Options for Small Business Accounting

Over the years I have tried a variety of small business accounting solutions.  A huge leap forward for small businesses is the cloud based small business accounting software. Based on my experience a small business’ best option is a “cloud” based solution. A cloud based small business accounting package has some significant advantages and a few disadvantages.

Advantages:

  • Your software is always the current version
  • You can allow direct access to your outside CPA. This may be the best feature since it allows you to very efficiently book the entries that I used to wait til the end of the month (or quarter, or year, or when the taxes get done). Now when we have something odd to book we simply call the CPA, we login together and the CPA shows us the proper booking, What used to go on someone’s “to-do” list is now done correctly the first time.
  • You can access your bookkeeping and accounting records from anywhere. Small business owners often complain about being tied down in their chair at the office but you don’t need to be.
  • You can outsource many activities which a remote user can do part time and at a lower cost because they can access your accounting system. This could save you hiring a full time person or trying to train people to do complex jobs part-time.
Disadvantage:
  • There’s a monthly subscription fee depending on the level of service you choose.
  • Getting your CPA to use something other than Quick Books might be a challenge. But remember, you have to use the system everyday. If you find a system that works better for you than Quick Books have a discussion with your CPA about the benefits to you.
Although Quick Books is the most widely used and certainly a safe choice, I find the Quick Books “on-line” version to be slow and cumbersome. 

There is also the option of outsourcing virtually all of your bookkeeping to a company.  If you want to see what services an outsourced bookkeeping company provides go to GrowthForce they are experts at outsourcing small business accounting services.

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