The Benefits of Online Accounting

It can be a hard to transition from old to new, in anything. But making changes can have a positive impact; especially when that change is going to benefit the way a business is run and providing a way for it to flourish and be more efficient.

The change from paper accounting to online accounting is a good one. With the MTD (making tax digital) initiative that is being rolled out as we speak, the need for accounting to be made digital is a requirement, not just a suggestion and therefore, as business owners we need to embrace the change and make the most out of what it offers.

What benefits can online accounting provide?

Reduces human error

There have been many reported stories over the years where accountants have made errors in their reporting resulting in big consequences. This is ‘human error’ and is bound to happen to everyone at some point. Your business is safe in your accountant’s hands but only for as long as they don’t make a mistake!

The idea behind online accounting means that there is less room for error. With most online software, information is available to both accountant and client 24/7 which allows both parties to be checking information on a regular basis. Not leaving the checks until the last minute will allow a client to check data at any time and report on anything that does not look correct.

Saves time and saves money

Using up-to-date accounting software will be more efficient than an accountant taking the time to do every action. This will result in saving both time and money.

An accountant will gather all information they require, inform you of what they need and will complete the rest. This gives you time to focus on other aspects of your business, leaving the finances to them.

And the great thing about online accounting is that is not expensive!

Remote access

No more having to wait for faxes or the post to arrive, by using online software, everything you need is at your fingertips. Wherever you are, whether travelling, in the office or at home, you can have access to your accounts to ensure that you are up to date at all times. Never has it been easier access your accounts, all you need is internet access.

Unlimited real-time access

By using online accounting systems, you are given anytime access to your account manager via the messenger service. That means that if you’re sat checking your accounts at midnight (we’d hope that you weren’t!) and you discover a discrepancy, you can message your accountant who will pick up the message first thing in the morning. Other features mean that you access everything at any time of the day; online calculators, expense tracking, receipt filing plus much more. Never has it been easier to keep on track of your finances!

User friendly

A lot of the time, accounting can be confusing to clients who do not have a head for figures. However, with online software, accounting is made simple and easy to use for all individuals. Most programmes will give you access to online tutorials for parts that you are unsure of and your accountant will be able to talk you through other sections too, but for the most part you will be able to use on your own and be able to manage your finances at a pace that suits you.

Security

Security and GDPR must always be a top priority and accountancy companies are no exception when it comes to that rule. Client data is extremely important and keeping data secure is vital, especially to the nature of confidential information that they hold and are dealing with on a day to day basis. With online software there are two levels of security when it comes to client data; the software company has it as their top priority as well as the accountant, meaning that everything is double secure!

Kara only recommend the best online accounting programs and we love Xero. It’s simple, easy to navigate and understand and gives a great customer experience for all our clients. Don’t waste time trying to manage your finances yourself. If you’re a small business looking to focus on what you are passionate about – allow us to ease the pressure and help with your accounts by using our recommended online accounting software, giving your business the best chance of success. Get in touch today to find out more.