Using Online Accounting Software to Help You Run Your Business Better

A software analysis process and system. Contact our business accountants in Sydney for assistance with optimizing your financial software.

If you’re a business owner in Sydney and still rely on Excel or Word to manage your books, it’s worth considering upgrading to online accounting software like Xero and MYOB Live. Doing so can save time and redirect your focus on running your business effectively. These options are highly recommended by accountants in Sydney.

Following is a list of the benefits of online accounting software that cannot be achieved with a desktop version or in Excel/Word.

  1. You can work and access your records anywhere. You only need a good internet connection and a laptop or compatible portable device. Imagine how good it would be to retrieve and handle customers’ queries on the run.
  2. The days of manually entering each transaction from your bank account and credit cards are long gone. Online accounting software now offers automatic daily bank feeds so that you no longer have to wait for bank statements or rely on downloaded data files from your online banking system.
  3. Payroll can be handled quickly and seamlessly with integrated tools such as tax calculators and leave entitlements trackers. Similarly, super for staff can be sorted out with a few buttons.
  4. Online software like Xero allows you to invoice clients online instead of sending invoices out via post or email. It tracks the status of the invoices issued and allows you to automatically send reminders to your clients (on a weekly, fortnightly or monthly basis). With the power to issue invoicing online and automate some of the collection tasks, you are likely to be collecting your cash sooner than later.
  5. Software such as Xero is user-friendly and easy to pick up – all training can be done via the online webinar and video training portals.
  6. Using software like Excel and Word to record transactions and prepare invoices can lead to lots of manual processing, with the potential for human error. Online software helps reduce common typos and/or mistakes, reducing potential financial losses.
  7. The days of keeping paperwork and hard copies of invoices and receipts are also long-gone. Scanning and storing these documents using online systems saves physical storage space and a few trees yearly.
  8. Online accounting software also allows you to share real-time financial information and records with your accountant, so they can readily review and discuss your business to keep you on track and help you formulate better business decisions or strategies.

If you want to know more about how online accounting software can help your business, please get in touch with us today.

Kreston Stanley Williamson Team

*Correct as of August 2016

*Disclaimer – this article has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas in this article, you must seek specific advice relating to your particular circumstances. Liability is limited by a scheme approved under professional standards legislation.

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