subject: How Can Your Business Benefit From Open Source Accounting Software Free Of Cost [print this page] Every business has specific needsEvery business has specific needs. However, recording accounting transactions and day-to-day operations is an inevitable task no matter what industry you belong to. Use of accounting software has become a necessary tool in all businesses whether it is engineering, pharmaceutical, manufacturing, hospitality, etc.
You will come across 40 million hits by searching the term Free Accounting Software on any powerful search engine. If you search the term Open Source Accounting Software, you are likely to see 9.3 million hits.
The major hurdle with the use of open source accounting software for a business that operates in different parts of the world is that it is jurisdiction dependent. If you got a package designed for the US market, it will not be the right tool for the UK or Continental Europe. There are certain common factors that you must look out for when selecting an open source accounting software package for your business.
1. Planning horizon
Every business wants to implement a system that would support the planned growth for the next five to seven years to come. Bear this point in mind as changing open source accounting software systems can be very costly for the business in terms of expense.
2. Compatibility
It might be that you are doing all the accounting work right now on your own, however, intend to hire an accounting professional as the business branches out. Are you aware of the software used by accounting professionals? If not, you must search about it. Although it is not necessary that you use the same system that accounting professionals use, it is better if the accounting professionals you hire are familiar with the accounting software you use.
3. Payroll
Payroll is a very important part of your organization and most of the business owners assume it as quite an easy task that can be done manually. However, this is not true at all. One needs to glance over their payroll system and ensure it fulfills every requirement of the law. By law we mean tasks such as making appropriate deductions and printing out the returns required by your jurisdictional government.
4. Tax
Taxation is an evitable part of a running a business. There are different payers of sales tax in several jurisdictions such as tax outward on sales and tax inward on purchases. Only you or the accountant can know the exact figures of these portions of sales tax. An efficient open source accounting software can help you assess the figure rightly and timely.
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