Many SMEs use programs such as Sage 50, formerly known as Peachtree, Complete Accounting, to help them run their business. An article published on ITS Education Asia sheds light on the advantages of using such software:
Small and medium sized businesses can now buy ‘off the shelf’ accounting programs at remarkably low cost. Larger businesses will often have customized programs made for their business. The accounting programs carry out functions such as invoicing, dealing with payments, paying wages and providing regular accounting reports such as trading and profit and loss accounts and balance sheets.
The introduction of computerized accounting systems provide major advantages such as speed and accuracy of operation, and, perhaps most importantly, the ability to see the real-time state of the company’s financial position. In my experience, I have never seen a business that has upgraded to a computerized accounting system return to paper based accounting systems.