Nowadays it is rare to see a firm actually keeping manual accounting records. computing software's have become more common with specialised accounting software's available.
Advantages of a computerised system:
1) Greater speed: calculating is instantaneous
2) Greater accuracy: computer processes are automatic and are, therefore, error free (assuming that the information included is correct)
3) Cut in staff costs: by using a computerised systems, accountants may no longer be required which could drastically reduce costs.
4) Improved accessibility:
5) simultaneous updating of the records follows from making just one entry
1) Increase in cost of capital goods: the cost of the equipment and…