Why You And Your Business Would Benefit From Online Bookkeeping | BriteBooks
by Liz Seyi Digital marketing managerOnline bookkeeping is slowly taking over
traditional bookkeeping. There are several reasons why – BriteBooks is here to explain them.
The digital age is truly upon us, and
accountancy and bookkeeping aren’t left behind. New technologies are helping
the industry move towards a paperless format. There are several benefits to
online or virtual bookkeeping. Read more to discover how making the change from
paper to online can benefit you and your business.
Online VS
Traditional Bookkeeping
Online bookkeeping is specialised software
that helps you remotely organise your books and tax records. The accounting
software has a maximum level of automation, plus lots of helpful tips and
advice.
Online bookkeeping functions the same way as
any other software on your computer. The main difference from paper bookkeeping
is that you have greater control over your company’s finances, performed online.
Having all this information in one place and
easily accessible is beneficial for SMEs, especially new businesses, who can’t
afford to maintain a full-time accountant. The software aims to help business
owners solve their financial issues without needing an expert. It also allows
larger businesses to streamline their finances.
Online bookkeeping software makes keeping
records, making payments, writing and submitting reports easy. It is entirely
online, so redirecting it to the appropriate parties only takes the push of a
button.
Virtual bookkeeping is not just software. Real
humans can be involved in the virtual bookkeeping process. This service is where an accountant
or accounting company (such as TS Partners) provides remote bookkeeping
services for your business. This way, you have the assistance of the experts at
hand without employing a full-time accountant, making this approach very
cost-effective. It also makes data transfer much more straightforward, giving
your business room to grow.
The Main
Benefits of Online Bookkeeping
Online bookkeeping is not something you should
be avoiding. There are plenty of advantages to using the latest accounting
software to help your business grow. Here is a list of the main benefits of
online bookkeeping:
- Cost-Effective: Collaborating
with accountant’s online means less travel and more effective use of your
time. Furthermore, fixed monthly fees make it easier to keep on top of
your expenditures.
- Flexibility: Most
online bookkeeping services offer flexible packages which you can adjust
as your business needs change. You may also add bolt-ons and only pay for
what you need. This flexibility allows your accounts to develop alongside
your business.
- Productivity: The
world today is primarily online, especially since COVID-19. So, managing
your books and communicating with your accountants online means you can
work in a way that suits you and your day, making each day more
productive.
- Better and
Faster Advice: Because
you and your online accountant can look at the same document
simultaneously, regardless of where you are, you can get better advice
exactly when you need it. You are saving time and money compared to the
traditional bookkeeping method.
- Improved
Planning: Having
access to your accounts 24/7 means you can better plan the future of your
business. You can look at last years finances with a click of a button and
use the data to forecast where you want to grow and develop in the future.
- Reduce Administration: Using
online accounting software to reduce time on everyday tasks, such as
invoicing, payments, and doing them from anywhere with internet access,
means reduced time and money on business administration.
- Paperless
Records: There
is no longer a need for a room full of dusty paper records that you need
to organise when doing your annual taxes. Reduce clutter, gain more
control, and stay compliant with excellent record-keeping.
- Easier
Bookkeeping: Use
online accounting apps to take photos of receipts with your smart phone
and have them instantly added to your records. Bookkeeping takes time and
money, but online services can reduce both factors.
- Manage Debts
and Credit: Many
small businesses spend hours working out who has paid and who owes them
money. Self-employed businesses spend hours chasing invoices, which leaves
them with no time to thank those who pay on time. Make all this a problem
of the past with online accounting.
- Better
Decision Making: Having
more information readily available and easily accessible means making
better business decisions.
- Customer
Support: All
online bookkeeping apps and software offer excellent customer support, so
if something goes wrong, you don’t have to worry about losing all your
accounts. All you need to access your accounts is an internet connection
and your log in details.
- Security: Bookkeeping
software comes with ban-grade security and encryption as standard,
guaranteeing the safety of your data. The security software used by online
bookkeeping services makes your data less susceptible to viruses and
hacking.
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Created on Feb 5th 2022 12:04. Viewed 192 times.