Having an accounting system in important when starting your business. You have four options in how to get the job done. 1. Do it yourself. If you have accounting knowledge and feel comfortable with a software program, such as QuickBooks, this may be the right choice for you. However, being your own accountant takes time away from running your business and allowing you to spend time doing what you do best. 2. Hire someone. This frees you up and has someone with expertise to handle the accounting functions. This can be especially helpful with duties such as payroll and reconciling bank accounts and keeping up with accounts receivables and payables. The drawback is that you have another person on payroll with the added payroll and benefit costs, not to mention someone else to manage within the office. You need to consider the space needed to devote to a bookkeeper, which will be space taken away from other profit-making activities. 3. Contract with a bookkeeper or accountant. This situation frees up your time and will cost you less than having someone on payroll. Also, you will have someone who will be looking out for you in running your business. 4. The final option, and the one that is quite popular with small businesses, is a combination of 1 and 3. You might choose to contract with someone to set up your bookkeeping system initially and help you get started. Then you can do the daily and weekly accounting and return to your professionals for periodic reviews and tax preparation.

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