With each passing year there are less and less reasons for doing manual bookkeeping. Excel spreadsheets are confusing and one mistake can cause serious damage to your business. Offline documents can get lost in one of the many drawers in your office, and finding them takes precious time. Not to mention it is the 21st century, today’s fast-paced business world requires being constantly online.
Online accounting solutions hit all birds with just one stone: they are not only super convenient, fast, cost-effective and “portable”, but they are a true pleasure to use as well. In the following we tell you the reasons why you can forget about offline and manual accounting forever, and instead use the power of the cloud.
Probably the biggest pro of an online accounting solution is in its name: online. Unlike offline programs that you need to install on a computer that runs one of the supported operating systems, all you need is a constant internet connection and a web browser to access all the necessary data. Speaking of data, everything is stored in the cloud, meaning no valuable space is occupied on your device, whether it is a PC, Mac or a tablet/smartphone. In fact, the accessibility of the software from smart devices via an app is what puts the cherry on top: since you can do the most important tasks away from the office, you don’t have to lose valuable time anymore.
Invoicing, estimating, expense management, visual cashflow reports, integration with various third-party apps, project management, time tracking, automatically generated business reports, payroll,… The list could go on till eternity. And these are just some of the features that come with your online accounting software by default, depending on the chosen pricing plan. Speaking of which…
In case of offline solutions, whenever your clientele, payroll or business scope broadens, you have to not only resort everything, but also upgrade your existing bookkeeping to handle the new challenges. With online solutions, all of this happens in a jiffy: if you need it to handle more employees/clients, or you want to include additional features, you just have to switch your account to a different plan or plug in a supported third-party service or solution.
We already mentioned that because everything is in the cloud, you and your colleagues need internet access to enter all necessary data in your account. Since all data is recorded real-time, all modifications can be seen immediately. Furthermore, the software is capable of “learning”: once a data is entered, the next time you need the information, your account readily pulls it up. In other words, you can speed up or even fully automate the dull data entry process. Not to mention there is the option of integrating other, third-party solutions, so you can automate everything even further.
And to top it all, your accountant will praise the day when you purchased an online solution: you just have to give him/her access to the records, which he/she can amend or accept within a relatively short period of time.