Good accounting software should possess three key elements:  Speed, accuracy, and ease of use.  Speed is important because programs that process information slowly become frustrating after a while to work with.  Secondly, the software should be accurate because when it comes to handling financial records, being meticulous counts.  No one wants their books called into question.  Thirdly, accounting software needs to be easy to use.  Not everyone who uses accounting software is going to be an accountant; in fact, the majority of them aren’t.  Therefore, the layout and the controls should be easy enough for anyone to pick up, not just experts.

When it comes to accounting software, QuickBooks has been one of the best sellers for quite some time now.  It’s easy to use, accurate enough so the mistakes are negligible, and fairly quick.  It has all the things a good software package needs.  QuickBooks may not make the top 10 on many accountants’ lists, but for the general public it’s more than enough to keep track of finances efficiently and at a decent price.  It has an option that lets you try the software for free, so you can get a feel for its capabilities before you pay for it.

Microsoft Office Accounting 2009 is a competitor to QuickBooks, and its layout is very similar to what you’d expect from other Microsoft products, as it is part of the Microsoft Office suite.  The interface is clearly laid out and easy to use, and the calculations are accurate.  The downside of this program is that Microsoft discontinued it in November 2009, so get it while you still can.  Microsoft has agreed to provide extended support for the next ten years, so it’s not like you’d be buying an outdated accounting software package if you do decided to purchase it.

PeachTree is another popular accounting software package.  It is rather expensive—the cheapest version costs $200—but it gets the job done right if you can afford the price.  PeachTree has a general version, but it also has specialized versions for distribution centres, manufacturing, construction, and even non-profits.  It also has a specific version just for accountants.  Multiple-user versions--specialized or general--will cost around $1,200.  So, you have to decide whether the cost of the product is worth it, as QuickBooks and the Microsoft products are cheaper.  Remember to look for speed, accuracy, and ease of use when selecting the right accounting software for you or your business.