A lot of businesses still maintain their accounting records on an excel spreadsheet, or even in the form of hand written hard copies. As long as the figures are complete and reconcile with the bank account, then this is perfectly sufficient for the purposes of preparing year-end accounts.
So in this case, what are the advantages of using an accounting or bookkeeping software package to maintain your businesses financial records?
It can be easier to maintain records more accurately and completely
Integration features with card payment providers or direct debit providers can save time and reduce errors
Certain other features of the software can make the accounting and bookkeeping process more efficient, for example generating invoices or reconciling the bank
It provides more detailed insights in to the current financial position of the business
You can generally access the data at any time and in any place, providing you have internet access
Data is kept securely in the cloud, rather than left lying around in hard copy format
In addition to the above, certain software also offers payroll and VAT return features, further enhancing the time saving and accuracy benefits.