Sound accounting principles for SMEs – Packages and methods
Our second blog on sound accounting principles for SMEs covers choosing an accounting package and the method of accounting you will adopt.
Choose an accounting package – You need to maintain accounts with your accounting package. It is a good idea to get advice on this so you choose in accordance with your business. QuickBooks is said to be one of the best for small business.
Choose a method – There are two choices:
Cash Basis - Simplified accounting that considers income as ‘received cash,’ while expenses are ‘bills paid.’
Accrual Method - In this method, your revenues are matched with your expenses regardless of whether the money has been collected or not.
It is best to be advised on which will suit your business.
Consult the professionals
As you can see, it is necessary to seek professional advice in both these cases, so why not merely consult professionals to do your accounting for you? We at V-Assist either handle or source the right people to do anything you can’t or don’t want to waste time on doing yourself.
Our motto is ‘It’s about time’ so contact us to maximise yours - and find out how we can ensure you will always practice sound accounting principles!