Page 64 - F1 - AB Integrated Workbook STUDENT 2018-19

Chapter 4

4.4 Accountancy packages

Many businesses choose to utilise specialised software packages that record and
process the individual transactions within the business, rather than relying on manual
records.

These accountancy packages are often designed to automatically produce year-end
accounts and management reports when requested.

Advantages Disadvantages

 Rapid recording of transactions,  Usually requires training before
when compared with manual use
systems
 Packages can be expensive to
 Lower likelihood of mistakes purchase and install

 Rapid production of reports and  May be unnecessary for a
financial statements small business with low
numbers of transactions

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