Thats why, youve come up with the next step and buy a full-featured accounting software program. In simple terms, many options are available to choose from, but according to experts the best solutions to be Quicken Premier Home and Business by Intuit, QuickBooks Pro also by Intuit, and Peachtree Accounting by Sage. Theoretically speaking in order to decide on the right package for you, you need define the type of business that you operate.

There is no denying that with the rise of self-employment (businesses with one or more owners but no paid employees) a need has arisen to manage business and personal finances on one platform. In simple terms, Intuit has released Quicken 2005 Premier Home and Business to fill this need. You may not believe this but this software is the right one for the small business owner who receives income from investments, real estate, and/or Internet marketing. Whats more, the best part about these is that Quicken 2005 Premier Home and Business is well priced at only $89.95.

On the other side of the coin for more typical brick-and-mortar business owners, you will usually need a more robust solution like QuickBooks Pro or Peachtree Accounting for functions like payroll reporting and check producing. It is worth mentioning in this regard that each piece of software has its advantages, but don't forget that QuickBooks has been the standard in business accounting software for many years now. According to experts, as far as features and basic operations are concerned both applications will provide you the same functionality and convenience for your business.

Keeping aside all this, one additional factor to consider in your decision is that Peachtree Accounting is less expensive than QuickBooks. It is worth remembering that both starter versions of Peachtree and QuickBooks are priced at $99.95 each, but the full-featured version of Peachtree is priced at only $199.95 while the full-featured QuickBooks Pro is priced at $299.95.

At the end of the day, it is worth remembering that the biggest benefit QuickBooks offers over Peachtree is compatibility with other applications. For instance, plenty of commercial banks (Bank of America, SunTrust, etc...) provide you with files designed to work directly with QuickBooks, so that you can read, study, and decipher transaction details. In addition few banks will offer you to update account information in real-time with QuickBooks. It is quite pivotal that you check with your bank to see what accounting software their online services support, and you should be able to make your decision.

If youre anything like a normal businessman then you are bound to dislike doing your accounts and taxes.

So the question now arises: How can you make this process less painful, easier and cut your accountancy fees

Well there is no denying that purchasing an accounting software package is one way.

First and foremost you required deciding whether you are going to keep your accounting records manually, that is using pen and paper, or whether you are going to computerize the process.

In case If you decide that computerizing the process is the way to go then you need to decide whether to buy an accounting software package such as Sage or Quicken, or opt for a spreadsheet, such as Microsoft Excel will suit your needs better.

The general thumb rule in this regard is if you are a cash business that just needs to record income and expenditure then you are better off using a spreadsheet.

Thats why, you should choose accounting software package if you have customers to whom you extend credit and you buy goods in the same way. In addition you process in excess of 50 transactions per month. Apart from that your business is an Incorporated Company (Limited Company in the UK) and last but not the least you are computer literate or are willing to learn!

If experts are to be believed before choosing the accounting software, speak to your accountants they will be familiar with the various accounting software packages on the market and will be able to advise you. It is worth mentioning in this regard that most accountants use software in their office to process the bookkeeping for their clients and will have a working knowledge of the accounting software package they use. There is no denying that it may be cheaper for you to use the same one they do, because they can advise you how to get it up and running and will be on hand to answer questions, in addition at your financial year end when your accounts need preparing it will be less expensive, believe me to have a compatible program.

But for that to happen it is recommend doing some research yourself, you may be able to obtain a demonstration disk or download of the most popular accounting software packages and this will give you an idea of how they work and if they are user-friendly.

Furthermore it is worth remembering that the cost may also be an issue, so you need to decide on your budget. But it is worthwhile pointing that you must take into perspective how your business is likely to expand - you may outgrow that budget accounting software quickly and end up buying the more expensive one anyway.

More often than not accounting software providers may also try and up-sell you a maintenance contract. You can save your money because fact remained that the established software providers will not have bugs in their systems. As a matter of fact they will also try and upgrade you to the next version on a regular basis, but if the software is doing everything you need then there is no need to upgrade.