I’m looking into investing money for various people who have asked me to manage their money. I’m interested in doing so in a mutual fund sort of way and would like to know if anyone has recommendations as to some good software programs that will track (and keep separate) the numerous contributions and deductions by people invested in the fund. I need to be able to always know what percentage of the funds value is attributable to each investor.

On a side note: Am I wrong in thinking that I don’t need any special license in order to invest other people’s money? I would have a contract with each investor that would cover all the typical disclosures IRT “the risks of investing” and “past returns are no guarantee of future results”, etc. I plan on making this my home business for tax purposes as well. Am I missing something?

Thanks.
I realize that people usually have some sort of a business degree but I don’t think there’s an actual requirement. Besides, some of the advisor/planner credentials I’ve seen are so easy to get that it’s a little comical when I see them listed as qualifications…
Yes, I could get financial advisor and planner certifications but I really think there not worth much. I served with a guy who had a financial degree and he consistently commented as to how I knew more than he did and how I could pass the exam to be a broker if I wanted. I’m just not sure if I have to.

macmessenger doesnt allow webcams…

please help?!?!?!

x

Accounting Overview

Want to stop using an accountant and do-it-yourself? Looking to replace or upgrade your accounting software. Read on for a high level overview of Accounting Software.

Whatever our business - church, construction, fund, inventory, manufacturing, nursery, payroll, project, restaurant, etc - an accounting software system will help you to lower your costs, improve your accounts’ accuracy and give you a much better idea of how your company is performing. Also, an accounting software system may just help you with the e-filing (electronic/online filing).

Accounting Software Functionality

Generally, you need to manage your sales**, customers**, inventory and other information along with associated documents. You will definitely want to generate reports.

Ideally - to manage your sales**, customers**, inventory and other information - the ‘out-of-the-box’ (minimum or no configuration required) accounting software will manage:

your money coming in (Accounts Receivable)

your money going out (Accounts Payable)

your main documents (Billing, Purchase Orders, Sales Orders)

your inventory (Stock)



Additionally (probably extra cost) you may need your chosen system to manage:



money owed to you

your staff’s expenses and salaries (Payroll)

project times (so that you can charge for actual work against projects your staff are working on)

approval processes (so you can submit, then track who approved what and when)



Advanced Requirements:



integration to other systems (normally enterprise systems)

major imports (when initially bringing data into the system)

minor imports (for regular use by staff for getting small quantities of data into the system)

backing up of the accounting system (meta data, as well as configuration of the system)

reporting/graphs (for high-level views such as Balances, Profit & Loss, Portfolio overviews etc)

Multiple currencies

Import ability

Localisation (allowing you to use the software in your own language)

Cheque/Check printing



The Right Solution For You

You should really, consider:



How are you managing your accounts at the moment?

How many transactions do you have a month? (manual might be best if you only have a dozen transactions a month for example)

What type of company is yours? (meaning what type of legal entity is it?)

How many people wil be using the system?

Do you know what your business needs? If you know what your business needs, then you will be able to better match up functionality of the accountancy package(s) you are considering.

What database will the accounting package be using?



Some Popular Accounting Software Examples:



Personal: GnuCash (GPL), Quicken

Small Enterprise: Microsoft Office Accounting, TurboCASH (GPL)

Medium enterprise: NetSuite (on-demand), Tiny ERP (GPL)

Large Enterprise: Oracle Corporation, SAP



Conclusion

The cost of your chosen accounting software will vary greatly. Your supplier should have no problems showing you (not just telling you) how and why they are a good partner for your company. Don’t be afraid to ask questions - not to trip them up, but to get ansers to issues important to you. Be frank and open with the supplier - you’d expect the same back after all! Negotiate hard - before you sign is the best time for getting a good price and/or goodies (training, consultancy, health checks, etc) thrown in.

Keywords

accounting software, business accounting software, business software, financial software, small business software, tax accounting software, bookkeeping software, free accounting software

References

“Accounting Software Overview” Accounting Software Overview from RCS Limited an IT Training Company.





By: Sandra Rodrigues

I forgot the password on my administrative account and now i can’t do anything on my computer. Is there an easy way to get into the account without having to download software into my computer? I don’t care if i have to earase all my data i just need to get into my computer and be able to download! Please give me any suggestions!

In these difficult times, you and other business owners are probably searching for new ways to save money and manage your dwindling profit margins.  One of the areas in which you can take back control of your business is by handling the accounting yourself.  And one of the most popular ways to manage your accounting is by getting software for accounting that will make it easy for you to send invoices, receive payment, and run reports such as cash-flow and profit/loss. 

There are five things you should be looking for in your new accounting system softeware program if you want to relax and have a long and happy life together.

Your web-based accounting software should be:

•    Simple to use

•    Accessible from anywhere

•    Compatible

•    Secure

•    Affordable

Simple to use.  Let’s face it.  You’re a business owner, not an accountant.  So what good is having a program that doesn’t speak your language? You want to find simple accounting software that includes all of the basic features you need to run your business: such as customer invoicing, bill payments, reports, payroll, and banking.  It should also be customizable to fit your particular business needs and not the other way around.  It should allow applications such as customizable invoices or automated email messages.  This way, you can communicate using your logo and your marketing strategy.

Accessible from anywhere.  You want a program that is both online and offline compatible.  Web based online—so that it can be accessed from anywhere, as long as you have an Internet connection—and, it needs to be available offline too, so you can still work when you cannot get a connection; you can always save your work and update it when you get back online.  You should also be able to share data in real time—and at the same time—with other users anywhere in the world. 

Compatible. It should be compatible with all major operating systems (Microsoft Windows®, Apple Mac OSX®, and Linux) and all major web browsers (Internet Explorer®, Firefox®, and Safari®).   It should also include all upgrades, bug fixes, and feature enhancements as part of your subscription. Software development is constantly changing and improving, so you shouldn’t need to worry about upgrading or having to buy the next version every time an upgrade is available.

Secure. If your data is stored on a file server in your office, you are setting yourself up for several unsafe situations that could be avoided.  A good web-based accounting program protects you from fire or from theft, be it physical theft (intruders that could steal your computer or backup files) or cyber theft (hackers that access your files electronically.) 

Affordable.  Most online accounting programs are surprisingly affordable, charging just pennies a day for lots of user-friendly features.  That’s a very small price to pay for peace of mind.

Keep these five simple rules in mind when shopping for a simple accounting software, and you will be able to concentrate on more important business matters like making a profit.



We recommend Merchant’s Mirror accounting system software, the next evolution in accounting for many businesses. It breaks the mold of traditional accounting systems and challenges what we usually think of when we refer to bookkeeping software. By using the latest in web-enabled technology, Merchant’s Mirror provides a complete accounting suite.





By: Mariela Perez-Simons

Accounting software can vary from multi million pound solutions for major public companies to simple managed lists of income and expenses. Simple accounting solutions are most suitable for small business.

The most comprehensive financial accounting packages incorporate 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 accounting software 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 accounting software in the largest companies mirrors the accounting functions in those organisations with various financial modules for accounts receivable, accounts payable, stock control, general ledger and fixed assets. These accounting modules may also be integrated with non accounting functions such as production and dispatch functions and also divided into separate modules within the accounting 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. Accounts payable would normally be multi functional of the purchasing department, purchase invoice accounts 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 prime entry of these documents being to a database which automates the double entry accounting principles and produces both accounts receivable, accounts payable and general ledger databases.

Some accounting knowledge is usually required tom 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.

A database accounting software system not only produces high quality financial records but offfers numerous financial control alternatives for both junior and senior business management. 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.

Accounting solutions requiring little bookkeeping or accounting knowledge are available usually based uponh spreadsheets as this is the most transparent method of viewing the accounts.

Small limited companies must obtain accounting software based upon double entry accounting 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 eve3n 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. Accounting software compiled from spreadsheets is less flexible and often does 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 sophistications of control accounts, trial balances and many aspects of financial control. The most important aspect of self employed accounting software 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.





By: Terry Cartwright

my computer got some trogans on it and i had to reboot my computer and re installed zune software and i stil have my zune account and nothing happend to it but when i get on the zune page it wont regonize my zune for some reson please help

Before tackling the question as to why should you switch to accounting software, here are a few lines about accounting first.

Accounting in business helps in proper management of revenues and expenditures that ultimately decide whether a business is heading towards failure or success. It is a process of collecting, summarizing and analyzing the financial data of an organization.

To manage all these, you can either hire an accountant or invest in a good accounting software. And the growing popularity of accounting software suggests that the latter option is a better investment. So, do not be discouraged if you do not have any knowledge about accounting. Just invest in a good accounting software which in turn will take care of your accounts.

In fact, it is becoming a norm to purchase an accounting software application before starting a business. You can find accounting software for both small as well as large businesses. You can choose from a basket of multiple accounting software programs. Depending on the type of business you have and how you run it, you have to choose the software package that compliments your business, instead of being a limiting force.

Simply put, the main advantages of switching over to accounting software are that it saves time as well as money. No doubt, your accountant(s) may be the best in business, but the following points will make it clear why an accounting software scores over any of them:

To remain competitive in this age, your business needs all the information quickly. You can not wait for the paper works to get finished. You must be aware of what is happening in your company. Accounting software can do all these things for you.

Modern businesses are all about managing time. To smoothly run your business, all you should look for is time management.

Accuracy is another thing where you can not let your guard down. While human beings can never be error free all the time, you will find that accounting software can be 100 percent correct at almost all the times.

Another advantage of accounting software is that it will keep you updated. It works great when applied to tracking tax codes changes.

All the current accounting software are easy to use, set up and navigate. And with the advancement of technology, they are becoming more specialized, catering to the needs of specialized businesses.

Last but not the least, an accounting software helps you save money as it is a one time purchase. Also, it can grow with your business thus minimizing your future cost.

All the above mentioned points are reasons enough to make you shift to an accounting software. An accounting software will make your business management better, more efficient and easier. But, choosing the best software is the most critical thing. By looking at the websites, reading reviews and talking to former users, you can apprise yourself about different accounting software. In fact, the accounting software market is full of different types of accounting software with many different features. You just need to calculate your needs and zero down on the product that suits you the best.





By: Ashish Jain

We started our own business last year and need some suggestions on software for bookkeeping and accounting.

I’ve been looking at MYOB, Quickbooks for Mac, NetSuite, First Edge, Sage’s web-based application but I’m not expereinced enough to know what I need

We are a multimedia production company and website developers who use Macs.

Here are some details:

Mac running OSX
1 employee
No inventory
Need to keep track of spending and taxes
Sales Tax
Invioces
Quotes

Anything to make tax time easier and quoting/biding jobs faster would be ideal.

Thanks in advance

Accounting is one of the most vital processes in any business. To say the least, it is even more important than manufacturing goods and selling them. Flow of revenues and expenditures ultimately decides the fate of a business as does its proper management. The requirements of every business may vary, but the general requirements of a business like collection, classification and analysis of financial data is what constitutes the crux of accounting.

Nowadays, it is becoming a norm to purchase accounting software before starting a business. You can find accounting software for both small business as well as large businesses. In fact, a whole basket of accounting software programs is there to choose from. Depending on the type of business you have and how you run it, you have to choose the accounting software that compliments your business, instead of being a limiting force to it.

Before reviewing any accounting software, it is important to classify the market of accounting software in the following manner:

a) Small business/personal accounting software is targeted at home users. Such software are simple, easy to use and inexpensive. They perform simple functions such as management of budgets quite at ease.

b) Low end accounting software is known for its ’single entry’ products. It serves a single national market quite easily.

c) Mid market accounting software for mid-level businesses serve multiple national accountancy standards. You can do accounting in numerous currencies.

d) High end accounting software is also known as Enterprise Resource Planning or ERP software. These expensive solutions cater to the needs of huge organizations.

Since the mid 1990s, with the entry of Microsoft and Sage, accounting software market has simply evolved. In fact, it is simply increasing at a break-neck pace. There are various good accounting software in the above categories of accounting software. Selecting the best one is not that easy.

In the small business/personal accounting section, the best accounting software would doubtlessly be the Intuit’s QuickBooks Accounting Software pro edition for small business. This accounting software has all the accounting features necessary for small businesses. QuickBooks Small Business 2006/ 7, through its time-saving features and improved functionality aids management of business. By applying online accounts management of bank statements, this software easily helps in integrating bank records in a smart way. With this software, you can rule your growing business accounts effortlessly and productively.

One excellent software, targeted at the low-end accounting software market is Sage MAS 90 ERP/MAS 200 ERP. This software is also applicable in mid-market accounting software market. This software encompasses different worthy solutions. Some of them are e-commerce, payroll, financial reporting, customer relationship management, core accounting and much more. This is an award-winning accounting software. With key processes like bill of materials, inventory management and job costing, it aids in the management of business. The advanced version MAS 200 ERP has the extra function of a client/server platform. It is known for its scalability and reliability.

In the high end accounting software market, several excellent accounting software, from some well known manufacturers like Microsoft and Sage are competing with each other for the market pie. No doubt, selecting the best one is difficult. Still, I would go with the ACCPAC Advantage Series which is known for its world-class multi-tiered functionalities. ACCPAC accounting software is perfect in the sense that it allows a business to tune its functionalities according to the needs. The ACCPAC Advantage Series is available in three editions- Enterprise Edition, Corporate Edition and Small Business Edition.

The Sage ACCPAC ERP system/Enterprise edition helps you to increase the productivity of your entire enterprise with end-to-end solutions, such as CRM. This high end software provides integrated set of end-to-end business management applications. Like other Sage software, this accounting software is known for its seamless integration, reliability and high performance which a large organization desires for keeping its competitive advantage over its rivals.





By: Ashish Jain