Gone are the days when small businesses had to hire a specially trained individual to keep the books and sort out the accounting. Accounting has come a long way since the days of Excel spreadsheets and endless amounts of paperwork. Online accounting systems have transformed the way accountants and bookkeepers work. Platforms such as Xero and FreeAgent have made it much simpler and easier for business owners to get to grips with their accounts, enabling them to access key pieces of financial information at any time and from anywhere in the world.
Online accounting systems
There are a variety of online accounting systems available so it is very important to receive the right advice on which one would best suit your business. Most online accounting software offers the same set of basics:
- Ability to access your data anywhere on any device
- No large loss of data storage on your computer as it’s all up in the Cloud
- No data backup or software upgrades
Some software will offer more than others, for example applications to support the upcoming auto-enrolment changes.
Unlike traditional accounting systems, you can easily generate invoices and enter purchases. Some software providers allow members of your team to have different levels of access, so while some can simply use the system for entering expense claims, others can perform bank reconciliations and view balance sheets.
Online accounting systems can link directly to your online bank account(s) to allow statements to be downloaded directly into them. Unlike computer-based accountancy software, these online systems do not need to be backed up as the information is automatically saved very safely to the Cloud. Another benefit of Cloud-based systems is that they can be accessed from different devices, including tablets and mobile phones. Some systems even make it easier to accept credit card payments.
How businesses are using online accounting
Approved Accounting’s clients have already discovered the benefits of online accounting. Smart Study GCSE said that using “tools such as Xero, Skype, and TeamViewer, has freed up hours of our time to focus on running the company.” Another client, S Roberts Upholsterers Ltd, report that Approved Accounting, “advising us to use Xero has had such an impact on how we can keep totally up-to-date with all financial transactions. This has not only been hugely time saving but has also meant that we know where we are at all times. Xero is very user-friendly and an easy application to use.”
As experts in using online accounting systems, we can help your small business find the best system for you and ensure you get the most out of it. Whether you’re looking to simplify your current accounting systems, save time and money, or improve accessibility to your accounting system, speak to us now on 01730 823 000.