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How could online accounting benefit your business?
Once seen as a radical new concept, cloud technology is now widely used, with research by domain registry service Nominet showing that 88% of business leaders are currently engaged with cloud services or planning to adopt them.
In simple terms, using the cloud means you’re accessing data that’s safely secured online, rather than locally on one device. Among other benefits, it means you can save on costs, collaborate easily, and work flexibly.
Online accounting uses the advantages of that technology to improve your accounting processes, making your data secure and easily accessible.
One of the main advantages of this cloud-based system is that it keeps everything up to date. Instead of having to manually update your information every so often, you can link your accounting software with your bank feeds, and see real-time information whenever you check it.
It also means you can access that information from any location, and any device. It’s quick and easy to log in, whether that’s from a computer, tablet or smartphone. You could work from the office, from home or from a cafe, and still have access to your accounting data.
Because the data is stored remotely and constantly backed up, it’s generally more secure than keeping everything on your own device.
This way, there’s less risk of losing files if your computer crashes, or losing track of the right version if you’re transferring it by email or USB stick.
Working online also has the potential to be much more collaborative. You can give your accountant access to the software so they can see what you’re seeing, or you can allow employees to work on it at the same time.
With access to your real-time data, we’ll be able to provide insights and advice based on how your business is doing.
Automation is one of the biggest time-savers that online accounting offers, and once you start linking your software with other apps – for instance, invoicing or expenses software – you’ll start to see some real results.
Most online accounting tools allow you to generate invoices and reminders, as well as reports that track your business’s progress. These kind of features mean you can cut out manual tasks and start giving yourself more time.
If you’re just getting started with online accounting, there are a few different options to choose from.
And if you’re already familiar with one software option, it’s important that your accountant has the expertise to work with it and provide support.
JCS are authorised agents for QuickBooks, Xero, Sage Online and FreeAgent, and we can help you to set up and run any of these software options.
Talk to us to find out more about online accounting.