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One of the biggest benefits of operating a
home-based business is that it doesn't require
any formal training or experience. After all,
some of the most successful individuals never
attended a single business-related class or
workshop.
The only drawback to having a lack of experience
and/or business education is that it can make
tracking your company's finances difficult. Even
accountants who spend their lives working with
numbers often find bookkeeping a tedious
chore.
But no matter how mundane keeping track of your
company's revenue and expenses may be, it is
also necessary for several reasons:
1) You need to know at a glance if your business
is spending more than it is earning.
2) You need to have all of this information
documented for tax time.
3) You can use this data to help you establish
your budgets and to adjust your spending.
Of course, just knowing it's important doesn't
make it easier to accomplish. In fact, you
really have two options if you want to reduce
your accounting stress:
A) Hire a professional to help you or
B) Invest in a helpful accounting software
program.
While hiring a professional would be the easiest
route, it's also more costly. For most
home-based businesses, the most effective choice
is to use an accounting software program.
Before you spend a dime, however, there are a
few things you need to know.
1) Know What You Need The Program To Do
The accounting programs currently available can
handle a wide array of business related tasks,
such as tracking expenses, creating invoices,
handling payroll, and printing checks. The more
of these tasks a program can do, the more
expensive it will be.
For that reason, you should know exactly what
you are going to use it for. That way you can
get a program that meets your needs without
paying for features you'll never use.
2) Know The Details Of Your Computer
Before you buy any software, you need to know
your computer's current statistics, such as what
operating system you use, how much hard drive is
available, and how much RAM your system
contains.
If you buy a program that won't work on your
system, you won't be able to return it and get
your money back once it's been opened. Checking
in advance will protect you from getting stuck
with software you can't use.
3) Do Your Homework
Any type of business-related purchase requires
careful consideration, so be sure to investigate
before you buy. Explore all of the software
programs available and find out what other
people are saying about them. Sites like
Epinions.com and CNET.com can provide you with
product feedback from both consumers and
reviewers.
Pay attention to mentions of difficulty levels
since you want a program that is easy for you to
learn and to use. Also, take advantage of
software demos. Nothing beats a hands-on
preview. You should do some research into the
companies' technical support and customer
service as well. If you ever need help, you want
to know it's readily available.
4) Be Aware Of Costs
Another thing you need to know is how much you
can afford to spend on the program. The costs
for accounting software run from $30 to $600 or
more depending on the features included.
Knowing what you need and can afford in advance
will prevent you from paying too much. Shopping
around for a particular program won't do much
good, however. Whether you buy a program online,
from an electronics store, or from a retail
outlet, you'll pay about the same price. Watch
for rebates or special offers, however, because
they can cut your costs considerably.
Here are a few suggestions if you find it
difficult to identify the right accounting
software program for you:
* Peachtree Accounting 2003 Peachtree is one of
the most recognized names in business
accounting. This program allows you to manage
your accounts receivable, accounts payable,
inventory, payroll, job costing, fixed assets,
even general ledger. Other valuable features
perfect for small or home-based businesses, such
as Internet postage, credit card service, direct
deposit, and contact management are also
included.
This version costs $199.95, but others are also
available. You can learn more about Peachtree's
line of accounting software at
http://www.peachtree.com
* Quicken Home & Business At $89.95, Quicken
Home & Business is one of the most
budget-friendly accounting programs on the
market. Even though its price is low, its packed
with features, such as creating custom estimates
and invoices, generating business reports,
setting up a Merchant Account, managing taxes
and expenses, and keeping track of your cash
flow.
You can also use the program to download your
transactions and pay your bills online. Other
versions of Quicken are also available through
the company's web site
http://www.quicken.com/quickensw/
* Microsoft Monday 2003 Deluxe & Business
With this software, you can take care of most of
your accounting needs without breaking your
business's budget. At only $64.95, the software
still comes with a wide range of features
including the ability to create customized
invoices, estimate tax payments, compare
financial data, balance your checkbook, track
cash flow, and pay your bills. Additional
versions of the the program are available for
sale at http://www.microsoft.com/money
Knowing this useful information will help you
find an accounting program that will make your
job easier, less stressful, and more efficient.
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