A critical part of running a small business is managing your accounting. Not only do you need to manage the bookkeeping – the recording and organising of your financial data such as invoicing, expenses, payments and payroll – you also need to manage your accounts – the presentation and interpretation of that financial data including preparing tax returns, generating reports and forecasts, and auditing. So, which is the best way to record your financial information if you’re a SME? Should small businesses use simple spreadsheet accounting or invest in an accounting software package?