If you’re thinking about creating a startup business … good for you! This is both an exciting and scary time, and despite your best preparations, starting a business can have a steep learning curve. Most startup owners are generalists, working both in and on their business; accounting is one of the functions that most people have to learn on the job. Today we are looking at several critical accounting tips for startup businesses, from your choice of Peachtree accounting software, to tips on how to manage the bookkeeping function in your business.
1. Start on free or low-cost accounting software
Peachtree Accounting software has some great low-cost options -- and as a startup, you probably don't need the added functionality of their higher priced products anyway. Starting on the free or basic versions of an accounting software program ensures that the program is going to be right for your business needs as you grow (reducing the possibility of having to do an expensive changeover), and helps you learn in a fairly simple environment.
2. Use your accounting software from Day 1
For many people, all the new things that you have to do for your business are such a burden that administrative tasks get pushed by the wayside. If you put off installing and learning your accounting software program, though, you might find yourself with a mess on your hands by the time you get around to it. Worse, you might find that you haven’t kept records that would have entitled you to deductions on your tax return.
3. Always, always, always keep receipts
Always -- no exceptions! Even if the person in the store doesn’t offer you one, ask for it. Put them all in a shoebox and sort them out at the end of the week -- no later.
4. Learn about your accounting software from a pro
By all means, once you have downloaded and installed your accounting software you should have a play and run through the in-program tutorials. But there is nothing like getting proper accounting software training to open your eyes to the power of these programs, and solve the niggling problems which crop up often in accounting.
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