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 management solution.

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.