Back in ancient history when I started my accounting career, everything was done manually. There were paper ledgers, paper subsidiary ledgers, and a pegboard payroll system. Every check was hand-written, after adding up the open invoices so we would know the proper check amount. The 10-key became my best friend. Just about every piece of paper that came through the door was filed away. Accounting was tedious and time-consuming.
Several years later, personal computers and accounting software became widely available. It tremendously changed how things were done. Our basic tasks were done faster, with less errors. This allowed us to perform other, more analytical, tasks. But we still kept every piece of paper that came through the door.
The next big change in the accounting software arena was QuickBooks Online. It offers all of the advantages of accounting software, but adds a few of its own. For the first time, accounting software is available online, 24-7. It also does away with the need to keep paper files.
Below is a comparison of manual accounting, computer accounting, and QuickBooks Online. In my opinion, QuickBooks Online has a package for every business owner … from a “hobby” business to a corporation with many transactions. You, as a business owner, should decide which is best for you.