7 Reasons to use online accounting software

Masses of paper and bags of receipts, the world doesn’t work like that now. Even cash friendly businesses like taxis, pubs and trades have had to make a change due to the coronavirus pandemic. Almost everything is done online now, and accounting is no exception. Online accounting software has so many benefits for you and your business to make your life easier – and your accounting bills cheaper!

Here’s how online accounting software can benefit your business.

1. It’s Easy to Use
We promise you don’t need to be Albert Einstein to figure it out., Software such as Xero is designed for non-accountants. It’s there to make business owners lives easier. You don’t have to come up with a system yourself and you can keep your accounts up to date by making a few regular entries. As long as your online bank statements, expenses and invoices are up to date the rest will be taken care of.

2. It’s Cost-Effective
Accounting software saves a lot of time and as the saying goes, time is money. Online software allows both you and your accountant to access and review your accountants at the same time, in real time, saving a significant amount of back-and-forth communication. What’s more is that this type of software is generally billed monthly so you know exactly how much you’ll have to pay and when.

3. Easy Invoicing
Invoicing errors can be costly but it happens when you get busy. Accounting software allows you to stay on top of your invoices and remain aware of who owes what and when. You can even opt to be alerted when invoices are overdue, allowing you to take care of any problems quickly and efficiently, and with Xero, the system will automatically chase up your clients for payments.

4. Cash Flow Projections
Using software allows to access to a range of reports to give you up to date information about your business, including cashflow. With cashflow a crucial factor in the success of any business, online accounting software creates forecasts for profit and losses, as well as cash flow for effective money management and informed business decisions. Access the real time information from wherever you are on something as simple as your phone.

5. Productivity
Automation, technology, cloud storage and apps are all elements that we know can speed up processes in day to day life, and now too, it’s clear that faster accounting takes place with software. You and your team’s time can be saved to be used doing other things, and factors like motivation and distraction won’t come into it.

6. Accuracy
Nobody’s perfect so mistakes will always be made but when they are, the human miscalculations often lead to wasted time, a lot of stress and significant expense. By automating calculations and accounting processes, online software can help you to avoid costly mistakes and ensure that your data is accurate.

7. Flexibility
Most people start their business to take control of their earnings and find freedom and enjoyment in the career. Ideally then you should be choosing tools and technology to support that, including accounting software. Online accounting software allows you and your accountant to manage your accounts from anywhere in the world, so long as you have an internet connection. Stay on top of your accounts at all times and gain greater flexibility and freedom.

Summary
These are just 7 great reasons why online accounting software saves time, money and stress and allow you to run your businesses with more flexibility. Build a successful business strategy today that includes an online accounting software by talking to us. Hit the contact us page to learn more.