Financial management is an integral part of the software needs of a budding entrepreneur. Depending on your business needs and your financial management knowledge you can choose whether you want to pay for a comprehensive accounting software tool or a less detailed software tool. All this depends on the size of your business. Basic accounting software will allow you to manage your accounts, track income and expenditure and produce invoices for your customers. Accounting software can also help you present your financial dealings in a professional and simple format.If you are in need of full accounting and want an online solution, look for sample options such as QuickBooks Online or Working Point (links are located in the resource section on the right).
Alternatively there is a number of open source accounting software available for download online. GnuCash is an open source accounting software that allows you to create and track;
- Bills
- Professional Invoices
- Expenses
- Payments
Spreadsheets can help but they quickly become time consuming and complex. This is where accounting software can help out. GnuCash is compatible with online banking and allows real time tracking of orders and stocks. You can also set up and track numerous accounts relating to your business. The double entry function ensures that changes that are made to one account are checked to ensure your other accounts are updated accordingly.
GnuCash can give you some of the additional business features you need, like tracking customers, vendors, invoices, accounts payable and accounts receivable. It is also compatible with Quicken and OFX formats, so you can transfer your existing data if you are currently working with different accounting software.Accessible at: http://www.gnucash.org/
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