What Types of Bookkeeping Systems Are There?
There are two very common methods:-
Single Entry Bookkeeping which is your basic spreadsheet as mentioned above, or cash book method.
Double Entry Bookkeeping which is a method that utilises ledgers and entering the value of a business transaction twice to keep a balance.
Bookkeeping and accounting software is available for both methods. These range from basic cash book programmes to double-entry systems that include sales and purchase invoicing, inventory control and even payroll.
The following is a guide of the best bookkeeping software available with a general idea of region, but many of these have been adapted for use in each other's regions and others world-wide:-
OpenOffice (totally free and excellent), Excel, Quattro Pro – all very good for spreadsheeting with automated calculation capabilities.
Quickbooks, Quicken, Peachtree (USA),
MYOB and Xero online (NZ & Australia),
Pastel (South Africa).
There are many other programmes that have been developed and the best thing is to ask a friend or your local business help centre for advice.