Is now the time to move to online accounting?
Now that online accounting solutions have been in the market for a number of years, it’s time to consider whether it’s a good idea for your business. In all honestly, we think online accounting will make a big difference to how you manage your business accounts.
One of the greatest opportunities available to businesses today is to take advantage of the power of the cloud. What’s the cloud? It’s a fashionable term for the internet.
Online accounting gives you the freedom to access your ‘live’ business data anywhere, anytime via the internet. You also have peace-of-mind knowing your data is always backed up and accessible.
With online accounting, you can:
- Access your accounts on any internet-connected computer or smartphone anywhere, anytime
- Link your bank account to automatically import your bank transactions ready for reconciliation
- Store your data securely online
- Integrate with a number of other software partners to take advantage of even more efficiencies for your business
- Enjoy improved data sharing between your business, our practice and your accountant
That last point is very important. It means you have visibility of your accounts throughout the year – not just at year-end. This ensures improved data accuracy, eliminates delays at key compliance times, and helps us to provide timely financial information to you.
The other feature we love is automatic bank feeds. This ensures all your transactions, like the payments you make and the payments you receive, are securely transferred into your software for you. Now that doesn’t mean the software automatically codes and reconciles for us, but it does provide processing efficiencies.
What’s more, you can access features such as real time invoice tracking, receive EFTPOS and credit card payments on the spot, and import invoices directly into your software – to name just a handful of time-saving innovations and cashflow improvements.
How can you implement online accounting?
We’re very proudly partnered with Xero. And with the end of financial year just around the corner they’re both offering great deals to get you onto online accounting before 30 June.
If you’d like to know more about how you can embrace online accounting solutions for your business, and take advantage of these great end of financial year offers, please contact Sarah on 0402 811 088 or sarah@blackwoodbookkeeping.au.
Book a discovery call with Sarah
PS. Whenever you’re ready, here are 3 ways we can help you eradicate financial stress in your accounting firm or professional services business – faster …
Sign up to our LinkedIn newsletter, published weekly. You can sign up here: Eradicating Financial Stress
Get our book “Wow – I’m in Business! Your journey from overwhelmed to organised.” It’s full of insights, solutions and downloadable resources you can implement into your business immediately. Click here for your copy: Wow … I’m in Business! – Miss Efficiency
Book a time with me privately and we’ll do a deep dive into your Xero file to help you optimise for cash flow, efficiency and growth. Click here to book: Book a time with Sarah
