Choosing the best accounting for small businesses
It’s all very well to have advisers telling you to be careful which accounting techniques you choose to explore – when strategising how to record and manage your small business’s financial transactions. However, if you don’t understand what accounting for small businesses options are relevant to you - it’s not possible to make an informed decision.
There are two types of accounting techniques that a small business needs to take into consideration. Will your business be operating on an accrual basis, or will you be using the cash method?
- The cash method is the easier of the two methods and concentrates on the real-time flow of money in and out of your business - which then dictates the calculation of your income and expenses. An income will only be recorded once the money reflects in your business’s account, and, similarly, an expense is recorded only once the money has left your account. Although this is the simpler and more commonly used method, the cash basis technique can give an inaccurate image of a small business’s financial state, especially when considering long-term projections.
- The accrual method is an accounting for small businesses technique that records your expenses and income as you earn them, regardless of when you receive or make payments. This provides a long-term perspective of your business’s financial health.
Once you’ve decided which accounting technique is the most suitable for your small business – the second most crucial step is choosing the right accounting software. QuickBooks offers premium accounting for small businesses solutions: QuickBooks SimpleStart, QuickBooks Pro and QuickBooks Premier. Contact QuickBooks for more information on which accounting package best suits your business’s financial needs.
Why use accounting for small businesses?
Using an automated accounting software solution for your small business has a number of advantages over earlier, manual accounting techniques. Instead of using time consuming ledger pads, the computer software guides users through which information needs to be entered into which fields - capturing the data electronically. Once data is captured the QuickBooks software:
- reduces accounting errors
- saves time on generating reports, projections and statements
- streamlines payroll
- provides an easily accessed snapshot of your business’s financial health
The modernisation of accounting techniques through computer software is saving small businesses worldwide money and time. Do the same for your small business and reap the rewards of an efficient and secure accounting system that doesn’t require hiring a full-time accountant.
It’s always best to cultivate a good relationship with an accountant you trust, as you may need professional advice regarding tax regulations and other important legalities. QuickBooks offers a comprehensive support service for clients using our bookkeeping software and requiring assistance to use it. These support packages cover telephonic, email and on-site aid for your peace of mind. Contact QuickBooks for advice on accounting techniques and relevant support options for your small business.
QuickBooks SimpleStart - for new and home based business
The simplest way to manage and track money going in and out of your business.
QuickBooks Pro - manage your business accounts simply and easily
Manage your business accounts simply and easily.
QuickBooks Premier - fast and easy advanced accounting
Fast and easy advanced accounting.
Quick Payroll is designed to meet the fast growing needs of dynamic South African SMEs.
It simply manages all aspects regarding payroll, including payroll calculations, leave registers, report writing, tax year-end, and more. Quick Payroll interfaces seamlessly with QuickBooks accounting software, which means your general ledger journals will automatically update.
Our solution automatically provides new tax law or statutory upgrades as they arise, keeping you on the payroll cutting edge. What is more, our Quick Payroll is so flexible; it can be used in any industry sector, injecting value into your company, employee and client relations across the board.
Quick Payroll Lite is designed to meet the fast growing needs of dynamic South African SMEs. It simply manages all aspects regarding payroll, including payroll calculations, leave registers, report writing, tax year-end, and more. Quick Payroll Lite interfaces seamlessly with QuickBooks accounting software, which means your general ledger journals will automatically update.
Our solution automatically provides new tax law or statutory upgrades as they arise, keeping you on the payroll cutting edge. What is more, our Quick Payroll Lite is so flexible; it can be used in any industry sector, injecting value into your company, employee and client relations across the board.
Quick Payroll Startup is designed to meet the fast growing needs of dynamic South African SMEs. It simply manages all aspects regarding payroll, including payroll calculations, leave registers, report writing, tax year-end, and more. Quick Payroll Startup interfaces seamlessly with QuickBooks accounting software, which means your general ledger journals will automatically update.
Our solution automatically provides new tax law or statutory upgrades as they arise, keeping you on the payroll cutting edge. What is more, our Quick Payroll Startup is so flexible; it can be used in any industry sector, injecting value into your company, employee and client relations across the board.
