Technology December 6, 2014 Last updated September 18th, 2018 1,657 Reads share

Switch It On: Benefits Of Online Accounting Software

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Online software is now replacing the traditional versions that promise greater (and responsive) connectivity and updates in real time. Are you into this switch?

The tremendous potential for connectivity has shifted the perspectives from offline to online. From the way we used to get our work done on the computers, we are now in the midst of the digital connectivity that is really a huge quantum leap for us personally and professionally.

So, the question for you today might be: To be or to not to be? Digital software still induces some fear of data loss in the minds of many people and this perception is worldwide. So here we aren’t debating what the negatives of offline software are. Rather, we are encouraging those who want to try and test the online versions and give them the push.

With online software the biggest advantage is connectivity. Multiple gadget connectivity, data updates from multiple channels and non-intrusive methods of updating data and sending reminders to clients’ – all these few tipping points that entice accounting firms to switch to the online mode.

For small accounting firms, the traditional offline software is a great way to keep data intact. It is a compact tool to keep their book keeping affairs on the check. However, with the passage of time, as the firms grow, the need for switching to the online mode becomes an essential priority. Why?

Reasons to switch to online accounting

Here’s a list of the possible reasons for the shift:

  • Online accounting software won’t crunch due to the load of the bulk of work that your firm might now have to undertake
  • Regular updates don’t affect the data stored
  • You can connect from any of the devices, since the software are now becoming increasingly responsive
  • You can send invoices and even secure your data with the feature tools available
  • You don’t need to separately export and manually create similar invoices
  • Auto backup features are a boon
  • The software also allows you to connect it with your bank account and you can keep a track of your transactions easily
  • Multiple-users benefits means that sharing the data is easy and tracking becomes possible

As you see, the benefits accrued are endless, the most widely used online accounting software is used by cloud computing. It is surprising to know that not many people realize that they are already using cloud computing technology. Google and its linked features are on cloud computing.

What exactly is cloud computing? In cloud computing your data (or precisely your accounting data) is stored in the remote database and is available on all the features supported and enabled by the cloud computing technology. That’s why you can have access to your software from multiple gadgets.

How does cloud accounting software work?

As a chartered accountant, you have clients who use varying software. It is not easy and efficient to download each of the different softwares they use for synchronizing your work with them. This is where you can work best with your clients. Their software and their needs can be taken into focus for your firm and you can earn brownie points for being able to integrate technology with your expertise.

Check out the software that your clients use mostly and you can use that particular software for your own firm and this will benefit them too. How do you do it? You just log in to their file which is stored online and process all the data that needs to be done. When taxation time nears, you can make all the year-end adjustments without even disturbing your client. What’s more, all the updates are done in real time. Also, you need not send files to the clients or send bulky journals to their book-keeper. Your client and their staff can access it all online. Sounds pretty good, doesn’t it?

Another benefit you get by using cloud accounting is the “service” value. You can keep reviewing the clients’ data from time to time and give them expert advice on business issues that are impacted by the financials and even provide precautionary tips. This enables you to establish a long term rapport with your clients ensuring that you earn their goodwill and trust.

What sort of software is recommended for you?

Different companies use different software based on their own flexibility, ability and of course their work levels. However, with online software it is noted the best software that you can use are the ones that are used by most of your clients. This ensures ease of transactional connectivity between your clients and you.

However, give the amount of significance attached to reviews of different software, we recommend the following ones. Pick the one that suits your clients’ and your own business needs the best. Before you buy the whole package; we recommend you to try the trial versions (most of them offer trial versions for a limited period) so that you can get used to the software and check the software’s varied features and navigation accessibility for yourself.

Top 5 Recommended software:

Try it out and let us know what you think!

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Ankit Dudhwewala

Ankit Dudhwewala

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