Import From China Business

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Import from China
Sell on eBay

Sandra Kell
Ontario, Canada
Baby Products
Profit This Year: $10,400

“I started with $1,000 and began importing baby products from China. I sell them on eBay, Facebook and in my local stores.  After 8 months, I am earning $400 a week.  I finally quit my day job!”

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Accounting Software Review
 

Accounting Software - Don’t Start Without it.

For small businesses starting out whether you are importing goods from China for resale or you want to be a professional photographer, getting an accounting software package can make a huge difference in saving you time and make you more productive.  Here is an  Accounting Software Review to simplify your decision process.

Accounting Software Review:  QuickBooks Versus Peachtree

In the United States, QuickBooks and Peachtree Accounting are the main accounting packages available to the small business owner.  QuickBooks and Simply Accounting are the main products in Canada.  These products are available at your local office supply retailers, electronic retailers, online or directly from the manufacturer.  

Common to all these brands is that there are different products within the product line ranging from <$100 to $400+.  They all will do your basic bookkeeping tasks but the advanced ones will allow you to do more things especially if you have an operation that is more complex.  For instance, a furniture manufacturer will have more things to keep track of than a service type business such as decorating.

 

Accounting Software Review - QuickBooks is Easy to Use

From basic to more advanced, the QuickBooks lineup is:

QuickBooks users like this product line because it is easy to use.  All three products will allow you to track money coming in and going out of your business such as paying bills, sending invoices, and track your sales.  

The QuickBooks Pro version will allow you to track inventories and it has multiple country currency capabilities.  If your business needs either one of these capabilities, then the Pro version is better for you than Simple Start.

Moving up from QuickBooks Pro to QuickBooks Premier will give you more advanced features such as sales forecasting, creating a business plan and developing industry specific reports.

Accounting Software Review - Peachtree Accounting Gives You Valuable Insights

For Peachtree Accounting, the product lineup is also similar (from basic to more advanced):

Peachtree Accounting users like Peachtree Accounting because the product gives them valuable insights into their business. If you appreciate numbers and what they can do for you, then Peachtree is a good choice.  

Similar to the QuickBooks lineup, the entire Peachtree lineup will assist you with basic bookkeeping tasks such as billing customers, paying your bills, printing checks.  Even at the entry level package, Peachtree First Accounting will allow you to conduct financial analysis and competitive benchmarking.  

Moving up to the Peachtree Pro version will allow you to manage payroll, and track inventories.  Moving up one more level to the Peachtree Complete will allow you to track inventories and manage fixed asset depreciation.

The advanced Peachtree Premium version will allow you to consolidate finances from more than one company.  If you have two or more gift stores, this will become useful.  You can also have financial statements by department or budget centers.

 

Accounting Software Review - Special Industries

For the Peachtree Premium and QuickBooks Premier, there are industry specific versions of the software such as construction, nonprofit and manufacturing.  They are worth investigating if your business is in any of these industries.

There are super versions of accounting software called QuickBooks Enterprise and Peachtree Quantum.   Such products are not sold in store at office supplies chains.  They can be purchased directly through the manufacturer or through third party partners.  For the average business owner just starting up, you most likely won't need the power of these two versions.  Keep them in mind as your small business grows larger and more complex.

Getting Accounting Software, Cheap

The great thing about QuickBooks and Peachtree is that you can download a trial version for free, conduct a test drive and see which one you like the best.  

For the ultimate cheapskate, keep an eye for promotions at your favorite retailer.  The lower end versions can be purchased for free after in store discounts and manufacturing rebates.

Getting an accounting software package will never guarantee that you will succeed, but it sure helps.  Given the demands of the new small business owner, the accounting software will minimally make you more efficient in conducting your bookkeeping tasks.  If you use any of the financial statements such as cash flow, balance statement, and P&L to manage your business, you are well on your way to improving your operations.  

Even if you like to and can do it, who wants to spend hours creating their own financial statements?  Most accountants don't manually create financial statements anymore.  Why should you?