SMB Accounting 2005 - Other Options

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• June-July 2005 Issue
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The Small Business Administration estimates that there are over 23 million small businesses currently operating in the United States.

Of these, nearly 75% are considered sole practitioners, basically one- or two-person operations. Many of these businesses will purchase some type of business/financial software in the near future. To be sure, there is not a shortage of quality accounting software products aimed at the small business entrepreneur. But what about those who may need a little more help or a little less confusion?

It’s no secret that traditional accounting software can frighten off new business owners who already have enough on their plate with which to deal. I just had a small business owner tell me the other day that she had no idea what ‘amortization’ was. This lack of knowledge doesn’t make her unintelligent; it just means that she’s not an accountant. So a program that routinely uses terms like asset, depreciation, equity and amortization will certainly give financially challenged business owners pause. Enter programs like Shoebox Records, QuickBooks Simple Start and Bookkeeper 2005. These off-the-shelf type programs are designed specifically for the ‘non-accountant’ small business owner who wants to get a better handle on their income and expenses, but doesn’t want to become a financial expert in the process.

Editor's Note:
This section appeared along with our full review of Small Business Accounting Software in the June/July 2005 issue. That review can be located here.

Shoebox Records from SageFire Inc. (www.sagefire.com; 866-804-6444) bills itself as a ‘visually smart and functionally simple financial record tracking solution.’ Shoebox Records, an online money management program is designed for the small business owner, and could be a terrific solution for business owners looking to automate or just simplify their small business record keeping. When ready to enter information, simply log into Shoebox Records from any computer, enter your company profile information, and you’re ready to go.

Shoebox Records uses an automated system to categorize income and expenses, thus eliminating the need for a GL. Navigation is extremely easy, with the main screen consisting of a series of squares, each featuring a specific program function. Data-entry screens are streamlined, with information entered in a logical sequence and drop-down arrows and guides available for most fields. Shoebox Records uses feature descriptions like Enter Transaction, Company Profile, Track Invoices and Balance Accounts. Using Shoebox Records, you can easily record routine expenses, track income, perform online invoicing and even write checks.

When entering transactions or creating invoices, the screen will display the last five entries or transactions posted. When creating invoices, you can also customize your invoice logo. And the auto-tracking feature is terrific. You can choose to enter an annual mileage total, or enter mileage by occasion with an area to enter the purpose of the trip. Paul Bretz, owner of Mile Hi Nuts and Candy in Wheat Ridge, Colorado, has used Shoebox Records since June 2004. “Shoebox Records is very user friendly,” says Mr. Bretz. “Data input is quick and complete. I record my sales on a daily basis, along with expenses, and it takes less than five minutes.”

Reporting is limited, with a total of 13 reports including Income and Expense, Balance Sheet and Trial Balance reports. If you get stuck, a comprehensive Help feature is available or you can take advantage of the Customer Support feature included in the monthly fee. For more in-depth training, SageFire also schedules online training sessions for all system users.