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Saturday, August 20, 2005

Accounting Software and CPA

Keeping your books clean saves a lot of time during the year end tax period. It is a good habit to keep your books uptodate and check on your cash flows so you can see how you are growing and pla your capital needs.

Yeah, I agree its not the fun part of startup.

It makes sense to invest in an accounting software right away.
Here is a comparison of the different accounting softwares and their costs.
http://www.entrepreneur.com/features/softguide/detail/1,5804,,00.htmlsCat=Accounting/Financial

I do my banking online, so I find it easier to pay all my bills online. That way I can get a report of the months activity. So I prefer my bank to sync into my accounting software. That may not be everyone's needs.

If you have an ecommerce business, it may save costs to find a merchant account who may also serve as your bank for writing checks so you have one less account to manage. Of course, you have to weigh this with the additional costs involved.

At the end of the year, I always hire a CPA who helps close my books, audit and help pay my franchise taxes and submit my annual report for state and federal. My favorite CPA is Theresa Dave in Boston area.