Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
Starting a business needs a lot of courage, effort, and the right resources. After you've decided what you're going to sell, you'll need to create a business plan to see if your idea will work. If you see that your business plan is feasible, you'll need to secure funding and look for a strategic location accessible to your target customers. You also have to decide what platform or approach you will incorporate into your business to manage your finances.
When it comes to handling your company's books, you have three choices:
- Hire a CPA firm
- Purchase bookkeeping software
- Use a spreadsheet program like Excel
The first option depends on the CPA's time working on the financial side of your business. The second option can cost a lot. While the third you must be careful with unless you are an expert in using spreadsheets.
A modern accountant's toolkit has developed from pen and paper to sophisticated computer accounting software like Peachtree (now Sage 50). Peachtree accounting software enables businesses to simplify their accounting processes. This accounting software can also help business owners detect and reduce accounting issues, as well as save money. Read more of the Peachtree accounting software review to find out if it’s right for you.
More About Peachtree Accounting Software
The advancement of computer technology has been beneficial to almost all industries. Today, businesses of all sizes rely heavily on the internet and various computer programs. These things help business owners and their personnel do their tasks effectively and expand the business.
Sage Software's Peachtree is accounting software for small and midsize businesses (SMBs). This software essentially allows accountants and business owners to monitor, control, and manage a wide range of accounting tasks, including:
- Accounts payable and receivable reconciliation
- Financial data and auditing invoice generation
- Banking transactions and payroll management
- Spreadsheets for data import and editing
- Integration of scanned documents such as cheques, receipts, and invoices, removing paper from the accounting process
Peachtree can also help you run your business more effectively by offering a time-saving, all-in-one solution for financial statements, customer billing, money flow, stock control, taxes, and more.
The Benefits of Peachtree Accounting Software
Peachtree is an excellent tool for people who are just starting out with their small businesses because aside from the perks mentioned earlier, it is simple to use, inexpensive, and provides key accounting features. This accounting software is popular among startup businesses because it supplies the basic accounting features they need.
Here are the other benefits of using Peachtree:
Easy to Install
One of the advantages of using Peachtree is that you can set it up in less than 30 minutes. You don't need to understand much about accounting to get started with it. You can start setting up all the information about:
- Company
- Clients
- Distributors
- Stockpiles or service items
- Staff members
- Chart of financial statements
- Security
You can set them up by following the on-screen guidelines. You can also choose from the preloaded account in the general ledger or start creating your own in the Peachtree space.
Easy to Use
Most features of this software are just as simple as locating the appropriate button on the screen. By simply clicking on the button of your choice, you will be redirected to the corresponding window in which you can enter all of the requested details. If you know how the computer works and its basic functions, you can learn to use Peachtree right away!
Another great feature of Peachtree is that you can change whatever you want, depending on your security clearance, which is good whenever you need to modify sensitive information. However, if you make changes in a prior period, it will impact your financial statements within the period.
If you need accounting software that doesn't require a huge learning curve, Peachtree is the right one for you!
Cost-Effective
An even more advantage of using Peachtree is it's a low-cost solution. According to Sage, you can consider paying anywhere from a few hundred bucks to a few thousand dollars depending on the version you buy. This feature is quite reasonable for the level of performance and efficiency that you get from Peachtree.
Functionality
Since Peachtree is a complete accounting system, it allows users to:
- Send receipts to customers
- Receive payments
- Enter accounts payable to vendors
- Print cheques
- Pay workers
- Track expenses
- Write journal entries
Peachtree also contains different preloaded reports. In addition, the accounting software can perform an internal audit to determine the activity that includes errors or discrepancies.
The Downside
Peachtree has cons as well, and here are the things that Peachtree needs improvement on:
- The accounting software doesn't cope with complex requirements like profit and loss by customers.
- Remote access from Sage drive is a smart feature, but it sometimes falls over.
- Sage is perfect for small to midsize businesses with a few hundred customers and accounts, but it is not recommended for corporations or fast-growing businesses.
- Peachtree accepts cheques only and not credit card payments, which can be quite a hassle and reduces the software's flexibility.
- Customer service isn’t great—they’re slow to respond.
Final Thoughts
Understanding Peachtree and knowing how to use it efficiently will make you better at recognizing revenue, doing business accounting with confidence, and analyzing the general financial activities of your business.
Even for accounting specialists, managing a company's information and providing accurate financial data on time can be complex and time-consuming. Accounting software like Peachtree can make things much easier. Its reporting and analysis feature allows you to create financial statements on an annual, quarterly, or even weekly basis. This software can assist you whether you work for a large corporation, a group of corporations, or a small business.
If you are still looking for the best accounting service to help your business grow, Unloop is here! We deliver an all-in-one customized plan for business founders to have access to their finances to better understand what’s happening in their business financially. Book a call today!