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Small business startups must also choose either the cash method or the accrual method for their accounting system. The cash method is the most commonly used method for small businesses. With the cash method, you record income when you receive payment, whether by cash, credit card, or check, and you record expenses when you pay them. With the accrual method, you record income when a sales transaction occurs, even if you have not received payment. You record expenses when you physically receive the good or service, even if you haven’t paid for it. This method is common for larger businesses or small businesses that rely on invoicing.

QuickBooks software supports either accounting method that you choose. The first time you use QuickBooks it will walk you through its startup interview where you answer simple questions about your small business and identify the accounting method you will use. You can also turn additional features on or off and customize QuickBooks for your particular needs. It’s easy to setup and use QuickBooks. Give it a try for free.

Source: http://quickbooks.intuit.com/

QuickBooks puts the data you need at your fingertips so that you can make smart business decisions

QuickBooks is recognized as the #1 rated small business financial software available today. It keeps accurate records in accordance with FASB (Financial Accounting Standards Board) to ensure that small business startups maintain balanced books and accurate reports. With the right system in place, maintaining financial records doesn’t have to be painful – it simply involves recording income and expenses. An accurate accounting system will be a fundamental component of your small business and will help you make strategic business decisions.

QuickBooks puts all of your financial transactions in one place so that you always know where your money is going. It helps you track and manage your income and expenses by doing the hard work for you. QuickBooks automatically performs calculations, organizes and posts transactions to the appropriate accounts, and provides critical business reports such as the income statement and balance sheet. It even helps you track bills and sends you alerts when bills are due. As a small business startup, it’s critical that you pay your bills on time to establish strong credit, and QuickBooks will help you every step of the way.

A small business accounting system should properly track and record startup expenses, such as costs incurred before the business starts earning money and capital investments that should be depreciated over the coming years. QuickBooks makes these intimidating accounting tasks easy.

How to get your startup business started with Quickbooks

Peggy Bartsch is a Certified ProAdvisor trained to help businesses get the most out of QuickBooks software ranging from QuickBooks setup, training, payroll and consulting, among others. As a federally licensed Enrolled Agent, Peggy is a federally authorized tax practitioner empowered by the U.S. Department of the Treasury to represent taxpayers before the Internal Revenue Service (IRS). An Enrolled agent status is the highest credential awarded by the IRS.