As a small business owner, you have choices when it comes to selecting a bookkeeping system. You can choose to do it manually, purchase an off-the-shelf software, or use an online system. Whichever method you choose, there are advantages and disadvantages with each that should be considered:
Advantages: easy, cheap, and fast to set up. If you are not carrying large inventories or generating a lot of invoices, this method would prove effective.
Disadvantages: easily misplace papers and invoices that support your system, difficult to handle complex transactions, and hard to generate reports quickly if needed.
Advantages: automates difficult transactions and can provide you with detailed reports quickly.
Disadvantages: if you are not computer literate or accounting-challenged, you may experience a huge learning curb. Also, you should expect to have annual upgrade costs.
Advantages: you can access your records with any computer, any where that has an internet connection. You do not have to deal with the hassle of setting up software or upgrading your system.
Disadvantages: system may not be as user-friendly, slower to access, and not as feature-rich as off-the-shelf software.
If you need help with small business accounting visit accountingpardise.com or call at 888-284-3821.