Accounting Options for Small Businesses

Small-business accountants help determine the best bookkeeping option for clients on an individual basis. It's important to find a small business accounting option that fits the client's needs and is easy for the client to understand. By reviewing numerous options and walking your clients through the bookkeeping process, you'll ensure they understand their responsibilities and save yourself time.

According to a recent article on accountingWEB.com, 70 percent of small business owners are optimistic about the 2014 business year. Nearly half of the small business owners surveyed for the December 2013 SurePayroll Small Business Scorecard reported that earnings were better than expected in the fourth quarter of 2013. Many are considering expansion, and 75 percent of the people surveyed stated that they won't be hiring as many independent contractors in 2014. But, exactly what does this information mean to accountants?

The fact that small business owners are optimistic about the future is great news, but it also means that you need to reassess your clients' needs. It's important to know what your clients' goals are for the year so that you can help them decide whether changes in their small business accounting process need to be made. For example, clients who normally use independent contractors and want to hire employees need to know how to process payroll and track employee benefits. In addition to revamping their current small business accounting process, they may need your advice to choose new accounting software for small business.

According to Inc.com, simple accounting software options:

• QuickBooks
• Simply Accounting by Sage Software
• Peachtree Complete Accounting Software
• Cougar Mountain Software
• MYOB Accounting

When it comes to accounting software for small business, these versions are simple to use and meet the needs of most small businesses. They provide small business owners with accounting tools and reports needed to properly track receivables and payables. The report options make it easy for your clients to compile a monthly report for you to review and keep on file throughout the year.

If your client's business stocks and sells inventory, you should consider business management software programs. Programs like Everest's Business Management Software and NetSuite feature inventory control tracking, billing, purchasing, and customer relationship management in addition to the financial information tracked using simple small business accounting software options.

Web-hosted software has become a popular small business accounting option over the last few years and it has many benefits. By using cloud-hosted software, your client can access financial information from any location and with his or her mobile device. Many cloud-hosted small business accounting options also allow multiple users, so you can easily access you’re the same information that your client has.

Ultimately, each client has different business goals and different needs, so it's important to review all of the small business accounting options available with each client and choose the one that fits the needs of the business.

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