Every business has the responsibility of keeping accurate accounting records to judge the performance and profitability of their business.
There may be external organisations that also need look at these and one of them is HM Revenue & Customs should they decide to look into your or the company tax returns.
Having accurate and good accounting records can also make your accountancy fees cheaper as a lot of accountants these days work on a fixed price rather that time based billing.
Once you reconcile the bank accounts you will have and accurate debtors and creditors list of who owes you money and who you owe money to.
Another great feature of these packages is to process your VAT returns through the software and submit them to HM Revenue & Customs electronically.
You can also run profit & loss reports to see how the performance of the company is doing.
These packages are not that expensive to purchase but you may need some training on these to get you up and running.
When making tax digital starts with VAT on 01 April 2019 where you will have submitted your VAT return in digital format (no more typing the figures in to the government gateway) by using software this will make your VAT process easier to do.
If you submit this by software you will be able to save reports of exactly what is in the VAT return and you can review this before you submit the return to ensure you have not missed anything from this and also to review any errors that may me in the report.