Many small to mid-size companies are not using an accounting system like QuickBooks or Peachtree to run their business. If they did, they would increase productivity, reduce costs and significantly reduce errors in reporting their financial statements.
Our client used to hand write their accounts payables checks by ‘piling up’ invoices from vendors as they received them. Then at the end of the week they went through these one by one and wrote checks to pay them. We advised them to use Peachtree Accounting and taught them the new process of entering the invoice once it was received and filing it for good. Then at the end of the week, they used the accounting system to select the invoices that were due and checks were printed automatically.
Our client also found out that this process eliminated them the embarrassment of paying a vendor twice for the same invoice, because their process had no way of checking that an invoice was already paid. This also saved them in check stock costs because one check could now be created to pay multiple invoices.
Lastly, their bill from their accountant was significantly reduced because the accountant no longer needed to do bookkeeping chores since the software did this for them as a part of the invoice entry process.