I am often asked this question. The answer, like most answers, is it depends.
How large is your company?
How much do you want to spend?
How sophisticated is your accounting knowledge, or the knowledge of your staff?
I could discuss many options here, but to focus on the small businessperson, I will discuss two options that I find are viable and easy to use.
QuickBooks
QuickBooks comes in various “flavors”: Pro, Premier, Enterprise, even Online. All are similar in features, and are very easy to use for the beginner. It could be the best option for people with limited accounting knowledge, if you have someone to check it over.
Sage 50 (formerly Peachtree)
Sage 50 also comes in various versions: Pro, Complete, Premium, Quantum, and Accountant. Most of the difference between the versions is the more you pay, the more advanced features you get. Sage works better with a little more accounting knowledge, but it is a very robust system and would work well for most small businesses.
The bottom line:
You should seek assistance with any new accounting system, to make sure you are setup correctly from the start. Or, if you are converting from something else, to make sure you start off on the right foot. If you need assistance, give me a call at (501) 539-3043, or any of the contact info on the site.
Please note: I reserve the right to delete comments that are offensive or off-topic.