Accounting is essential for any business. It is important for business owners and directors to access accurate and regular financial information to ensure they are making decisions in the best interests of their business. Some businesses will use book-keeping service, however in the early start up days this may not be something a small business wants to pay out for.
Online accounting services have made bookkeeping simpler and easier to manage. Various options are available and the result is a cost effective process.
So what are the main advantages of accounting online?
1. Access on your terms – Business owners can access financial information and reports anytime and anywhere there is an internet connection, 24-7. Such flexibility means that decisions can be made more quickly – without the need to return to the office to obtain financial information or ask someone to email you certain reports.
2. Paperless Online Storage – All transactions and data are on a remote system where they are backed-up on a daily basis. Backups are held in more than one location. You no longer need a large server or computer to store copies of accounting software back-ups saving you IT costs, or if you are manually backing up the system yourself, the time and worry of ensuring that back-ups are taken daily.
3. User Friendly – Online Accounting is designed to be easy to use. Any good online accounting provider will provide accounting support, however you should check that the support is provided by qualified accountants who are able to advise you on your transactions as well as being available to advise how postings to the system should be made.
Is online accounting right for your business?
If you are looking for a cost effective solution for your business which is easy to use and manage then Online Accounting is certainly an option for your business. One advantage is that your accountant will be able to access the same data in real time, removing the need to pull together spread-sheets etc at year end.
At Tracy Newman Chartered Accountants we believe that what makes us stand out from other online accounting providers is that behind the software there is a chartered accountant ready to support and help you. We save you time working on your accounts; that time can be spent by you building a more success business.
Contact us for a free initial consultation and we can discuss how Online Accounting can work for your business.