Accounting is a vital element of business. It has been in place since ages. It has evolved from the hand written notes, ledgers, journals to computerized data entry and report generation.
I still remember the time when we used to hand write the vouchers, journals, ledgers and financial statements and than one change in one of the entries would cause us to change all the other books and statements…..Wow that was laborious and time consuming!
Now, computers have made it easy. Everything is instantaneous. Infact, a variety of reports can be generated with a click of mouse.
Markets are filled with various accounting software and finding one which will meet all your needs is challenging. Each software has its advantages and disadvantages and ofcourse you do have options to customize accounting software to meet your needs if you are willing to pay the cost.
Quickbooks, Peachtree, Microsoft Money, Quicken are some of the ones that are most commonly used by small business.
I would suggest you review the needs of your business, consult with the CPA or the tax professional and compare the compatibility of the POS system (if you plan to have one) with your accounting software before you make this decision.