Are my accounting systems fit for purpose?

Many entrepreneurs use spread sheets to record their transactions. These can work in the simplest of situations, but have a minimal chance of being accurate. It is simply a fact that a spread sheet is a virtual piece of paper with a built in calculator. It is very difficult to build a spread sheet which has robust checks and procedures.

Let’s face it, for you as an entrepreneur, accounting is not exciting. Yet it matters, not just because it is the law, but because if you do not have good records, you cannot know whether or to what extent you are successful. Unless you do not care (yes, there are some that do not care), you will always find yourself frustrated without good systems.