This type of system is maintained by the owner and/or staff and is generally a computerized system run on a single machine or networked computers at the business location using accounting software such as Quick Books, Simply Accounting etc.
- Management Information available immediately
- Always up to date
- Expense – Hardware and Software
- Labor and know how to install, operate and maintain
- Vulnerable to fire, flood, theft
Summary: This type of system is very useful so long as a business has the time and talent to run it and the ability to mitigate the potential vulnerabilities.
If time and talent are available a better and very cost effective alternative is a live computerized system “in the cloud“ which provides all of the benefits but alleviates the risks.
Consultation is available!