By Vishal P.
Rao
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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Vishal P. Rao is the owner of
Home Based Business Opportunities
- One of Internet's leading website dedicated to starting,
managing and marketing a home based business.
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