Q: I currently do all of my accounts on an Excel spreadsheet. I’ve been told that this is not the thing to do? What should I be using?
May 27 2008
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Answered by: Chris Lindsay Ask a question
Using a manual method of listing information in an application like Excel often falls short of the analysis required to ensure accuracy of data. I believe this is a top priority for small businesses that need to have a tight check on outgoings and business performance.
One option would be to use a specialist bookkeeping spreadsheet to prepare the accounting information required. Preparing a bookkeeping spreadsheet might and often does suffice the needs of the smallest business enterprise and is a close step towards achieving a valuable tool for this purpose. Bookkeeping software can be as simple as a home produced spreadsheet, but with additional facets that can have significant financial benefits to the business.
A service like BT Business Builder also brings together a series of online tools to support basic business administration processes within both start-ups and established businesses.
These free tools are designed to address the core financial, legal and administrative elements of business management helping organisations to run an effective, professional and compliant operation, with more time to concentrate on their core business strengths.
One of the elements is the bookkeeping tool, which allows small businesses to take control of cash management, VAT, bill payment and invoice creation software.
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