Research the software packages available to help entrepreneurs with the financials for a business plan. Which do you believe is the best? Why?
Present value of a firm, can attract investors if it’s have high value and a good reputation. All the time, financial managers of white shoe or new firms try to maximize profits along the company to attract investors and create consistent cash flows for the firm. The present value of a firm canbe determine by observing it’s cashflows and if we see “mismatching” between cash inflows and cash outflows, it definitely create short term financial “disaster” for the company.
To avoid our businesses from this kind of failure at the begining of a business we have to examine our financial anticipations, needs and than make decisions with considering our current situation. Starting a new business can make us excited about our new and brilliant idea. We try to create the best management & organizational plan, determining the customer segments make us crazy about the business but we cannot examine easily our economic situation and after starting a business our cash flows create deficits. To preserve our companies’ and start-up businesses we can use computer based systems and perfect softwares.
Financial software packages are display current economic situation of a business and rescue investors and most of all entrepreneurs from wrong decisions. There are too many financial packages that we can benefit from them today such as QuickBooks, Microsoft Office Small Business Accounting, Quicken Home and Business,Epicor, Oracle, Lawson, Infor, Exact Software, iCash, Fortora Fresh Finance, YNAB Pro, AceMoney…
As I stated before, for the purposes of having a healthy business plan we have to consider our financial statements. As an individual, every single person has to broadly focus on his/her expenditures and budget. For this kind of awereness, there are “personal finance software packages” and I stated their names above the page for instance: Quicken Personal Finance, iCash, Fortora Fresh Finance, YNAB Pro, AceMoney.
With a financial software we have to do our online banking transactions and investments (like purchasing stocks/bonds), preparing our plans and reports etc. For personal bases we have to do those transactions with softwares to avoid our financial transactions any lose. As an entrepreneur, instead of paying to much money to an accountant who is using financial software packages to do our businesses calculations, we can use those financial programs to determine our expenditures and make profit by investing, reporting and planning.
Having a healthy cash flow means that do not having a deficit between our actual cash receipts and our cash payments. For the purpose of having a stable cash flow or cash flow with a surplus we can use those financial packages as I stated before.
Considering the ratings in softwares we can determine that, Quicken Personal
Finance is very popular among the financial environment.
Bringing whole accounts together, Quicken Package expand our financial aweraness and it help us to maximize our profit by informing us the financial instruments etc. This package is popular and beneficial for personal based
finance and start-up businesses. New ventures face with cash flow problems and
they cannot determine transaction costs (like making an online payment with our
credit card and paying a commission to bank because of using our credit account
on that bank), having trouble because of lack of cash and do not have any
financial instruments or investments for short and long term basis. Fortora Fresh
Finance is my another favorite package other than Microsoft and Quicken..
We can easily manage Fortora Fresh Finance package without knowing too
much about software and even we can use this programme for our personal
finances such as balancing the checkbook keeping track of credit cards, bill
reminders, budget & more.. Generating reports to see where is our businesses’
money or our personal money going is easy with this package. Importing data
from a financial institutions, or quickly enter data by hand is also easy with this
The user interface has an easy earning curve, and we will be up and
running in minutes by this programme. But the weak point of the Fortora Fresh
Finance Package (as you can see from the chart above) is weakness in
supporting system. Think about your start-up business. You have everything on
your financial statements but in a minute, financial market starting to have
trouble and you need a help! With respect to lack of supporting system, Fortora
Fresh cannot help you too much like Microsoft company. As a consumer we all
need products which produced or guaranteed by dependable brand, so that’s why
we have to choose Microsoft instead of untrained package producer.
To evaluate These software packages as a most beneficial and least beneficial we
have to consider the type of the business like start-up, growing or stable..
QuickBooks is a wonderful package for those companies that are expanding, have multiple employees, multiple locations or have slim profit margins.. QuickBooks offers a number of financial accounting packages including some that are business specific. For START-UP businesses Microsoft Office Small Business Accounting and Quicken Home and Business packages are ideal! Microsoft Office Small Business Accounting package is an easy product to learn and it does have add-ons such as payroll. Emailing invoices, printing mailing lists and other business communication functions are similar to other kind of Microsoft products.
Considering number of employees, we can eliminate number of packages. For instance if you have a single employee or home-based business (like trending style: Home Offices!), Quicken Home and Business is a ideal package. I stated three packages (Microsoft Office Small Business Accounting, QuickBooks and Quicken) and if I have to compare them I can say that Microsoft Office Small Business Accounting is good for small businesses but it’s similar to Quickbooks. Considering number of employees, entrepreneurs can make a decision about using them. The most important thing for a financial package is that: having a program which is “updatable”! As we know Microsoft always renew itself with respect to competition in the market and users of Microsoft products always have to make update on their products to have true and reliable informations.
References: Quicken web page, Microsoft Office web page, QuickBooks web page, Top 5 Personal Finance Packages
Article from http://smallbusiness.chron.com