When it comes to record keeping, bookkeepers have many options that are available to them. Trying to pick the right one is one part of the challenge and assessing the cost versus benefits can become the biggest obstacle. The second challenge is how to set up your system and accounts. For small business, the biggest challenge is finding the time because they are too busy making money to worry about the books.

Today, most accounting systems are computerized. This approach has been proven to save small business owners time and money. If you don’t wish to have a computerized system, this will be ok as long as your records are kept tight and up to date. There are many accounting and bookkeeping ledgers that you can purchase at any department store.

For the more tech savvy individual, you have many options at hand. The major program software that you have available today are “Simply Accounting by Sage” and “Quickbooks by Intuit”. Both of these programs are excellent choices for the small business owner. If simplicity is your game, then Simply Accounting software may be for you. However, if you wish to expand your accounting systems due to more complicated scenarios or requirements within your industry, then Quickbooks software if for you. From a Professional Accountants perspective, I am of the opinion that Quickbooks is the superior program for small and large business owners, as is preferred by Accountants due to the easy interface of the program as well as powerful reports.

The above 2 programs aren’t your only solution. You could also very easily create your own synoptic ledgers using programs such as Microsoft Excel. In fact, most accountants, including myself, would gladly create and customize a template just for you and your companies needs.

If the above solutions don’t float your boat then there are online alternatives. In this changing world, cloud computing has become quite popular. The advantage of cloud computing for accounting purposes is the ease of access. You can essentially enter data from anywhere, even from your smart phone. Also, may software providers are now linking merchant payment services to said software using mobile phone technology.

The emerging players in the cloud accounting software world are FreshBooks.com and WaveAccounting.com. Freshbooks requires a paid subscription to use their service. At the moment, WaveAccounting is completely free. Both online programs are quite effective for the small business owner, and you also have the opportunity to try it out before signing up. These are just 2 of the most popular cloud accounting software providers that I have identified. You should also keep in mind that Quickbooks also now offers an online cloud computing alternative.

Whichever of the above methods you choose to keep your company records up to date, you would then have the challenge of setting up you ledgers. In this case, most software providers provide you with a standardized account list depending on what your industry is when you setup your file for the first time. For those going the manual spreadsheet route, it is recommended that you speak with an accountant for assistance on how to sort your accounts. You accountant, based on their broad experience, should be able to advise you on how to best approach your bookkeeping dilemma. Setting it up right could save you on those yearend fees.

If after reading the above, you feel that you cannot find the time of day to implement and maintain such a system, then we will gladly be able to assist you. We can provide you monthly bookkeeping reports, which will enable you to make effective decisions on your company’s operations and assets, ultimately promoting growth and expansion.

If you would like more information on the above we would gladly be able to assist you with your needs.