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Wednesday, January 23, 2008

How to Get The Best Accounting Software For Our Small Business

Buying accounting software is a major investment. It's an important decision and you need to be sure of all the facts before you buy.

You certainly wouldn't want to get accounting software and then find a few months later that the software can't handle your growing business.

You also don't want to be fooled into buying low priced software and then finding out that you have to make multiple upgrades to get it to the level you need to effectively run your business.

And worst of all you don't want to get software with little or no support.

Our research lead us to a website that has compared some of the most popular small business accounting packages released in 2005.

Software Prices

The cheapest software cost US $89.99 and the most expensive software cost US $1,499. It was interesting to note that the top 3 ranked websites were not the most expensive and cost between US $250 - US $300.

Software Features

Each accounting software package has been thoroughly analyzed and there is a detailed breakdown showing the features of each. Most packages offer all the most important accounting modules. It was interesting to note that the most expensive software did not offer some of the modules offered by less expensive alternatives. The breakdown is very detailed and you'll be able to see for example if the software offers e-mail invoicing.

Software Support

The most important feature in our opinion is the support. The top 4 accounting packages include toll free support and FAQ's.

Hopefully you now have an idea of what to look for in an accounting software package and how much you should pay. If you would like the link to the website we researched to compile the above information please visit our website.

Ryan Hough is the webmaster of Best Quality Small Business Resources.Com.

Visit the Top Accounting Software Packages Page

Inventory Accounting Software

When talking about inventory accounting software, barring a few exceptions, inventories should be valued lower than historical cost or net realizable value. The exceptions are the inventories of consumable stores, by-products, reusable waste and non-reusable waste.

For the purpose of comparing historical cost with net realizable value, each item in the inventory may be dealt with separately, or similar items may be dealt with as a group. The historical cost of inventories should normally be determined by using the FIFO (first in first out), average cost or LIFO (last in first out) formula.

The specific identification method may be used for inventories of items that are not ordinarily interchangeable or for goods manufactured and earmarked for a specific purpose. Under the specific identification method, specific costs are identified with goods segregated for a specific purpose. The adjusted selling price may be used in retail business or in businesses where the inventory comprises items whose costs are not readily ascertainable. Adjusted selling price method is also used by some manufacturing organizations for valuing the inventory of finished products held against forward sale contracts.

The standard cost method of valuing inventories may be used if the results approximate consistently with results obtained in accordance with FIFO, average cost or LIFO formula. Overheads, other than production overheads, should be included as part of the inventory cost only to the extent to placing inventories in their present location and condition.

The accounting policy adopted for the valuation of inventories, including the cost formula used, should be disclosed in the financial statements.

Inventory Software provides detailed information on Home Inventory Software, Inventory Accounting Software, Inventory Management Software, Inventory Software and more. Inventory Software is affiliated with Fleet Maintenance Software Reviews.

Source : http://www.accountingsoftwarearticles.com
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