Starting your own business

About us Business Structures Business Plans Business Finance Flexible Business Loans Small Business Marketing Start an Internet Business Home Based Business Company Formation Accounting and Bookkeeping Business Zone Business Dictionary
Latest News : Top 7 Thai expat myths - The Thaiger      Business start up advice ? Ready for Business tips on starting a business - Ready for Brexit      What should motivate the wellness industry: Passion or profit? - Startups.co.uk      Immigrant-led businesses 'contribute 13 billion to Scottish economy' - University of Strathclyde      The Enterprise Investment Scheme explained - Startups.co.uk      

Computerised Ledger Systems and Packages

 

Computerised ledger systems are commonplace and used extensively and often exclusively in the maintenance of  financial records for small businesses. Although the features within each package may vary, some of the common benefits might include those listed below.

Speed of Entering Data

Entering sales, purchases and other financial information using a computerised ledger package is generally faster compared if the task was carried out manually.

Standing data such as the current date may already be entered on the form and therefore will not require the user to enter it again.

Data Consistency and Integrity

One of the problems faced by people learning a computerised ledger package is that of treating like transactions in a similar manner (known also as data integrity). For example, regular purchases of stationery should be included together so that a yearly total can be calculated.

Manual books may require the turning of numerous pages of a ledger to ascertain where previous similar entries were made.

computerised ledger systems can allow for the easy and speedy retrieval of past transactions either through viewing an audit trial or by printing a standard report.

Greater Analysis Capabilities

Using built-in reports which typically come with computer based financial packages, a user can readily interrogate data to produce analysis of sales, purchases and overall profit and losses.

The features allowing for the creation of specialised reports may also exist so that the types of analysis can be extended and tailored towards the specific idiosyncrasies of the business in question.

Creating similar analysis with manual bookkeeping records requires detailed accumulation and presentation of raw figures, all within the framework of a process which may be susceptible to human error.

 
Email This Page  Print This Page


 
 
Site Search
Take the 6 question quiz and test your knowledge on matters relating to starting your own business
1. Which of the following are legally separate from their owners?
 
A company
A partnership
A sole trader
  
Submit
 
Single Question Survey
Did you know that company formations can be carried out entirely online without any need for paper or written signatures?
 
Yes
No
  
Submit