Accounting,Software,are,accoun business, insurance Accounting Software are accounting spreadsheets the answer
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Accounting Software are accounting spreadsheets the answerfor small businesses?Spreadsheets are widely used and understood by most businesspeople, so it comes as no great surprise that accounting spreadsheets are apopular choice for many small businesses.All businesses need to keep accounting records; both forcompliance and management purposes, and for many smaller businesses, simpleaccounting spreadsheets are all that are required.Lets just outline exactly what essential financial recordsa small enterprise needs to keep. If we analyse this, there are four basic requirements:1. You need to record Bank, Cash and other moneytransactions. This means a simple analysed listing of Receipts and Payments.These records are collectively known as a CashBook, and they need to be correctly added up and reconciled (matched andagreed) to Bank Statements etc.2. All of your sales invoices to customers and allof your purchase invoices from suppliers will also need to be listed, summedand analysed. These lists are referred to as a Sales Day Book and a PurchaseDay Book. 3. You need to monitor and control your moniesreceived against Sales Invoices (Debtor Management) and monies paid to yoursuppliers in respect of their Purchase Invoices.4. You need to review, analyse, correct and controlthese primary records to achieve a basic level of financial reporting andcontrol.If you can both understand and accurately maintain thesebasic bookkeeping tasks, then, you are a long way towards achieving a basiclevel of financial control.Simple tasks, performed well, and on a timely basis are allthat many small businesses require.There is little need to invest time or money in anythingmore sophisticated, bookkeeping software can be as simple as this, and theinformation provided will be of significant financial benefit to the businessowner.The ability to manage these straightforward monthly listingswill provide you with a platform to bringing together the 12 monthly worksheetsinto a consolidated workbook. You willnow have a bookkeeping spreadsheet which contains a Cash Book, a Sales Day Bookand a Purchase Day Book. You willcertainly have sufficient data for the preparation of VAT Returns andrudimentary accounting reports.If you have reasonable spreadsheet skills you could thenprogress to a more technical level. Allthe monthly data can be collated and analysed in different report formats tomeet the needs of your business.Finally, if you have accountancy skills, then BusinessTaxation, Year End and other Compliance requirements could be built into yoursystem. However, in my experience most small businesses will to leavethis final step to their accountants. So, unless you fully understand conceptssuch as accruals, prepayments, depreciation, opening trial balances, capitalallowances, disallowable expenditure, etc., then leave this final stage to theprofessionals.As long as the accounting spreadsheets are well designed;can comply with current VAT requirements; and are fully reconciled, then formany small enterprises and self- employed individuals, accounting spreadsheetsare workable bookkeeping solution.
Accounting,Software,are,accoun