I work with both QuickBooks and Peachtree; both have very detailed processes for every transaction. Where QuickBooks and Peachtree are strongest their ability to generate payroll checks and year to date stub if you’re preparing payroll in house and to work even if a business should grown to the multimillion dollar range.
The invoices and checks Peachtree and QuickBooks generate are very professional and if properly maintained these systems provide accurate financial statements. QuickBooks and Peachtree do require time and periodic review in order to be maintained properly many times requiring a consultant or employee.
Excel's spreadsheets offer many good options for entrepreneurs though effort is needed create invoices and payroll records. Where Excel shines is in creating mileage logs, records of receipts, reconciliations, and records of expenses laid out in manner that is easier to enter, review, and correct if necessary with less time taken away from business.