Online accounting, is the application of online and internet technologies to the business accounting function.
Traditionally accounting was done through standalone systems like excel or specialised bookkeeping software and considered a necessary evil by businesses. Online accounting systems, on the other hand, are typically designed with entrepreneurs in mind rather than accountants. The main focus is to provide the key people associated with a business access to live financial information and thereby support informed decision making. Therefore, they have the potential to change the way businesses operate by empowering business owners.
Online accounting systems, such as Xero, are low cost subscription-based services, payable monthly. The software company handles the setup, security and maintenance of the system, therefore online software tends to be cheaper and more reliable than desktop software. As a result there is no costly installation, upgrades, exchange of data files, back-ups or disaster recovery for the average business owner to worry about.
What are the potential benefits for my business?
- Simultaneous multi-user access
- Real-time updates to accounts
- Automated bank feeds
- Secure access from multiple devices – anytime, anywhere
- Fixed monthly fee per company, not user
- Free system upgrades
- Live data back up
- Extensive training and 24/7 support
- Intuitive, reliable and user-friendly
- Designed with business owners and not accountants in mind
Discuss online accounting
Please get in touch if you would like more detail on how online accounting software can help your business. Take a look at our post for an overview of Xero’s online accounting system.
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