All business documents must be filed in a logical order and recorded in a bookkeeping system for each financial year, the system may be manual or computerised. Computerised bookkeeping packages may be purchased from specialised suppliers.
The choice of a bookkeeping system is very much determined by the owners of a business. Businesses may feel that the use of computerised bookkeeping software can aid the business considerably.
The advantages of using computerised software for bookkeeping include:
There are many computerised bookkeeping software packages available to buy off the shelf. We take a look at four different accounting software packages below.
QuickBooks offer various packages at increasing monthly costs, the basic package is designed for sole traders who are not VAT registered. Information can be transferred directly from the bank and there are facilities to keep a track of mileage and customise your invoices. Online and te Find out more
Kashflow offer different packages at a monthly cost with 24 hour help. The starter package has a limit on the number of invoices (10) and banking transactions (25) that can be used each month. The invoices can be customised, information can be transferred directly from the bank and VAT return Find out more
Xero offer packages at differing amounts per month with online help available. The starter package has a limit on the monthly transactions, invoices (5), bills (5) and bank transactions (20).Find out more
Most software providers offer a free trial for a short period of time. It's a good idea to run your chosen software alongside any existing system you have in place to compare the results. When selecting or switching packages, bear in mind small business will not necessarily need all the features offered by the package.
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