Investment Club Accounting Software - Getting Rid Of Paperwork

Using investment club accounting software to monitor the pro rata shares of each member is a good way to reduce paperwork and bring efficiency to your investment club. The software packages available on the market help to eliminate much of the guesswork associated with investment club accounting and help to streamline your reporting process. This allows you to focus more time on picking profitable investments and less time on the paperwork that is required to be maintained.

Elements of a Good Software Package

A good investment club accounting package should be designed with you in mind. It should be able to track multiple investment holdings including their cost basis, share price and be able to connect with the internet for real-time pricing. The software should be easy to use, install, and generate the necessary tax paperwork for each of the club’s members when required for tax reporting purposes. Also, the software should provide online technical support to help guide you through problems or complete complex equations.

Freeware Versus Licensed Software

There are a few freeware examples available online that will save the club money, but they may not have the same level of support as a fully licensed full featured version has. Spending the money upfront to invest in a good software package may save you in down the road when you are facing a situation where you need some support to generate 1099 earnings statements for the investment club members.

blog comments powered by Disqus