I have spent the last couple hours reading accounting software reviews on Amazon, CNET, and SuN and find myself ... quite confused! It is clear that all of the major labels have their downsides, so it`s hard to make a decision. Our business is really making the jump to light speed now in so many ways and I want to be sure we start this new phase in the right direction in accounting & finance.
* Just started an S Corp so the software should "know" all about this. Software should be able to generate quarterly payroll forms, like IRS 941. This alone will save the $500 / year I would have paid my accountant for this.
* I think QuickBooks is out if only because I do not want pay Intuit $200 a year for the "privilege` of writing paychecks to my employees. I understand this subscription (read: blood money) is now mandatory with the 2007 version.
* The business is currently my wife and I both working as consultants. Our income comes from the webiste I run (I receive consulting fees and commissions) and Gretchen is a free lance illustrator (check her out at www.GretchenRaisch.com). But there`s a good chance that Phase 2 (the name of our S Corp.) could purchase the website in the next year so the software should be able to handle this transition.
* Phase 2 currently owns two fix & flip properties which will be sold in Spring `07. Also plan to purchase long-term rental properties under an LLC. Software should provide support for both of these types of properties.
* In addition to our business accounts, I would also like to be able to keep up with all of our personal banking in this software. (I`m currently using an old version of MS Money for this, mostly just as a general ledger to keep track of banking transactions and expense categories).
I was surprised to learn that QuickBooks is not a double-entry system. My layman`s understanding is that any system worth its salt (electronic or otherwise) should be double entry.
I like working with numbers but am not an accountant.
All thoughts & suggestions will be appreciated!!
Greg Baskin www.GoldMountainMining.com "A Motherlode of gifts ... at Old West prices!"