Is Your Business Accounting Software Up to Speed?

When you run your own small business, you are required to choose everything from the products you sell to the type of computer you use.

This also includes managing bookkeeping and accounting on your own, which requires really good business accounting software.

There are many different types of software programs out there, most of which run well and provide you with what you need.

But with a new year around the corner, it can beneficial to take a look at your current software and decide if it might be time for a new one.

Here are some benefits of good accounting software and tips on what to look for:

New Accounting Software

While replacing your accounting software annually isn't usually necessary, there are some new upgrades you might be interested in.

By shopping around before 2014, you can find some great programs that might have special features you have not yet been able to use.

Technology is always advancing, offering you even more capabilities when managing your small business accounting. The higher quality program you get the more reliable and easier it is to use.

Benefits of Accounting Software

There are two main categories of benefits to selecting really good accounting software for your business: front office and back office benefits.

Back office benefits are for you, as the person running a business. This includes having proper order and organization of calculations, records, tables and ledgers.

Front office benefits are for other employees that handle information through your computer or server, where you can give them permissions to use accounting software you select and help you, but you choose only what you want them to have access to.

How Accounting Software Helps You

So why do you need accounting software in the first place?

Regardless of the type of business you run or how large it is, you have accounting to take care of. With software, it provides everything you need, whether it's preparing invoices, paying expenses or printing payroll checks.

It also includes additional security, so nobody else can gain access into your financial information. By having software you can trust, you spend more of your time focusing on your business, and less worrying about the accounting aspect.

Tips for Using Accounting Software

If you are not familiar with using business accounting software, there are some tips to help you get started.

First of all, gather all of your financial, business and customer records and input them into your software. You will need this for just about everything, so it is a good place to start.

You can set up the software to prepare invoices automatically, by storing the address, phone number and email addresses for customers and clients, as well as vendors, you work with frequently. You will also want to set up different financial accounts, schedule days and times to take care of invoices and pay expenses, and prepare payroll if you have any employees.

Things to Look For

When it comes time to look for new business accounting software or decide if your current software is up to speed, consider the following features:

• Tracking account balances

• Save invoices as PDF files

• Auto-fill invoice

• Save client and vendor information

• Calculate sales tax automatically

• Send invoices through email or fax

• Manage your billable expenses

• Provide credit card processing

• Pay through PayPal

• Save invoice templates

With these tips and suggestions, you can look at your current software and find new accounting software that fits your needs.