Selecting small business accounting software

Question: I'm just starting a new business and want to keep the books myself to begin with.  I don't expect the business to grow beyond myself for a couple of years.  Am I better off hiring an accountant now even though I can't really afford to spend the money until my cash flow improves or can I wait until I hire my first employee.

What do you recommend?

Signed, newmoney.

Our response:  You are very wise to start out with an accounting system from the first day of your business.  Information is power in business and you'll be collecting and analyzing financial business information almost every day.

You don't need to hire an accountant if you have a basic understanding of business finances.  The small business accounting software these days can be pretty self explanatory or can be very complex.  If you run into problems that you can't figure out talk with your accountant and have them help you get started.  Then you can do the day to day work.

There are dozens of accounting software packages available including Microsoft Accounting 2006, Peachtree, and NetSuite.  Your best bet is to take a look at the features these packages offer and pick the one that suites your needs.  The choice can be daunting.

We are partial to Quicken by Intuit and highly recommend it because we have been using it personally and in multiple small businesses for over a decade.  It is easy to use, easy to learn, and interfaces nicely with their TurboTax tax software.  This gives you a complete package for very reasonable prices. 

They also have a variety of packages to take care of home and business.