All About Accounting Software

As a small business owner, choosing the right accounting software is an important business decision. The accounting software necessary for a small business will need to be capable of budget planning, invoice generation, financial reporting, payroll management, account merging, and e-commerce. Some of the more popular small business accounting solutions are PeachTree, Quickbooks, and ACCPAC.

Even after the list has been narrowed down to just a few solutions for  small business accounting, it is still necessary to evaluate certain features to ensure that the software solution is the right fit for an organization.

A few features of accounting software solutions to consider are:

1. Price- When evaluating small business accounting packages, price is one of the first features to evaluate. Accounting software packages can vary greatly in price between the various deployment methods such as SaaS or On-Premise. There are also differences in price between various brands and vendors.

2. Adaptability- Small businesses tend to evolve over time and it is important for the accounting software to be able to adapt to the dynamic changes that occur within a company and the business environment. A highly versatile software solution with low cost and frequent upgrades is ideal for small business accounting solutions.

3. User Interface- This addresses the issue of how easy the software package is to use. There is absolutely no point in purchasing accounting software that is too complicated for users to manage.

4. Product Features- With every accounting solution on the market there will be numerous features, and it is necessary to understand which features are needed and which are not. There is no sense in paying for additional features that an organization will have no use for. Additionally, it is important to check to see if the features that aren’t needed at the present time can be purchased and easily integrated into the existing system in the future.

5. Customer Support- How effective is the product support? And what kind of support is offered? These are two questions that small business owners need to ask themselves before purchasing small business accounting solutions. If problems should arise in the purchased accounting system then support will need to be administered quickly and effectively to remedy any issues.

Recently, Universal Business Computing Company, a leading provider of high productivity payroll and accounting software, announced the addition of auto-fill and auto-populate features to the general ledger and bank reconciliation data entry screens of their software. The new features in UBCC’s accounting software will help make certain that accountants are compliant with the upcoming 1099 requirements by providing consistency throughout the account coding and data descriptions.

The upcoming change in the 1099 tax compliance law is scheduled to become mandatory in the 2012 calendar tax year, and is of significant concern to accountants and their small business clients. In July, 2010, the Maryland Association of CPAs published a letter written by the American Institute of Certified Public Accountants, which conveyed concerns about the burden that the expansion of reporting in the 1099’s would place on growing businesses.

Ken Garen, CPA, Co-founder and President of UBCC commented, “In addition, these added features contribute to our clients’ productivity and competitiveness in the current economy, and their ability to offer cost-effective compliance services to their clients.”

The newly added auto-fill and auto-populate features in the payroll software provide the capability to “type ahead” by accepting a previously entered account number or dollar entry, or by simply typing over to create a new entry. New entries are automatically added to the table, and the process significantly reduces the amount of time and increases the accuracy in the data entry of checks and journal entries used in the preparation of 1099s.

EZShield has selected Intacct as its new financial management system. With Intacct’s cloud financial applications, EZShield will be able to support its growing multi-entity business of identity theft protection services by automating revenue management and better handling of tracking, approval and reimbursement of employee expenses.

With almost a decade of identity theft protection experience and growth under its belt, EZShield realized its on-premises accounting software was no longer the right fit in the changing times and set out to find a more flexible, cloud-based solution.

In addition to wanting a web-accessible solution, there were several key requirements that EZShield identified for its financial management system. It was critical that the accounting software needed to provide support for multiple business entities and locations and would be able to streamline its key financial processes, including financial consolidation, revenue management and employee expense processing.

Intacct won over EZShield because it was a comprehensive financial management system, at a fraction of the cost and complexity of traditional on-premises financial software. Intacct is well suited for a business like EZShield that operates in multiple locations and impressed EZShield with how easy it was to add additional business entities to the system, following the growth of the company. In addition, EZShield can expect to see an increase accounting department productivity with Intacct helping speed up their financial consolidation and close processes.

Intacct’s revenue management capabilities will allow EZShield to streamline and automate the revenue management process further simplifying the need for spreadsheets and manual data re-entry, and therefore reducing the risk of errors.

Intacct’s employee expense and purchasing modules will be deployed through the company. With these modules, employees can now quickly and securely create and submit expense reports and purchase requisitions from anywhere with an internet connection. Approval, reviews or requests for more information as effortlessly sent back and forth from managers or the finance department when their approval is needed.

ArrowBooks Online Accounting Software recently announced the launch of Integrated E-commerce websites. This integration syncs web-based sales transactions with ArrowBooks accounting software, making it easier for users to access the latest information and eliminating the need to enter data twice.

With businesses moving to the online world, it only makes sense to implement a system that allows users to manage their online sales efficiently. ArrowBooks Online Accounting Software does just that by providing their customers with a comprehensive online accounting package. It’s no more a hassle to maintain items on the website or even ensuring that all the item sales have been accounted for. The entire process is automated with the integration of the e-commerce site with the accounting software.

ArrowBooks delivers users with various tools and features, to tailor the E-Commerce websites to their business needs. Using the Website console module in the ArrowBooks software, customers can change the look and feel of their website – from changing the layout, wording to colors and photos etc.  Users can even set/modify the accepted methods of payment, shipping costs, sales tax and more.

Further, the integration of ArrowBooks Online Accounting software with the E-Commerce website allows users to upload items onto the website easily with the help of the inventory module. Users just need to select the items they want uploaded and the inventory module does the job for them. There’s no need to upload items to the website again. The software also manages and tracks the online sales transactions as and when they occur, making the tracking process more efficient.

ArrowBooks’ integrated E-Commerce Website provides a simple and comprehensive solution to manage an online business. This application is ideal for any business big or small and increases productivity and efficiency.

Halfpricesoft.com’s 2010 edition of ezPaycheck payroll software makes it easier for small and mid-size businesses to calculate payroll and print checks. The affordable software offers users, the ability to print paychecks on blank check paper, including but not limited to printing company info, company logo, bank info, routing number and account numbers. This saves companies a lot of money on custom-printed checks.

Also, ezPaycheck’s intuitive interface makes it easier even for users with minimal computer knowledge to set up, use and understand the application. This takes a lot of load off a company’s back as they save time and money in training and other support activities. The ezPaycheck can be integrated with ezPaycheck payroll accounting software, so users eliminate the need to enter data twice and employees have access to the latest information.

Apart from the regular features, the 2010 edition includes updated federal and state tax tables, additional printing formats, additional reports and the ability to print Forms 940 and 941. This updated version of the software is ideal for any business, big or small. Companies don’t have to pay much for the software and can even try it risk free for 30 days prior to purchasing the software.

Commenting on the easy-to use feature the exPaycheck payroll software, Dr.Ge, co-founder of Halfpricesoft.com, said, “Complex payroll software does have its place to be sure, but with most payroll software today it’s almost as if the user needs an I.T. or accounting degree to operate it. Small business owners lack the funds to hire an AP department and they lack the time to learn the ins and outs of advanced accounting software. So we went to work making a payroll software unlike any other – one where small businesses can figure out the functions as soon as they start the application.”

Halfpricesoft.com, which strives to develop intuitive and simple software, also offers other solutions such as ezCheckPrinting, ezTimeSheet and ezW2.

Acclivity released the latest Mac version of their small business accounting software -AccountEdge2010. This new edition of the accounting software is ideal for businesses that need web store integration. The web store called EnStore, developed by Acclivity’s Checkout partner, Sofa, enables businesses to provide their customers with a good online shopping experience. It offers users, data on the detailed tracking of item information, profitability of sales analysis and bank deposit slip printing.

Irrespective of the size of the online store, EnStore is a easy-to-use application that can be seamlessly integrated with other systems. For instance – Information related to products, images, pricing and other details can be managed in AccountEdge and integrated with EnStore. This allows users to have the latest information and enhances workflow efficiency.

Further, the pay as you go, web store allows users to customize the look and feel of their store with the help of various templates the application offers. Users can add their own pictures, descriptions and even modify the store with automatic shipping, tax rate lookup, credit card payment options and more.

Apart from the customizable features, AccountEdge 2010 also provides businesses the ability to track and manage their online inventory with ease. For instance- they can track item weight, price, tagging functionality, brand association etc. What’s more, it even lets you analyze and monitor the profitability margin of every sale with the help of Show Profit Analysis button. It offers users a fair analysis of the gross profit margin, cost of each item, cost of the entire invoice, profit analysis from an order quote and an invoice. Users even have the ability to modify the prices of items to analyze how it affects the profitability.

AccountEdge 2010 offers a plethora of tools and features to effectively manage an online store. It comes integrated with good support manuals and user guides to help customers get started. Their Auto Update feature automatically updates the software for any new updates ensuring customers have the latest features to work with.

To make it easier for you to decide on the best accounting software in the market, we have developed a Top 15 Accounting Software vendor report, which lists the top vendors, product features and more.

Sage North America, a business management software company, and LegalZoom, an online legal service company, announced on Tuesday that they will be forming an alliance. Their goal is to push small businesses in the right direction by getting them set up with the proper business and accounting software.

LegalZoom offers incorporation packages for businesses, that generally include bylaws and forms. Their Express Gold Incorporation package, which sells for $369 plus a state fee, includes the basic materials in addition to over 40 essential business forms on CD-ROM, Federal Tax application preparation, medical expense plan forms, and more. LegalZoom will now offer a free First Accounting download, from Sage, if businesses buy their Express Gold package. The First Accounting download is a free 30 day trial for accounting software, with complimentary accounting training included.

Sage and LegalZoom hope to help new small businesses get on the right track because accounting and financing can be difficult and complicated in the beginning. Sage and LegalZoom have created an easy and affordable software option for businesses.

Sage and LegalZoom are both successful companies that wanted to combine both of their services and products to make one unified product for customers. John Suh, the CEO of LegalZoom, said “LegalZoom is focused on providing our small business clients with the best start possible, connecting them with proven tools that can help them be successful.”  LegalZoom has over one million satisfied customers and Sage has flourished for over 35 years. They both hope that new small businesses will take advantage of their alliance to get on the right path to a prosperous future.

“Step away from Quickbooks”, says B2Bee, “stop pretending you’re a part time accountant.” B2Bee has a product for small businesses and professionals who are not well-versed in complicated accounting software. B2Bee is an accounting software company that provides web-based invoice and expense management tools.

B2Bee’s accounting software tool, the Bee, is comprised of three core financial tools that small business owners need to manage their finances. With a lot of options, other accounting software can be difficult to use.  However, small business owners cannot afford to get lost in a sea of options. The Bee gives users everything they need to get paid, manage their expenses and track their profitability.

The Bee accounting software is available from any web browser so users can easily access the on-demand solution to create and send out invoices, document, label and track expenses, and produce reports to help monitor the pulse of the business.

A few Bee features:

• Simple, one-time set-up
• Branded to seamlessly fit in with your business
• Pre-designed, professional invoicing templates that can emailed or mailed to clients
• Ability to document and categorize expenses by client or project for quick accounting and invoicing
• Online dashboard for quick view of financial state of the business
• Online profitability report provides quick comparison of revenues and expenses

(Marketwire)

“The reaction of most people when they open accounting software like QuickBooks for the first time is ‘Wow, what have I gotten myself into?” said the CEO of B2Bee, Scott Miller. “For small business owners, all they really need is a simple solution that will help them get paid while managing the money that is coming in and going out of their business.”

The Bee gives business owners the right tools to quickly and easily manage their finances, without paying for costly extras for their accounting software solution. The accounting software product is designed for the non-accountant small business owner. The Bee is available for free for 30 days and then for a monthly subscription cost of $14.00 per month after. For more information visit: www.getthebee.com.

Sage North America, the Accounting Software Vendor, has announced the release of Peachtree 2011 and Peachtree Quantum 2011. The accounting software company is rolling out new features for service billing and job reporting at small businesses.

The accounting software updates in Peachtree 2011 include a new function that will help service businesses invoice customers for unbilled time and expenses. The unbilled items can also be filtered by date, customer name or job, and outstanding expenses can be directly transferred into an invoice. The accounting software also has a built-in dashboard that helps process large volumes of data about an item or service.

Peachtree 2011 accounting software also features customizable job status indicators in stoplight colors to help identify what is on or off track. Users can delete, rename, or change the stoplight buton colors as necessary.

The Peachtree Quantum 2011 accounting software has job management features for small business that give user s the information they need to take advantage of government stimulus opportunities. Peachtree Quantum is able to do so by enabling users to track the data required to comply with federal project parameters so that small businesses can take action.

The accounting software also includes a centralized dashboard that projects a list of jobs. Users can use job indicator stoplight buttons to sort the jobs by status. Peachtree Quantum also gives users the ability to build customized reports with real-time data on-the-fly. Another genius tool in the Quantum accounting software update is the job profitability module that compares estimated vs. committed jobs.  The updated software can also create several user-defined reports that can be exported to Excel, PDF or e-mail.

The accounting software allows users to proactively manage projects with access to job info in one place. The Job navigation tab will help provide a customizable dashboard view. Peachtree 2011 and Peachtree Quantum 2011 have been updated to simplify accounting and make your life a little easier.

It is no surprise that mega-corporations dominate the American business landscape. However small businesses are still relevant and can greatly benefit from business software usage. Small businesses often face a variety of problems because of their size, including undercapitalization leading to bankruptcy. It is extremely important for small businesses to carefully monitor their finances and establish a clear cut plan on what to do with their money. The impact of decisions made in small businesses is more severe than the impact of decisions made in larger companies. That being said, small businesses should focus on optimizing their business processes at the lowest possible cost. Small business accounting software can help alleviate some of your small business woes.

Step one in small business success is liquidity. Small businesses must have sufficient cash to trade and continue operations the next day; financial control is essential to small business management. One way small businesses can secure control over their finances is by using accounting software that specifically caters to your companies needs.

Small business accounting software is available to suit any and every type of business, therefore selecting the right option isn’t a difficult task. Implementing an accounting software solution will help business owners set and track sales goals, monitor gross margins, control expenses, and ensure all cash is accounted for. Accounting software is crucial for large businesses, but the benefits of using accounting software have been overlooked by many small businesses.

Another benefit of using small business accounting software is achieving sustained sales growth. Small businesses that record their sales can monitor performance and make decisions based on what works and what doesn’t and replicate actions that yielded higher sales. Without financial control, business owners would be making decisions based on hunches instead of financial facts.

Small business accounting software can help business owners decide what areas are underperforming and where action needs to be taken. By correcting underperformance early, small businesses will be able to maximize financial performance. It is critical for small businesses to figure out what is working and what isn’t because small businesses don’t have resources to waste. Using accounting software is crucial for small businesses to reach the highest levels of success.

For more information on selecting the best accounting software for your business, visit: www.Business-Software.com/Accounting