Easy accounting with free accounting software

Posted by maryparker on August 25th, 2013

Of all the MS-Office applications the spreadsheet or MS-Excel is the hardest to master. Using basic Excel is easy but there seems to be no end to what this application can do for you. As you learn more about this application you find out that there is more yet to be learned. Thus, it is challenging to use and at times frustrating too. For basic users of Excel it could be a great idea to use a free accounting software application so that they can get started with maintaining records of their business incomes and expenses.

The spreadsheet lies at the heart of accounting. Instead of making entries in journals and ledgers accountants today make entries in MS-Excel files. The incomes go into one column and the expenses go into another column. Formulas are built into the file so that other elements like taxes and commissions are accounted for. At the end of the month, quarter or year one simply has to look at the last entry to find out whether the business is making a profit or a loss.

Entering data into a spreadsheet is very easy and even a child can do it. What is not so easy is to create those formulas for calculating taxes and commissions etc. And one cannot afford to make a mistake in creating formulas because the books of accounts will be erroneous as a result. This would mean wrong accounting that can either mean more tax paid to Uncle Sam or less tax paid and thus paying a further penalty. A free accounting software application can eliminate all mistakes and always produce correct accounts.

A free accounting software application will already have formulas fed into it. Thus, when you start using one such application your job is to simply enter incomes and expenses. For small businesses and self employed professionals such software applications are extremely useful. These people cannot afford to have accountants on their payroll or spend hundreds of dollars every quarter to have their books of accounts balanced by a professional. Once they create their books of accounts in their spreadsheet they simply need to email it to an accountant for validation. This is bound to save a lot of money.

The big question is – is free accounting software actually free? Yes indeed. There are websites that don’t charge you anything for using their formulated spreadsheet. You just have to sign up and get started with your job. Of course you should do some research to find out whether any hidden charges are applicable but the best websites, when they say the application is free, actually offer it for free.

So don’t be scared of the spreadsheet. It is an extremely useful application. Learn using it and you will see the benefits immediately. And till the time you become a master of Excel there is always your free accounting software application to use. Save files in cloud and send them through email and keep your data safe. Your business is bound to thrive.

If you are facing challenges with using spreadsheet look at using a free accounting software application. The job will be much easier.