If you are still doing your books using Excel and/or Word then you should read on. There are currently fantastic online accounting software options such as Xero and MYOB Live, that can free up your time to spend focussing on your businesses.
Following is a list of the benefits of online accounting software that cannot be achieved with a desktop version or in Excel/Word.
- You can work and access your records anywhere. All you need is 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.
- 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.
- Payroll can be handled easily and seamlessly with integrated tools such as tax calculators and leave entitlements trackers. Similarly, super for staff can be sorted out with the click of a few buttons.
- Online software like Xero allows you to invoice clients online, instead of having to send invoices out via post or email. It tracks the status of the invoices issued and gives you the ability 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.
- 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.
- Using software like Excel and Word to record transactions and prepare invoices can lead to lots of manual processing, with potential for human error. Online software helps reduce common typos and/or mistakes, in turn reducing potential financial losses.
- 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 each year.
- Online accounting software also offers the opportunity for you to share real-time financial information and records with your accountant, so they can readily review and discuss your business with you to keep you on track and help you formulate better business decisions or strategies.
If you are interested in knowing more about how online accounting software can help your business then please contact 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 contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under professional standards legislation.