5 benefits of online accounting in a changing business climate

The traditional approach to bookkeeping for businesses is changing. Although manual records, spreadsheets and even desktop accounts software have done the job for many years, the evolving needs of small and medium-sized enterprises (SMEs) require a more agile bookkeeping solution. 

 

Business owners are continuing to work remotely, at least in some way, shape or form. It’s more important than ever to have flexible access to your finances. 

 

Cloud accounting software is a digital form of bookkeeping that retains your business’ accounts and financial information in the cloud. It’s possible to access this through a web browser wherever you are, using any desktop, laptop or mobile device, providing you have secure internet access. 

 

It enables business owners to log in securely and access accounts, process invoices or reconcile transactions. 

 

Online accounting software is designed to be highly intuitive. It’s built with business owners firmly in mind. Historically, bookkeeping has been a time-consuming task for entrepreneurs, but the slick user experience of cloud accounting platforms can save your business valuable time and money. 

 

Cloud accounting can improve the efficiency of your bookkeeping in a multitude of ways. It is designed to automate a string of financial tasks in the background that would otherwise require manual input. Bank feeds can automate the recording of bank transactions directly into your accounts. It’s possible to trigger invoices and automated payment reminders, as well as scan in paper-based invoices or business expenses. This automation helps you or your accountant stay on top of your finances and free up time to focus on other aspects of your business. 

 

Traditional bookkeeping has often been a retrospective task for many small businesses. Cloud accounting makes it possible for individuals and small firms to record business transactions in real-time and get a clearer understanding of where your finances stand. Through the cloud, your accountant will also have access to your up-to-date books so can provide you with a better service. 

 

Online accounting software allows you to share your documents with your accountant without having to physically drop records off or meet face to face. 

 

Online accounting platforms are designed to make it easy for you to set up your online accounts in a way that suits your business needs. This allows you to develop a customised 24/7 accounting portal for you and your team. 

 

 

The remote access of cloud accounting software enables your accountant to work alongside you to help you set up and learn how to use the software. This is invaluable, as it enables you to get valuable insight into your business and its figures, in order to make better commercial decisions.  

 

If you would like any further advice or support in choosing, setting up or learning how to use your chosen cloud accounting software, we can work with you. We partner with BrightBooks which enables us to offer custom digital bookkeeping packages that meets the particular needs of your business. Learn more about our Cloud Accounting Software

 

To arrange a free initial consultation on your cloud accounting needs, call our friendly and experienced team today on 057 868 2285 or drop us a line using our online enquiry form.