Simple Accounting refers to two distinct concepts depending on what you are looking for: it is either a generalized financial workflow for small businesses, or it refers to specific no-fuss software products designed to replace complex systems like QuickBooks. 1. General “Simple Accounting” Workflows
When handled as a business method, simple accounting typically relies on a single-entry system. Instead of balancing complex debits and credits, a business tracks cash flow similarly to a personal checkbook ledger:
Cash Basis: You record income only when the cash hits your bank, and expenses only when you pay them.
Core Elements: It focuses entirely on tracking basic Income, Expenses, and Bank Reconciliations.
Primary Report: The main objective is creating a basic Profit & Loss (P&L) Statement to show if the business is making money. 2. Specific Software Named “Simple Accounting”
If you are looking for software by this name, there are a few highly rated, straightforward tools available: 📊 Simple Planning (Excel-Based Software)
For business owners who prefer spreadsheets, Simple Planning offers a downloaded Excel-based Simple Accounting program. Cost: A one-time purchase of around $59.
Features: Automated income/expense sheets, instant P&L generation, and built-in basic invoice templates.
Premium Tier: Allows users to directly import transactions from their bank accounts. 📱 Simple Accounting Mobile Apps
Available on both Google Play and the Apple App Store, these act as handy digital cashbooks.
Features: Designed for freelancers and micro-businesses to log day-to-day cash transactions on a smartphone.
Security: Operates with a passcode lock and saves data locally or to individual Dropbox/Google Drive accounts. 🌐 Open-Source SimpleAccounting Basic Accounting Terms
Leave a Reply