Bookkeeping Software Basics
Bookkeping software has revolutionized the way bookkeeping is
performed. Bookkeeping allows a bookkeeper’s of any level of experience to quickly and efficiently manage the cash flow of a business. There are
various types of bookkeeping software which are targeted to bookkeepers of different levels of expertise.
A few decades ago, bookkeeping was done
by using a paper ledger and a pen, or a pencil. However, the increasing complexity of tax regulations, the increasing likelihood of committing
calculation errors, and the need for efficient office organization demands a faster and more efficient means of bookkeeping. In this age of
computers, bookkeepers need special bookkeeping software to help them get the job done more efficiently.
While large corporations may need
complex systems integrating bookkeeping software, small scale businesses only need basic bookkeeping software. The most important aspect of
the bookkeeping software is that the it should have a good spreadsheet. Microsoft Excel is a perfect example of basic bookkeeping software,
and the majority of PC’s come with it standard, so you may not need to spend a cent.
Another basic bookkeeping software in
use is OWL’s Basic Bookkeeping or BBK. This affordable program makes bookkeeping quick and easy.
Unlike other complex double-entry
systems, this basic bookkeeping software uses single- entry system, which is much more suitable to smaller businesses and sole
proprietorships/traders. Those who are familiar with Dome books would also be familiar with BBK.
The greatest advantage of BKK is that
it is extremely user friendly- you certainly do not need to be a techno wiz! BKK’s comprehensive reports are clear, concise, and designed to
fully organize accounts, from income and expenses information to support analysis of business analysis. The program can also aid in
preparation of tax calculations.
Another great thing about this basic
bookkeeping software is that BKK allows the user to customize their data entries. This is possible through the use of custom data folders,
with each folder containing information for a single account, business or division. Generated reports can be obtained from single or in any
combination of folders.
BBK is also linked to OWL’s Simple
Business Invoicing and Inventory management system or (SBII). This combination allows the bookkeeper or the owner to quickly and accurately
track sales, customers, receivables and inventory. This combination of programs provides the small business owner the perfect business
No matter what your needs in
bookkeeping are- whether for personal use or the operation of a bookkeping business, it
is quintessential to be using some form of bookkeeping software. While Microsoft Excel does provide a simple option of bookkeeping, more
experienced users may wish to seek some more advanced forms of bookkeeping software. Bookkeeping software will help you easily manage and
organize the financial side of your business.