Just starting out in business and trying to decide whether or not to invest in record keeping software?
It’s crucial to have a strong record keeping system so you can monitor the health of your business and quickly prepare financial statements.
Digital record keeping systems: is usually carried out by accounting software that allows simplified record keeping.
Some of the advantages are:
– requires less physical storage space than a manual or paper-based system
– automatically tallies amounts and ease of generating reports
– easy to back up and keep safe in case of fire or theft
– capture and access records on the go from different devices.
Manual record keeping systems: A paper-based system may work better for some business owners.
The advantages of a manual system can include:
– less costs to set up
– less likely that data will become corrupted
– a simpler system to use if you’re not familiar with accounting software
– duplicate copies of the same records are usually avoided.