1) Manual accounting systems are simple to use and cost virtually nothing which makes them suitable for owners of small businesses. Unfortunately, the benefits of computerized accounting cannot be compared. The latter approach is less time-consuming and more precise, making for improved record keeping. All methods of accounting are based on the same concepts, but operate differently. Although most organizations now use accounting software, others do rely on manual processes. For example, startups can find manual accounting inexpensive and more user-friendly than QuickBooks and other computerized accounting systems. Similarly, instead of apps, small business owners who are not tech-savvy may choose to use paper documents. This technique leaves space for human error, but computerized programs have several distinct advantages. First of all because you only need a pen and paper, it is easy and conveniently available. Both analyses are carried out manually, reducing the possibility of errors in replication and corrupt results. Plus, there is no reason for you to think about internet or electricity outages. It is quicker to correct submissions, too. Furthermore, because of data hacks, there is no chance of data loss or stolen financial records. Computerized accounts are often more difficult and require a curve of learning. Because multiple users usually view them, relative to manual accounting, there is a greater risk of digital mistakes and corrupt records. Some will need to upgrade to the new computing technologies, resulting in higher expenditures. You can need to train your employees or recruit a contractor, depending on the software used to help you get started. Manual accounting, on the negative side, is vulnerable to human error. The more manual a procedure is the higher the chance of making errors, as Forbes says. Inaccurate financial statements will stifle company growth and lead to regulatory penalties. They can also influence budgeting, decision-making and other main activities. They may also affect decision making, budgeting and other key operations. What is your opinion?

2) QuickBooks simplifies accounting for retail businesses by tracking the quantity and value of inventory on hand. QuickBooks uses the average cost basis to compute the cost of goods. It also notifies a business owner of the percentage on inventory items. A business has access to run different reports to see customer balances, accounts receivable and profit & loss. This saves a business time compared to tracking inventory manually. Tracking inventory items manually requires a business to physically count the inventory on hand. The beginning and ending inventory must be counted as well as calculating the cost of the goods. what is your opinion?

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1 Yes Inaccurate financial statements will stifle company growth and lead to regulatory penalties They can also influence budgeting decisionmaking and ... View the full answer