How Online Bookkeeping can help your Business
Updated: Dec 12, 2019
Online bookkeeping has been used throughout the industry for more than two decades, but not a lot of small business owners know what advantages it offers. Online applications, like Xero and Quickbooks Online, are available to help small business’ easily and cost-effectively use this technology to manage day-to-day tasks such as cash flow management and bookkeeping.
Access Anytime, Anywhere
With the availability of the Internet, you can now access your online bookkeeping application and tools anytime, anywhere. Since invoicing is the foundation of business cash flow, it allows the invoicing process to be efficient and streamlined.
Unlike older accounting software programs, there is no additional program to purchase and install on your computer. You just simply log in via your web browser over the Internet. This is particularly convenient to Gold Coast small business owners who travel often.
Numerous online bookkeeping applications offer various plans to suit organisations of different sizes and needs, some allow monthly subscriptions at reasonable costs. Online bookkeeping and accounting applications also have regular updates to ensure the software is compliant with the latest ATO regulations. The system requires less technical knowledge so it is easy to understand the process.
Online accounting and bookkeeping bundles seldom require a huge investment. This makes it accessible to small business owners who have limited resources or can’t justify the cost of a bookkeeping program at this time.
Safe and Secure
Small Business Owners are often worried about the security of their financial information. As an entrepreneur, you do not want to compromise the safety and security of your organisation's financial records, regardless of whether that includes loss or theft, breach of privacy, or destruction of data. The greatest dangers to information security for a business are not hacking or protection infringement but rather the loss of data. Automatic backup means less work as you do not have to backup data on devices in the office.
Online bookkeeping and accounting applications have far more prominent data protection than most organisations in-house systems. Because these organisations are large, they are able to invest in a sophisticated firewall, anti-virus systems, and encryption that are constantly enhanced and updated, all of which implies that the data is more secure that you will be able to set-up and manage using desktop accounting software.
Do you want to know more about how online bookkeeping can help your business? Contact New Wave Accountants Gold Coast today!