An effective way of paying creditors is to allot, say, one day a month to the settling of all debts. Care should be taken to ensure that all invoices are taken into account when administering this task. Overlooking unpaid invoices can prove very costly to a firm's cash flow. The foregoing notes pre-suppose that a manual system of bookkeeping records will be maintained. However in today's commercial world the computer is assuming a dominant role.
Computer literacy is a desirable objective for all business people.
As a business progresses the need for computerisation becomes obvious and in order to compete with your business peers, computer systems will probably need to be introduced. Most successful computer systems are developed from successful manual systems. While it is difficult to generalise, it can be said that the implementation of a sound manually operated bookkeeping system will provide a strong basis of management control for any new business. Once implemented, various computer systems can be researched over a period time, to determine efficiency and cost saving benefits. In that way the accounting system in place will become fully understood and its value appreciated.