You may have heard about the latest wave of trend in accounting, moving to online based accounting software. While some of the existing software can adequately cope with your needs, some of the online features may be worth considering if your business is changing or outgrowing the traditional desktop based software.
Make bookkeeping, cost less, take less time and more fun
The new era of online accounting software packages have been described as faster and easier to input. The main reason for this is new interfacing with banks enabling a bank feed of your relevant bank statements directly into the accounting software. This saves time and money compared to old manual bank statement reconciling or even input from electronic transaction files. Many of the online software can remember and automatically suggest where to code the transaction if they look the same as a past transaction. Imagine all tradesman, quickly coding a regular expense such as petrol automatically.
I also like the new fresh dashboard feel which enable you to track your key accounts such as sales, bank or expenses accounts. This can be customized to what you need to see quickly all the time, like account receivables and payable.
What is great is that this can now be adapted to personal finance and not just business accounting. So an individual knows more about his finances than what salary they earn. Instead they know all their income and expenditures. Most importantly they have fun seeing their net worth grow on their personal net worth balance sheet. To me, this is an easy way to link your personal goals to an easy measurable personal accounting system.
Have up to date information all year
Accountants are seeing the need to give business and individuals relevant financial information. It makes sense that while you are doing this you are also gradually taking take of the end of year tax return and gst requirements at the same time. Many are now offering fixed price accounting packages which incorporates subscription to your online accounting software, regular reporting, business coaching end of year payroll returns annual ASIC return, gst returns and tax returns.
When you provide regular financial information businesses are able to have all the information to make managing their businesses more informed. Some provide this service and also update clients on how gst and tax liabilities are going throughout the year so there are no surprises.
Small business online accounting software will help you run your company by keeping track of your sales & expenses. It will automatically give you a wide range of analysis and reports. This information is critical to the success of any large or small business. The online accounting software will also let you create and manage invoices using professional templates. This will make it easy to have the bill in your client’s hands in no time and all online.
Work from anywhere with internet, flexibility for you and life balance of staff
The great thing about online personal finance software is you and permitted staff can work from anywhere and have access to your data. You can set up user to read only say your bank manager, have full access bookkeeper and accountant access too. Accountants love online software as they receive the end of year transactions in data format which are easy to upload into their financial software. Handing over the end of year financial records is made very easy with online accounting software as the source of the accounting file is shared by you, your staff, your bank manager and accountant all from the same place, the internet – anywhere and at any time.
You do not need to worry about your hard drive crashing, losing any data or having it stolen when you are not there. Your information is being stored on multiple high-security servers so anywhere you can access the internet you will have access to your finance software.