Welcome back to the “A” word! The second most important point to keep in mind when creating your accounting/financial infrastructure is choosing the right accounting software for your business (and no, Excel is not one of them). There are several questions you should consider before making your decision.
- What kind of reporting will be required for my internal and external users?
- What type of customer and vendor reporting do I need?
- What is my budget for the software?
- How many lines of business or segments will I have?
- What am I selling, products or services, or both?
- What accounting software does my accountant suggest I use for our business?
The earlier you start using accounting software to prepare your financials and track your assets the better. Financials can become messy very quickly if you aren’t proactively managing them from the start of your business. There are several inexpensive options currently available. I would suggest using QuickBooks (“QB”) for your initial setup. Most startup companies use QB as it is applicable across many industries, is very user intuitive, and is inexpensive. QB has both software and cloud based options to choose from and there are QB specific advisors (QB ProAdvisors) that can assist you with the setup. In my final entry, we will discuss part 3 of the “A” word…..
Terri Thomas, CPA
Terri Thomas Accounting