Starting a small business requires many decisions. For example, you have to decide where to locate, how much space you need, how much inventory to have, how many employees to hire, and where to advertise. Small business owners are typically so concerned about the product and sales side of their business that they often do not give enough thought to something that is critical to their success—how to keep track of financial results.
Small business owners today can choose either manual or computerized accounting systems. For example, Paul and Laura West are the owners of the first independent dealership of Carvin guitars and professional audio equipment. When they founded their company, in Sacramento, California, they decided to purchase a computerized accounting system that would integrate many aspects of their retail operations. They wanted to use their accounting software to manage their inventory of guitars and amplifiers, enter sales, record and report financial data, and process credit card and debit card transactions. They evaluated a number of options and chose QuickBooks® by Intuit Inc.
QuickBooks®, like most other popular software packages, has programs designed for the needs of a specific business, which in this ...