Over the past 18 months, the accounting profession has seen one of the biggest changes in management information systems since the introduction of spreadsheets.
With the increased demand for real time data, the use of online accounting software has increased dramatically over the last year with popular tools such as Quickbooks online and Xero. Here, we take a look at the reasons why you might want to make the switch into a more modern accounting world:
1. Access your accounts anywhere
With improved mobile data speeds and smartphone apps, there’s no need for you to be rooted to your desktop. Providers such as Quickbooks Online and Xero allow you to access your accounts from smartphones, tablets and laptops so you can keep on top of your finances on the move and through the cloud.
2. Automate the posting of your bank data
Many of the cloud solutions now support bank feeds so that your bank transactions can automatically download directly to your account. This reduces processing time and eliminates data entry errors. It can also post the transaction directly for you.
3. Less dull data entry
Software add-ons such as ReceiptBank can automate the data entry of supplier invoices. Instead of keying them all in one by one, you can simply scan them in or take photos and the app will do the rest for you.
4. Straight forward payments at the click of a button
Some cloud solution providers integrate online payment options when you email across invoices. This means that when your client receives the email they can simply click an option to ‘Pay Now’.
5. No more need for storage
Because everything is stored electronically and offsite, you don’t need to keep boxes of records in drawers. Sales invoices are automatically retained on the system, and you are also able to scan in copies of purchase invoices.
6. Customise it to your business
As well as the main program, there are a wide range of extra add-ons. These add-ons can include credit control, bespoke reporting, simpler invoicing solutions, stock management, online invoice payments along with many more. Add-ons are also usually free to use for the initial period, and can therefore be trialled without commitment.
7. Work where you want to
Without the need to access the data on a specific PC, bookkeepers can do their work from their own office, the local coffee shop or at home. With the pace of modern life, it’s essential that the accounts and management information is accessible anywhere.
8. Secure with no worries
The data is held securely and encrypted on an offsite server, without the need for you to worry about your own in-house data integrity.
9. Ongoing easy support
As your data is stored remotely, any queries can be looked at easier by your provider as they will have their own ‘adviser’ login to your account.
10. Program updates as and when
You will always be using the most up to date version of the software, meaning you won’t need to buy yearly programs updates.
11. Time-saving data migration
Users of Sage Accounts can seamlessly migrate their data to Quickbooks Online and Xero.
For what had remained a fairly static profession for a number of years, the demand for flexibility has forced accountants to look at how they deliver their services, including ourselves!
If you’d like to find out more about how cloud accounting software could help your business please get in touch with James at [email protected]. You can also connect with James on LinkedIn. Price Bailey are providers in Quickbooks Online, Xero and Sage 50 accounting software.