When we used to do our TB on paper, and then spreadsheets, the TB was essential for 2 things:-
a) making year end journal adjustments
b) checking that all the accounts and the journal actually balanced, picking up figures in wrong columns, transposed numbers, single entries, etc.
I imagine that errors we used to find are rare in a computerised system like QF - so what are the main issues that the QF TB does often find; or other benefits of doing it?
And are there any specific tasks we should perform in the TB before handing our accounts to an accountant?
The purpose of the TB is to provide a basis for you or your accountant to prepare accounts. It’s the best starting point. Yes, it should always balance and there should be no entries in the wrong columns (although it can happen!) but there may still be errors.
You would be best to ask your accountant what they require you to do before handing over the TB. Some accountants expect the client to do all the bookkeeping entries including year-end adjustments like depreciation and accruals - others will do those for you. It partly depends o whether you are operating as a sole trader, partnership or limited company. Only your accountant can really answer though.
Generally the most common errors are incorrect categorisation (tagging) of transactions. If it is just one expense code used instead of another, it won’t usually matter, but it can include tagging balance sheet items as P&L or expenses as revenue, for instance.