Not too many years ago, accountants’ supply lists included items like ledgers, ink pad stamps, and a very large cup of sharpened pencils. Accountants’ supply lists today are very different.
computer
First of all, the most important accounting supply to buy is a computer. This is a fact of life in almost every business in the United States today, and choosing a computer can be complicated and confusing due to the many options available. If you don’t have a computer that you can use for your accounting business, visit your local accounting supply store, office supply store, or computer dealer.
Shop at least three places and ask a sales representative to demonstrate the different features as well as memory review features. Bring a notebook to write down the different types of computers you’ve seen, as well as the pros and cons of each different computer. If you have a relative or close friend who knows computers, share your findings to make the most informed purchase that’s best for your business.
Accounting program
After purchasing a computer, or if you already have a proper computer for your accounting office, the next obvious supply the accountant will need is a good accounting software package. Instead of choosing accounting software by brand, however, choose the right software for your particular business.
Out-of-the-box accounting software is best suited for small and medium-sized businesses that have standard accountant supply needs. If your business needs unique data reporting, make sure the accounting software you choose offers customizable reporting. If you’re running a service-related business, make sure your accounting software includes features like a time and billing module. When choosing your software, ask a few relevant questions to make sure the package is right for your accounting business.
– Does the accounting software allow you to print or electronically send checks, purchase orders and invoices?
– Do you have internet connectivity to be able to carry out online banking operations?
– Is it integrated with other software you use frequently, such as Microsoft Office?
– Is it capable of converting data from other accounting programs or databases? In other words, will accounting software be able to meet all your needs, now and in the future?
– Does it work easily with tax forms and settings?
If you anticipate your business will grow to include other staff accountants, consider these additional questions as well.
– Can the accounting software be networked?
– How easy or expensive is it to go from one user to multiple users?
– With some accounting software, adding new users is just a matter of purchasing the appropriate number of user licenses; with others, you must purchase multiple copies of the accounting software program, which is much more expensive.
Some accounting software supply packages, such as Peachtree by Sage, also offer specialty areas of accounting software, such as construction accounting, distribution accounting, manufacturing accounting, and nonprofit accounting. So, just like buying a computer, get multiple opinions from multiple sources to make the most informed purchase for your accounting business.
Other Supplies
Once a computer system and software package is installed, filling an accounting supply cabinet is the next item a freelance accountant should choose to complete. However, before you spend your hard-earned money, carefully research the items you’ll need most and the items you’ll need right away in your particular accounting specialty.
Some basic items to effectively outfit your office, which are available at most accounting supply or office supply stores, include the following:
– Organizers of the client’s tax guide
– Presentation materials and client folders.
– accounting forms
– Filing cabinet with file folders
– Accounting reference materials
– Telephone with headset
– Desktop calculator and adding machine
Some items that will be needed in your accounting supply cabinet can be purchased at an accounting or office supply store, but can also be obtained free of charge through the Internal Revenue Service (IRS) or ordered on irs.gov.
– W2 and 1099 tax forms
– Federal and state envelopes
– Federal and state income tax forms for the current tax year
The basic office supplies that should be included in your accountant’s supply list are:
– To think
– Pencils and an electric pencil sharpener
– paper clips
– Stapler
– Rubber bands
– Desk organizers and baskets to organize paperwork to be kept on your desk
– Envelopes of various sizes
– Postage meter if you make or plan to make a lot of daily mailings on a very regular basis
– Self-inking stamps: one with the postal address of your company and another to seal bank deposits
– Letterhead and envelopes with your company name printed on them
– Business letters
Also, consider a unique accountant supply that could be of great benefit to you and your clients: a subscription to a tax update newsletter or other resource that will keep you regularly informed of tax updates and can help you stay current on the latest news. Changes in taxes and tax laws.