Not too long ago new businesses either had to go to the store to buy a bookkeeping program, or outsource their bookkeeping to a local bookkeeper. Both solutions worked but not without problems.
Purchased accounting packages required the user to train on the system. Often an outside consultant would be required to set up the software and configure a suitable chart of accounts. The software would need updates, or an updated computer would need the software installed and data transferred over.
The new trend of online accounting has the following advantages
Remote Date Storage: Since the data is stored off site, it is not vulnerable to loss in a fire, flood or break in at the business. If the business has a physical loss at least all the accounting records are safe.
Regular Backups: The host takes care of backing up your data with remote servers. A major loss of data would devastate the host’s business, so they take the job of maintaining client data very seriously.
Access from Multiple Locations: The business owner or manager can access the accounting data from any location with Internet access without having to call anyone. No more explaining over the phone to an assistant how to log in and retrieve data or paying the contract bookkeeper to look up an invoice. Remote access is ideal for a business with multiple locations or for digital nomads running their online businesses from beaches around the world.
Instant Paperless Invoicing: In most hosted applications, invoices can be created directly in the accounting system and emailed out directly. A salesperson could even log in from a client’s office right after closing a sale and create the invoice on the spot. The client gets the invoice in their email and hands the sales person a check or makes a deposit by credit card. The paper chase is dramatically reduced.
Collaboration with Bookkeepers: Since the hosted application can be accessed from any location, the business that uses a contract bookkeeper can now access data without needing to call the bookkeeper. Not only is this far more convenient but it allows the owner to quietly monitor the bookkeepers progress at anytime with a few clicks.
Off shoring: Since the hosted accounting system can be accessed from anywhere, off shoring of bookkeeping, and achieving the resulting cost savings, becomes simple. Simply scan the original paper invoices and upload them to an online storage location such as Google Documents accessible to the offshore bookkeeper. The documents are input and the work can be checked by the owner online anytime. A side benefit of this system is that a digital backup of the original accounting records is created offsite.
Overall, using online outsourced accounting services from the professionals has plenty of benefits over more traditional options. You’ll save money, receive quality assistance from professionals, and always have someone available to answer your questions.
For more information on Small Business Online Accounting you can visit http://pro-accountants.com/
