What’s Better For Tracking Finances – Quickbooks? Quicken?

If you're like me, every year you think, "I resolve to keep better financial records," and then maybe, like me, you get stuck because you're not sure what to track and solving the accounting software issue just adds to the anxiety. So, let's see if we can start out better in 2017 by checking in with someone who might be able to help us: Shannon Sand, Business Management Field Specialist with South Dakota State's University Extension Livestock group. Record Keeping Systems: What to consider The record keeping system should include a summary of all business transactions. It is imperative producers also keep supporting documents such as purchases, sales, payroll, invoices and other transactions taking place in the business. The reason why it is so important to keep these documents is that they support the entries listed in journals, ledgers, and tax returns. It is important producers keep these records for three years from when the tax return was filed (however, some records may need to be kept longer). Benefits of accurate records There are added benefits to keeping accurate records. Keeping accurate records allow producers to monitor the progress of their business, and show whether it is improving, which items are profitable, and what may need to change. Records help producers keep track of deductible

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2 thoughts on “What’s Better For Tracking Finances – Quickbooks? Quicken?

  1. I use GNUCash, it is free and open source software. It is available for Windows, Mac and Linux operating systems and I find that the support is good, although I can usually figure out my problems.

  2. Banktivity on the Mac is a good alternative to Quicken with far better support (I’ve used both) and less expensive. It provides all the same linkages to banks and brokerage firms that Quicken on Windows does and is vastly superior to Quicken on the Mac. If you take credit card payments you can get a lot of the reporting, inventory and even payroll and tax management that QuickBooks provides by using Square whose fees are very reasonable. Much of the reporting is free with Square. Some features do have monthly subscription fees but for small businesses with only a few employees you probably don’t need those additions and can get by with just the standard Square implementation.

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