becomes. Your software features must be compatible with your business. Also, the after-sales support is important like FAQ package, local service center and others.

There are a lot of top accounting software available in every category. So, it is not easy to select the best ones. Below are top five accounting software in every category.

A. Small business/personal accounting software:

1.ePeachtree (Best Software)

2.MYOB Plus for Windows (MYOB Software)

3.Peachtree Complete Accounting (Best Software)

4.QuickBooks Online (Intuit)

5.Small Business Manager (Microsoft)

B. Low-End Accounting Software:

1.BusinessVision 32 (Best Software)

2.MAS 90 & MAS 200 (Best Software)

3.QuickBooks Pro 2003 (Intuit)

4.ACCPAC Pro Series (ACCPAC International)

5.Vision Point 2000 (Best Software)

C. Middle-Market Accounting Software:

1.ACCPAC Advantage Series Corporate Edition (Best Software)

2.Great Plains (Microsoft) MAS 90 & MAS 200 (Best Software)

3.Navision (Microsoft)

4.SouthWare Excellence Series (SouthWare)

5.SYSPRO (SysproUSA)

D. High-end accounting ERP Market:

1.Axapta (Microsoft Software)

2.e-Business Suite (Oracle)

3.MAS 500 (Best Software)

4.Solomon (Microsoft)

5.ACCPAC Advantage Series Enterprise Edition (Best Software)

In compiling the above list, a variety of factors such as feedbacks from customers, scalability of the software, and after-sales support are used. Also, the different attributes for different categories have been considered like for ERP software, attributes such as manufacturing solution, supply chain solution and database solution. The above compilation may not be all inclusive and some people might choose to differ with it but it is almost near to perfect list.

Day Care Accounting Software – How to Pick the Best

Running a day care center is challenging enough without financial accounting problems. Picking the best day care accounting software is an important decision, as it will store all of the critical business accounting data and client data of your day care center.

The first step in picking the best software is to survey what is currently available.

There are many generic financial accounting solutions available, but they will not provide the day care industry-specific features that specialized day care accounting software may provide.

Start by researching in industry publications and talking with other day care owners, but also use the power of the Internet to find and research all available options.

Look at the system requirements for each of the software options you have found. If any of them will not run on your current computer system, you will eventually have to either rule them out or factor in the cost of upgrading your system. But first, you need to determine what features and benefits you really need your day care accounting software to provide.

Ease of use is an important benefit. Unless you are very computer savvy and have no other employees who will need to use it, you need your software to be extremely user-friendly and intuitive so that little or no training is necessary.

But there is often a trade-off of ease of use versus power and flexibility. You need the day care accounting software you pick to be as easy to use as possible while still being powerful and flexible enough to provide the general financial accounting capabilities you need as well as specialized features to fill the needs of a day care center.

Obviously you need your accounting software to provide financial accounting capabilities like:

– General ledger

– Balance sheets

– Profit and loss statements

– Billing

– Invoicing

– Accounts receivable

– Payroll

– Tax forms and reporting

You may also want your accounting software to provide extra features like:

– Automated billing

– Automated invoicing

– An online bill payment interface

– Instant receipts when payments are recorded

– Employee work schedules

But day care accounting software also needs to be flexible enough to deal with more complex billing. For example, your rates may vary depending on the days or hours a child is in day care, or you may have to split bills between two divorced parents.

Your software will need to maintain contact information and a comprehensive payment history for every client. You may also need to be able to provide families a detailed statement of their yearly childcare expenses for their taxes.

In addition, specialized day care accounting software may be able to provide extra features like tracking:

– Immunizations

– Attendance, with automated recording of check-in and check-out times

– Food programs

– Calendars of events

System requirements, features, and benefits are not the only consideration when picking the best day care accounting software, though.

You need to be fully aware of any possible licensing issues, software add-on or upgrade needs, and support details. These can all affect your initial or long-term cost.

You need to consider:

– How many client records can the software handle?

– Is there a limit on the number of clients per family?

– How often is the software upgraded?

– Do software upgrades cost extra?

– How long is technical support available for old versions if you do not upgrade?

– Will you need to purchase extra modules or add-ons to get the features you need?

– If you have more than one computer that will run the software, do you need additional licenses?

– Is any training necessary? If so, what will it cost to train your entire staff?

– Is there a charge for technical support?

– How do you contact technical support?

– What are the hours for technical support?

– Will the software provider do any necessary custom programming?

– What is the charge for custom programming?

– How do you get the software (disk, download, etc.)?

– Is there a free trial of the software available before you purchase it?

You should also research what others think of the day care accounting software you are considering. First, check if it is recommended, accredited, or certified by any accounting agencies or accountancy organizations. Next, go to your favorite search engine and enter the name of the software along with keywords such as:

– review

– problem

– bug

– complaint

Do not skip this, as it can save you from a potential disaster! Software always sounds great on the vendor’s site, but you need to know if there are many end user complaints.

No complaints? Great, but now you need to find out whether you can get a better price on the day care accounting software you have chosen.

Go back to your favorite search engine and again enter the name of the software or software vendor along with keywords such as:

– discount

– coupon

– coupon code

– special offer

– rebate

Now repeat the search with the same keywords with the term “site:” followed by the vendor’s domain name, like in this example:

discount site: http://www.example.com

You might be surprised how often you can save 20% or 25% on any online purchase with these two extra steps.

Purchasing day care accounting software is a major investment. Your decision, good or bad, may affect your business for years. Following the steps above, you should be able to pick the best day care accounting software to fulfill your needs. And you should be able to get it at the best price possible.

5 Tips on How to Choose Accounting Software For Your Business

It is important that you choose accounting software that is both suitable for your business, and is easy for your employees or yourself to use. Manual accounting can be very time-consuming, and is also prone to human error. No matter how experienced a traditional accountant is, he or she can still make mistakes that software cannot make.

Most people now understand that a ‘computer error’ is either a programming or an input error, and that people make errors, not computers. It’s somewhat amusing that a machine that can count only in ones and zeros cannot make computational errors. Perhaps we should follow their example! Perhaps one day we will, but that is irrelevant for the moment!

For the same reason, established accountancy software not only saves you time and effort, but also eliminates calculation errors. Redundant data entry is avoided by means of fields and macros, where addresses, for example can be entered at the press of a single button.

Such software has developed in recent years to the extent that virtually no accountancy expertise is required to use it. Hence, if you run a small business, you may be able to avoid the cost of employing a dedicated accountant for anything but auditing and signing off your accounts.

The following 5 tips on how to choose accounting software should give you a good feel for how to select an accountancy software package that best suits your needs. Keep in mind that most modern packages can be run by anyone with computer literacy, and if you make the right choice you can save the cost of hiring a qualified accountant.

1. What do You Need?

First, you should list the accountancy features you require. If you only need to record your income and expenditure, and record profit and loss, then the package you require will be fairly basic and therefore of relatively low cost. There’s no point in buying a Ferrari just to do the shopping!

However, if you run a larger organization, where you wish to track the finances and expenses of individual departments or even individuals, then you will need a few more bells and whistles. You may opt for a more expensive industry-specific accountancy package if you are in an industry such as construction, real estate or finance. In short, the accountancy software you choose should meet your needs, and you are better purchasing the best that meets these needs than an average multifunctional package offering options you will never use.

2. Additional Features

In practical terms, additional features would be included in the heading above. However you also have the choice of the physical form of your hardware to consider. Should the software be suitable for online or desktop use, and should it particularly be designed for portable devices. Can you use it on your laptop and on an iPad or other portable electronic device? Ask this question of yourself first, and if hardware versatility is important then ask the software provider before committing to purchase.

3. Which Brand?

There is a large number of accounting software packages available and the big named brands are not always the best value for money. Once you have decided on the options you need you will still find a good choice available to you – how do you choose then? The important factors are:

a) to make sure you have the features you need,

b) is the support good and

c) can you get a free trial before committing yourself.

4. Shelf Life and Upgrades

You must make sure that your software will not be obsolete when the next generation of computer comes along. Some software packages are more expensive than the hardware that runs them and it is important that you get free upgrades as hardware develops.

Your accountancy software should also be able to be upgraded as your business grows. Rather than purchase a new package, you should look for software that offers extensions or upgrades to your initial package to compensate for your developing business.

5. Cost: Outright Purchase or Lease

Depending upon your choice of accountancy software, you should be able to either purchase the software outright, pay monthly or lease it. Some offer the software on a monthly subscription basis, and often this or leasing might be your preferred method of payment since you are guaranteed upgrades as technology advances – either in software or hardware.

A final tip is that, once you have come to a decision, you should check out peer opinion of your choice of accounting software by visiting forums and reviews. You should enter a search term such as ‘MySoftware review’ and check up what others that have used the package think of it.

This can be the most powerful way to get the best information on your accountancy software available to you. Peer opinion counts for a great deal, and this is possibly more important than any of the above 5 tips on how to choose accounting software.