Which accounting solutions are right for you?

Not all accounting solutions are right for all businesses. The three main choices for small business accounting solutions are:

1. Doing your accounting in-house.
2. Hiring a traditional accounting firm.
3. Using a hosted accounting service.

In-house accounting solutions
Most companies initially handle the bookkeeping in-house. Buying a popular program like Intuit’s QuickBooks® provides one of many inexpensive accounting solutions that let you do enough record keeping to satisfy the IRS and your financial backers.

In-house accounting solutions can be a challenge to keep up with the record keeping, however, and if without a good understanding of the fundamentals of accounting, you may make costly mistakes in the long run. Many businesses hire an in-house bookkeeper or accountant as they begin to grow past 10 or 20 employees, depending on their industry and type of business.

Accounting solutions firms
An accounting firm can do more for your business than simply filing your taxes and creating financial statements. They offer accounting solutions that include audits, tax planning, financial consulting, business valuation, and advice for growing your business and cutting costs. However, many of these services carry additional charges. Choosing firms if your business faces unusual financial situations, or doesn’t have a lot of financial expertise on staff.

Hosted accounting solutions
Hosted accounting software – also called online applications, or ASP solutions – are a useful middle ground. These providers offer accounting solutions that you access through a web browser. They store all your financial data with comprehensive security and backup procedures – more than most small businesses have on their own data. They also provide all the basic accounting services, including accounts payable and receivable, ledgers, invoicing, reporting, and can even include payroll, check writing, and expense reports.

While not as comprehensive as the accounting firms, hosted accounting solutions can be an excellent and inexpensive way to meet your financial obligations.

Ready for accounting solutions?
If your company has outgrown its in-house accounting procedures, it may be time to work with a traditional firm or implement an ASP service. Don’t struggle with the decision – let multiple companies help you. Submit a free accounting solutions request for quotes today.