Accounting made easy

There seems to be something in the air - a definite and growing recognition among accountants and small businesses that investment in accounting software and IT in general is one of the best ways to increase efficiency, reduce costs and maximise productivity.

For accountancy firms, software and IT solutions are a fundamental component of their day-to-day activities. For them it's easier to know when to upgrade or to invest in entirely new systems. But for a small business, how do you know when it's the right time to invest in accounting software and what things should you consider before taking the plunge?

In the early days of the personal home PC, the accounting programs were simple and basic and performed a very simple function of accounting for income and expenses. But then, as computers got faster and could handle more things, even basic accounting systems got more advanced.

Now, many small businesses are putting off purchasing accounting software because they aren't sure how to pick the right software for their business needs, or are intimidated by the many features and functions even basic accounting software packages boast.

“Picking the right accounting bookkeeping software from the beginning will be much easier if you take the time to consider your business needs,” says Simon Campbell-Young, CEO of specialist distributor Phoenix Software. “Things you must consider will vary from business to business. A small business with employees may need integrated payroll options, where a one-person company would not. Those with employees will need to track the amount of time the employees work, so that option alone could eliminate some of your software choices.”

He adds that the best way to ensure your new accounting software will make a good match is to make a list of everything you need the software to do. “The type of business you run, as well as the size of your business will affect the choices you have in software, but there are a few accounting software packages that are powerful yet flexible enough to do everything required and still grow as your business grows. Business Accountz is one of these - both powerful and simple to use.”

Designed to keep the books for all types of businesses, Business Accountz is available in Basic, Professional and Enterprise versions, and can be used across all computing platforms.

“All data from Accountz software is cross-platform compatible, so if you use a Mac and your accountant uses a PC, no problem, you can share the data,” explains Campbell-Young. “Of course, you can export all reports including a full nominal ledger activity report and trial balance and e-mail direct to your accountant if they would prefer that. By the way, if terms like nominal ledger sound like gobbledegook, there's no need to worry. Pretty much everything in Business Accountz is written in terms you will understand. For example, credit and debit are replaced with From and To. Accounting made easy, in other words.”

Business Accountz Basic is pure bookkeeping, meaning it is 100% transaction based, rather than form based. Business Accountz Professional adds invoicing, quotes, estimates and customer tracking to the Basic system, and Business Accountz Enterprise adds purchase orders and supplier tracking to the Professional version.

“Small businesses which operate in the real world have to watch expenses carefully, so it's a given that you probably have a budget in mind for your software purchases. It's okay to keep your budget in mind, but don't let it cost you in the future. Purchase the accounting and bookkeeping software that fits your needs and don't skimp,” Campbell-Young concludes.