If your monitor is correctly calibrated (see ALL ABOUT: Monitor Calibration) you're ready to start making excellent prints. Before beginning, though, you'll need to make sure your imaging program has some appropriate color settings.
Choosing A Working Space. Working spaces are places for colors to stretch out and strut their stuff. Some can display and print more nuances of colors than others but even those that can handle the widest range (called a gamut) of colors is still limited to what your camera can capture. If you choose either Adobe RGB (1998) or sRGB for your Photoshop working space (Elements uses sRGB by default) you'll be fine. The color differences between the two are minuscule but if you use Photoshop, you might want to shoot a picture with flesh tones and some other colors and view it in different working spaces to see which rendition you prefer. Remember, it's strictly a matter of personal taste there's no right or wrong.
Figures 1 & 2
In Photoshop and Elements go to Edit > Color Settings. Only the RGB color settings are important. For simplicity's sake, I've unchecked all the boxes that would normally give you confusing choices to make when your image gets opened. You may want to learn more about what they do at a later time. I've also shown just the important part of a menu instead of the whole enchilada. Figure 1 shows recommended settings for Photoshop, Figure 2 for Elements.
Unleashing Your Printer Software
Now you have two choices. You can ask either your printer's software or your imaging program's software to handle your printing job. If you use the manufacturer's recommended inks and paper, give your printer's software the first shot at it.