The earliest known existence of the classic ‘double entry’ bookkeeping system can be dated back to 1211 in Florence, Italy. First published in Luca Paciolo’s book “Summa” in 1495, it is a system that has been used, and will, indeed, be used for many years to come. However, things have a come a long way since then.
Since the early 1980s, computer-based accounting systems have been in use. Whilst programs such as Sorcim SuperCalc provided a very basic spreadsheet, today’s packages allow you to perform a wide variety of tasks with ease.
So why not consider updating your current system, or indeed making that first step onto the computerised accounting ladder? This would bring many benefits, including:
- Increased speed for data recording
- Improved accuracy and detailed analysis
- Real-time monitoring of income and expenditure
- Saving time and money for your business
On top of which, the ability to access your business’s accounts-based information would provide you with a better understanding of how your business is performing and more control over your business.
Inevitably, there will be concerns, for example:
- The cost of systems
- Training on those systems
- Monitoring data entry
- Ensuring efficiency in using these systems
- Data theft
However, in the long run there are possible savings to be made in terms of time and money that need to be taken into consideration, such as reduced office costs due to all your accounting data being recorded and reconciled electronically.
There are many different options out there which are specifically designed for every size and variety of business, programs such as Microsoft Excel, Farm Plan and Sage to name but a few. Look into updating now to regain control of your costs and realise your business’s potential.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.