Accounting Software For Your LLC

There are a lot of choices out there when decided what kind of accounting software you want to use for your business and it can be tough if you don’t know much about bookkeeping tasks.

Generally speaking you have two choices: a low-cost solution that will cost $100 or less, such as Microsoft Money®, Quicken®, QuickBooks Simple Start®, or a higher-cost solution such as QuickBooks Basic®, QuickBooks Online®, QuickBooks Pro®, QuickBooks Premium®, Peachtree Accounting® or Simply Accounting® that can run to several hundred dollars.

The low-cost solutions tend to be primarily be what we call checkbook programs, in that they allow you to write checks and track expenses. While that may sound like all you need, the list of what they won’t let you do is pretty large. These programs won’t record assets, long-term liabilities, track equity or prepare a full set of financial statements (although you can prepare Profit and Loss Statements). They’re great for a very simple business, but will be limiting if you are electing S or C Corporation tax status, need to track inventory or have real estate properties to manage.

Many of our clients tend to use a form of QuickBooks, with QuickBooks Pro and QuickBooks Online being the most popular. That’s also one of the most popular accounting software packages amongst CPAs and private bookkeepers, which makes things easy to transfer data back and forth. If you’re not sure what the best software for your LLC is, then talk to your accountant or bookkeeper first, and see what they recommend. Selecting a software package that complements your CPA or bookkeeper’s system may be the deciding factor.

There are many variables when you’re structuring a business. That’s why it’s hard to go through a quick-service website. Unless you talk to someone who’s got some knowledge and experience on both the tax and the legal side, it’s hard to know what you don’t know. And that can leave you vulnerable.

Got questions? Contact us! We’re here for you.

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