As technology advances, more people are using the internet than ever before, with many of their daily tasks performed online. This includes banking, shopping, booking travel and entertainment and more, including accounting. There are so many benefits to dealing with accounting online, for businesses and accountants.
How does it work?
Online accounting can be set up so that your accountant can deal with your taxes, payroll, bookkeeping and other duties at any time of the day, without leaving their office. As the accounting functions are computerised, the accountant and the business can access a secure system at any time. Both parties will have access to a virtual hub or office, where documents can be uploaded or downloaded, information shared and transactions discussed. Online accounting saves both parties time and money.
The benefits for a company
A business will be able to deal with real-time information, rather than waiting for information or documents to be delivered to the office. Security is a huge advantage of online accounting, as much of the risk of loss is removed. Relying on traditional mail services is no longer a problem for those who outsource accounting. The owner of a company will be able to have queries dealt with immediately, rather than having to arrange a meeting or spend time on the phone.
If a business owner is overseas, contact is no problem, as long as they have an internet connection. Accounting records can be accessed from any smart phone or other device that allows internet access. If you need to see financial records or require reports in order to make decisions, the information is available at the touch of a button. As your accountant makes valuable time savings by computerising the system, they can spend more time looking at ways to improve sales or cash flow, rather than dealing with routine tasks.
Cost savings
You will be able to provide documents without paying for a secure delivery method, knowing that the documents will be delivered immediately. All end-of-year reports, including the completion of your tax return, will be based on actual figures rather than estimates, which will result in paying the correct amount of tax. Very often, an accountant will offer monthly packages based on the amount of support your business requires, allowing for easier budgeting and increased accuracy.
If you would like to know more about online accounting, please contact us today.