Bookkeeping Software or Services?

Every business is required to keep bookkeeping records to produce at the end of the year (Calendar or Financial) a set of accounts to show the business expenses, sales income and the net profit for tax purposes. New businesses in particular, self employed businesses have a choice in how the financial accounts are prepared and produced. Many of these businesses for financial reasons tend to either keep a manual record of financial transactions or purchase an off the shelf software program from their local retailer and then on their own develop a charter of accounts and complete the data entry.

There are several advantages and disadvantages to whichever course of action a small business may take to produce the financial. But, at the end of the day, the condition of financial accounts and the financial control that are put in place will dictate how well or badly the business is performing compared to the success in the business environment. The underlying necessity is that if the business does not take a decision on its financial accounting then at the very least it must accumulate documents of prime significance such as sales invoices, purchase invoices and possibly bank records during the financial year and assemble these into some sort of order after the end of the financial year for tax purposes. Failing to keep financial records often results in a succession of administrative burdens and often also leads to financial penalties if taxation deadlines are not met.

If the small business owner chooses not to go down the route of using bookkeeping software or outsourcing the financial function to a bookkeeper or accountant then manual financial records must be kept. Producing an income and expenditure account for the business using the prime financial documents of business is not rocket science and most businessmen capable of running and managing a business have the skills required to producing the bookkeeping records. The major disadvantage of a small business keeping manual records is that documents get lost which may result in profits and taxes being over declared, fines and penalties through inaccuracies and often when accounting is produced in this way it is done at the end of the financial year purely for tax purposes rather than as an essential tool of the business and that reduces financial control within the business during the financial year to a minimum and often zero.

If a manual bookkeeping system is adopted then disciplined recording of the financial information on a regular basis should be enforced and regarded as an essential function and not an administrative burden. The main purpose of regular accounts being to both see and understand the financial position of the business and take positive action as required at the earliest opportunity to achieve a satisfactory financial result.

Other alternatives include utilizing bookkeeping software which is effectively often a manual system in itself but within definite parameters to produce the essential information. Using bookkeeping software has many advantages. First of all any small business that has purchased bookkeeping software is more likely to keep regular up to date accounts than one that has not. And secondly the bookkeeping software is likely to provide a fixed set of disciplines and produce the type of records a small business requires for both the preparation of regular financial statements and the end of year tax returns. Another major advantage of bookkeeping software is that records tend to be less likely to be lost or mislaid; the packages can be backed up as required but essential financial performance can be improved by greater financial control. All businesses work towards producing a satisfactory bottom line and only by producing regular financial statements can the business obtain the earliest information to achieve that satisfactory performance.

Bookkeeping software comes in many different formats from simple spreadsheets to more complex data based accounting software. For a small business the bookkeeping software of choice is often a simple system requiring limited accounting knowledge but must also be a package that produces the desired end result. The worst bookkeeping software is a complex program requiring prior accounting knowledge that the small business either does not fully understand, cannot be bothered or does not have the time to learn and having tried the system then abandons it. Such a process just causes frustration and time to start again with a different solution. Bookkeeping software in effect automates the manual keeping of financial records. To get the most benefit from a bookkeeping software package each small business should prepare regular financial records to enhance and improve financial control, take financial decisions and achieve the desired bottom line result.

Bookkeeping can be outsourced to an accountant or bookkeeper and there advantages in doing so. The financial records are generally maintained in good order and regular financial reports produced. If the small business has a volume of paperwork that becomes a burden to process and keep on top of then a bookkeeper is the best solution. Employing a bookkeeper becomes essential when the paperwork burden reaches a stage when it distracts the small business owner from getting on with the main task of operating the business. A bookkeeper has to be paid and that cost should be viewed as the cost not of producing the financial records but as the amount to be paid to release the time of the small business owner and also to produce the financial statements on which action can be taken to improve profitability.

In conclusion each small business should evaluate their options and time commitment. A manual bookkeeping system may suffice but the business may be better served using bookkeeping software & services to increase financial control and performance.

15 years of Fortune 1000 Consulting in IT and Business Process Outsourcing.

Article Source: http://www.articlesbase.com

Bookkeeping Software Reviews: Review the Best Bookkeepers

Bookkeeping and accounting play a vital role in any form of business. If you are running a business, then it is important for you to apply the best bookkeeping and accounting system into it. This will allow you to determine the status of your business in terms of profitability. This will also allow you to formulate good judgments when it comes to the financial aspect of your business. This will also give you an opportunity to manage your business the most effective way. Because of the proven effectiveness of using the best bookkeeping system in your business, it is important for you to start looking for the most suitable bookkeeping and accounting software for it. However, you cannot just choose one without studying its advantages and disadvantages. It is advisable for you to read bookkeeping software reviews in order for you to pick the best choice.

Bookkeeping software reviews are the things that you really need to find if you wish to obtain the best services in bookkeeping. Remember that you should never be impulsive in choosing bookkeeping software. You should take your time in selecting the best software in order for you to never regret your choice. A lot of bookkeeping software reviews can be found from various sources. You can find them online or from magazines. You need to read them to ensure that you get the most reliable information about the different bookkeeping software available today.

One of the most popular bookkeeping software at present is MYOB. It is considered to have a great appeal to most small businesses and numerous bookkeepers. It is because the procedures done by this software is known to be straightforward and works strictly with the accounting principles and practices. This allows a certain business to work more efficiently and productively.

Peachtree Accounting software is also widely used by many business owners and bookkeepers at present. Its most recent version has good features like bill paying, invoicing, basic inventory and access to powerful financial reporting and analysis. The software also has the ability to alert you automatically if there is any duplicate reference number which is used in an invoice, credit memo, purchase order or quote. This will allow you to immediately determine any discrepancy in all business transactions.

QuickBooks is also something that you can effectively use in bookkeeping. Generally intended for small businesses, this software is considered to be very powerful especially in easily tracking expenses and in preparing and sending invoices. The software is also considered to be greatly useful in preparing financial statements and in tracing the level of inventory.

These are just few of the software used by most business owners in bookkeeping at present. If you wish to learn more about bookkeeping software, feel free to research about them online. It is important for you to obtain a lot of information about them through bookkeeping software reviews as this will be useful for you in choosing the best software for your business. Once you choose the best software for your business, it will be easier for you to keep track of all your transactions and monitor them. This will allow your business to operate in a very smooth manner.

Are you looking for more information regarding bookkeeping software reviews? Visit http://www.bookkeeping.net today!

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Bookkeeping services with best bookkeeping software

Generally Bookkeeping is method of maintain financial transactions records appropriate for your business; transactions include sales, purchases, income, and payments by an individual or organization. If you would like to maintain all the financial transaction records so bookkeeping is better options to all business like small, mid and large. Bookkeeping gives you better results without any mistakes.

In the credit environment all the bookkeepers and accountants generally use advanced bookkeeping software for the reason that bookkeeping software gives you accurate report for your business financial transactions. We have the specialized ability and understanding in handling almost all the trendy and generally used best bookkeeping software such as - QuickBooks, Peachtree, Sage Line 50, Quicken, MYOB, IRIS, EXACT, Property Ware, Rent Manager, NetSuite, LaCerte.

Advantages of using our bookkeeping services:

• Cost cutting
• Superior quality
• Flexibility in payment
• Access to experienced professionals
• Privacy of customer’s data
• Regularity in meeting the deadlines
• Better efficiency and business focus

At Bookkeeping Services India we provide accurate bookkeeping services to our well regarded customers at affordable costs. We have advanced and qualified accounting bookkeeping professional with the requisite Chartered Accounting Certifications (C.A.C) to cover the whole spectrum of accounting bookkeeping services.

Get more advantages with our bookkeeping services and also get better outputs with our best bookkeeping software.

Benefits of Bookkeeping Software for Every Business

In the present days bookkeeping is vital part for each and every business industry for the main reason that if you want to keep all the financial transaction records appropriate for your business so bookkeeping accounting is better option to keep all the financial records appropriate for your business financial transactions includes sales, purchase, income and payment by an individual or organization.

Nowadays computerized bookkeeping systems easily simplify the bookkeeping procedures. The three major features why bookkeeping software is better than human accountant are correctness, automation and flexibility. Computerized bookkeeping is not only superior but also it provides the quick and correct processing of financial transactions. In today's changing globalization world and with superior technology, a business can do constant re-validation so the business owners have choices when it comes to managing time and business.

We can see the benefits of bookkeeping accounting software neat and clean for the reason that it shows the ideal situation of our business in the market.

Using bookkeeping software has other benefits also:

• It generates exact picture as well as ideal data of different accounts than the manual system.
• Bookkeeping accounting software will give an ideal suggestion about the fixed assets and liabilities which will assist to arrange the financial statement and tax returns at the end of financial year.

At present, in the marketplace lots of bookkeeping software is existing in several special formats from simple spreadsheets to more complex data based bookkeeping software, they comprises but not limited to IRIS, LaCerte, MYOB, Peachtree, QuickBooks, Quicken, Sage Line 50. Occasionally, for a business, the bookkeeping software is a selection of simple system having limited accounting information.

To make bookkeeping software more efficient, each and every business should prepare regular financial transactions records to increase and develop financial control, take financial decision and achieve the preferred level in the market.

For more information regarding our wide ranging bookkeeping accounting services Or bookkeeping software so feel free contact us and send us mail at info@bookkeepingservicesindia.com

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Bookkeeping Software

The process of Bookkeeping is cumbersome. Small human errors can cause big damage to the company. Computers have made this hectic process very easy. Computerized Bookkeeping simplifies the Bookkeeping and accounting procedures. Speed, accuracy, automation and versatility make computers better accountant than humans, and provide fast and accurate processing of transactions.

In manual Bookkeeping each entry has to be entered separately in various books of accounts, whereas the software automatically enters the entry into the concerned account. As soon as the transaction is entered, automatic posting to the respective accounts is done and so the accounts are automatically updated. A user can key in transactions which are automatically treated as debit and credit balances. As a result, there is a huge reduction of errors.

A unique code number is given to each and every account which differentiates between two accounts. This helps in easy handling of accounts for people who have very limited knowledge of accounts. The trial balance can be viewed as a single entry. Hence, it is very helpful for decision-making, as there is fast automatic generation of reports. Backups at regular intervals are another important benefit of Bookkeeping software.

A good software package must be user-friendly and flexible. It must be capable of generating required reports. Facilities like online queries, validation of transactions and error-searching must be provided. Integration with stock, inventory, cost and financial accounting must be available. It must be of modular structure, for a lay person to operate the package. Passwords and other security measures must be there.

Thus computer has brought its revolution in the accounts department, too. The company who will upgrade will automatically suffer.

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The Right Accounting Software for You

Accounting software has been gaining momentum over the past years. Companies which use these software vouch for their efficiency to handle loads of accounting functions but do not add up to the costs unlike hiring a pool of trained and licensed accountants.

Basically, an accounting software functions like a true accountant who handles accounts payable, accounts receivable, payroll and trial balance. Furthermore, the software can accommodate other functions which are usually handled by a staff. It too serves as an accounting information system. Accounting software is varied because their appropriateness depends on the revenue or specialties of a company. 1. Software Categories - Low End Software from this category perform only general business accounting functions.

These are inexpensive application software. Best for starting businesses. - Mid Market The software classified under this category are capable of serving the needs of multiple national accountancy standards and allow accounting in multiple currencies. The come-ons in these products are actually the integrated or add-on management information systems and maybe oriented towards one or more markets. - High End Softwares covered by this category are among the most complex and expensive business accounting software.

Usually, they are part of an extensive suite of software often known as Enterprise Resource Planning or ERP software. - Vertical Market Softwares assigned to this are those for specific business types because features needed for an industry is already built in. 2. Setup And Installation It is very important to undergo a selection process because you have to find the right product, the one that matches your company needs. This may be complicated but you have to bear in mind that installing a new accounting system is very expensive and making the wrong selection may end you broke.

Now you have committed the biggest mistake of your life but there is no more room for crying over spilled milk. Think it over in a different light; maybe the purpose of this mishap is to give you a chance to make an overhaul in you business process. You may need to redesign your process. But before you go excited over this whole renovation thing, there are some steps to follow. 3. Steps to Follow - Form a technology advisory committee (TAC).

This committee will head the entire operation - from selection of the product to implementation. Members of this committee must come from the major divisions of the company so that all facets of the business may be considered. However, members of the group must be limited to seven members.

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Business Automation Software Solution for Accounting Software Companies

Overview:

Indian companies nowdays using various software for various buisiness perpose. Restaurants, Shopping malls, Dealers and distribuotors of various products using accounting softwares, Inventory software to run their business properly and save human hours previously before software coming they need to dedicate into the handelling invoicing, and other inventory.

Nowadays worldwide companies having various software solutions for every business category. Business peoples now days taking benefits of software and growing business rapidly.

Companies now running business from various locations and now wanted to connect all locations through software so that owners can take proper dicisions and increase business profits.

Many Business Automation Software Solution for Accounting Software Companies developing accounting software, Inventory software and many other business softwares. Companies using these softwares in various diferent diferent locations like offices, warehouses and branch offices.

What is Branch Automation Software?

Branch Automation Software Solution is transfer data on their own web server so that companies can access their data from any location. Companies can upload and download data from various location through Branch Automation Software.

Why software development companies provide Branch Automation?

Companies using various softwares in various locations so that every time same types of reports created by employees in same office location also. Imagine when how much time companies investing to make reports from various softwares and different locations.

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Accounting Software Can Be Sophisticated Or Simple But Rarely Both

Accounting software is a system of recording financial transactions on a computer across a full range of accounting options almost invariably dependent upon the size of business being catered for. Financial software can vary from a several million pound solution for major public companies to simple managed lists of income and expenses.

The requirements from accounts software are diverse with the most complex and comprehensive financial accounting packages incorporating financial reporting information and managed by teams of qualified accountants supported by accounts clerks, bookkeepers and substantial input from automated data sources. At the other end of the scale a self employed sole trader might use accounting software themselves and produce a set of financial accounts for the year in an afternoon.

Different accounting standards are required from the software packages dependent upon the fitness for purpose and client needs. Double entry bookkeeping automated through a database system and probably arranged in financial modules would normally be the choice of the majority of public companies. Single entry bookkeeping would not be an acceptable accounting solution for a limited company due to audit requirements and statutory obligations.

Single entry bookkeeping does however have its place in the market place for the smaller less complex businesses who maintain financial control through a close intimate knowledge of every financial transaction. The main objective of a sole trader is more likely to be the production of the tax accounts and complete the periodic and annual tax return forms.

The most sophisticated level of financial software in the largest companies mirrors the accounting functions in those organisations with various modules for accounts receivable, accounts payable, stock control, general ledger and fixed assets. These accounting modules may also be integrated with other business functions such as production and dispatch functions and also divided into separate modules within the finance function.

In larger companies the sales daybook and data entry of sales turnover would often be the responsibility of one department while the accounts receivable function might be split with a specialist credit control function within that accounting module. A further division may also include sales administration and customer records. Similarly the accounts payable function might be split between the purchasing department, accounts purchase invoice department and a legal function for overdue payments.

Accounting software for smaller companies and organisations is commonly a system of data entry of prime transactions which include sales income, purchase expenses and cash and bank transactions. The entry of these prime documents being to a database which automates the double entry bookkeeping principles and produces both accounts receivable, accounts payable and general ledger databases.

Some accounting knowledge is usually required to operate a database accounting software system and that financial knowledge is usually available within the company as most companies that use database accounting software also employ a bookkeeper or accounts clerks to input data and in slightly larger small companies also qualified accountants to manage the accounting function.

The need for accounting knowledge in a database system is partially to understand the data entry principles and the relevancy of the rules that need to be followed but essentially understanding of accounting principles is required to understand what is happening ton the information after input. And most important, a qualified accountant has the financial knowledge, training and experience to know what the system should be producing and how to query the database to retrieve that information.

In addition to inputting the prime income and expenditure details the most benefit of a database system is the level of control the information it contains can provide the company management and financial directorship. The accounting function also has the security of producing trial balances, periodic profit and loss accounts, balance sheets and other financial and statements for tax and control purposes.

Small business accounting packages requiring little or no accounting knowledge are available.
Small limited companies must obtain accounting software based upon double entry bookkeeping principles as in addition to producing a profit and loss account and a trial balance to demonstrate accuracy and integrity of the financial records plus a balance sheet is required for reporting purposes. Accounting standards require the limited company to have a system of financial control and accounting software is an essential tool in achieving this.

Some accounting knowledge either from the management or outsourcing the bookkeeping services is usually required with even the simplest database accounting solutions even if this requires the understanding of what accounts receivable ledgers, accounts payable ledger and control accounts mean.

There are other possibilities and those businesses with a minimum of accounting knowledge can consider spreadsheet based accounting software. Spreadsheet accounts are less flexible and often do not have the range of options a database system has due to the lack of database queries available. These disadvantages of flexibility being compensated by the fact that all entries are visible, transparent and changes can be made more easily.

Financially at the sole trader and self employed end of the business spectrum then the requirements from accounting software may be completely different. Gone are the sophistication of control accounts, trial balances and many aspects of financial control. The most important aspect of self employed accounting is often to produce a set of accounts for tax purposes.
Self employed small business that do not require a balance sheet can use accounting software based upon single entry bookkeeping rather than double entry and with the reduced requirement for financial control then less financial queries to the system are required. In these respects the simpler an accounting solution the better and in this market an accounting solution written on spreadsheets that can produce the net taxable profit would meet the requirements.

Meaning of Bookkeeping and Accounting

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“Accounting is the art of recording, classifying and summarizing in the significant manner and in terms of money, transaction and events which are in the part at least of a financial character and interpreting the result thereof.”

As per the definition accounting and bookkeeping is the simple art of record keeping. Every good record keeping system including classification transaction and event as well as their summarization for ready reference. Essentially the transaction and event are to be measured in the terms of money. Measurement in the terms of money means measuring at the ruling currency of county like rupees in India, Dollar in U.S.A.

The transaction and events must have at least in part financial characteristics. The inauguration of new branches of a bank is an event without having financial character, while the business disposed of by the branch is an event having financial character. Accounting and Bookkeeping also interprets the recorded classified and summarized transaction and events.

However the above mention definition does not reflect the present day accounting function. The dimension of accounting and bookkeeping is much broader then that described in the above definition. A widely accepted definition is accounting is given by the American Accounting Association in 1966 which treated accounting as “The process of identifying, measuring and communicating economic information to permit informed judgments and decision by users as accounts.”

An examination of the various elements of the definition shows the role of accounting although many of its implements may become clear as the course advances.

1. There are curtains users of accounts. Earlier it was viewed that accounting is for the owner of the business but change social relationship diluted the earlier thanking. It is now believed that users of accounts includes, employee, ledgers, suppliers and other trade creditors, customers, government and other agencies and the public at large.
   
   
2. The users need data for judgment and decisions
   
   
3. Accounting is a process of identifying users information requirement as also generating, recording and communicating such information to users. It also a common measurement unit e.g.: money. Accounting provides the art of presenting information systematically to the users of accounts.

Information is useless and meaningless unless it is relevant and material to a user’s decision. The information should be free of any biases. The users should understand mot only the financial results depicted by accounting figures but also should be able to access its reliability and compare it which information about attractive opportunity and the past experience. Accounting data is more useful if it stresses economic substance rather than technical form.

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Feel free to contact us at: info@bookkeepingservicesindia.com.
For more information about Bookkeeping Services India.

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