The key to a successful business is all down to having an efficient accounting and bookkeeping system. Whichever method you choose should suit you and your business needs. Some very small businesses may select a manual method of recording the daily or weekly income and outgoings, but at some stage, as the business grows, it may be necessary to progress on to computerised records. Either way, it is enormously important to keep an up to date and accurate account of your business finances.
It is necessary to keep records not only to allow you to keep track of your business finances, for example keeping tabs on debtors and creditors, but is also a legal requirement as yearly accounts have to be sent to HM Customs and Excise for tax purposes.
More and more computerised software packages are being used to record business accounts and finances, although, some very small businesses still keep a manual record. As businesses vary in size, it is essential that you choose which method of record keeping suits your individual needs.
Manual recording is more traditional although less common nowadays, and can be very time consuming for staff and will result in using more paper and office space for filing and storing of statements, receipts, invoices etc. However, there are still some benefits of a manual accounting and bookkeeping method, it is cheaper, not having to invest in computer hardware and members of staff not having to sit in front of a computer screen to complete this task.
However, true advantages of having a computerised accounting and bookkeeping system is accuracy and also speed as software packages have formatted screens, with calculations being done automatically, and customer/supplier databases incorporated. Also, invoices and other documentation can be produced by the touch of a button.
You have nothing to lose by trying a free small business accounting software package. There is no catch, many companies offer free small business accounting software in the hope that you will eventually make another purchase from their website or upgrade the package that you already use.
Using a free small business accounting software package would mean having precise, accurate accounting and bookkeeping records with staff members only having to follow a template to enter data, making updating financial records simple with no particular experience or qualifications required to accomplish this task. You can easily download a free small business accounting software package, making sure that it is compatible with your computer operating system.
However, it is important that you realise the needs of your business, not only at present but also in the future, when choosing a free small business accounting software package. Once you fully understand your requirements for recording transactions now and in the future you can then choose a specific software package that you, and your accountant, are happy with. Equipped with your free small business accounting software you are ready to begin recording your businesses financial transactions from the first day of trading.
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