How online accounting has revolutionised bookkeeping

By | 5th October 2015

Online Accounting

For ages accountants have been bogged down with manually sorting their clients’ historical slips and paperwork to help them manage their bookkeeping and produce their management accounts. This time consuming and tedious task leaves little room for what accountants really want focus on – financial analysis and giving expert advice.

Accounting software has helped to automate most of the menial tasks associated with bookkeeping, but it is online accounting that has truly revolutionised bookkeeping giving accountants back the power to be the advisor rather than a historian.

Here’s why online accounting has become an essential tool in helping accountants simplify redundant tasks and focus on what they really want to achieve:

Spend less time and money on manual bookkeeping

Online accounting is an easy-to-use platform that enables all businesses – big and small – to do most of the bookkeeping themselves. With basic bookkeeping no longer taking up the biggest portion of your accounting duties you can use more of your time to analyse financials and advise your clients. Furthermore, you save money as you don’t need to hire bookkeepers to sift through documents and punch in the numbers.

Clients can take care of their own bookkeeping

Entrepreneurs who make use of simple online accounting solutions in their businesses greatly simplify the accountant’s job. The trick is to find an online accounting product that speaks their language and enables them to capture their own financial records without any accounting knowledge. It’s this kind of smart simplicity that makes simple online accounting solutions such a powerful tool. It not only keeps track of all transactions but also offers basic forecasting capabilities, simple management reporting and correlates data for the easy compiling of financial statements.

Easily access the financial information you need

Unlike desktop accounting software which is installed on specific devices and requires a costly initial investment, online accounting is inexpensive and can be accessed on any device via an internet connection. This means you can access all your clients’ financial data from everywhere at any time – all you need is a login and password. This enables you to constantly stay up to date with your clients’ books and quickly and easily do an assessment of their current financial position.

Focus on what you really want to do for your clients

Encouraging your customers to use an online accounting system that they can understand will save you the time and trouble of doing all the data capturing. You will also be able to produce their management accounts more timeously. The more efficiently your clients’ management accounts are taken care of the more time you have to act as a financial advisor. Your focus can shift towards developing and strengthening client relationships and providing the vital advice they need to effectively manage their businesses.

SMEasy is dedicated to providing a simple and effective solution to electronic financial recordkeeping to assist with the managing of small business finances. Our easy-to-use online accounting and business management software has been specifically developed for entrepreneurs who struggle with accounting. For just R150 per month business owners can easily create quotes, invoices, manage payroll, cash flow and basic financial forecasting from a single dashboard. They can give their accountants free access to their financial data, as SMEasy allows unlimited users per business licence.

Image credit: www.bluecreeksoftware.com

Business Management & Accounting Software

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