Isn’t it nice when things just flow? The little steps we take can change our workday from cyclone of to-do lists and tasks into a smooth, flowing operation. One important step you can take to improve your flow is moving your bookkeeping to an online system.
This means organising and recording your business’ financial transactions in a systematic manner and ensuring records are accurate, comprehensive and consistently updated.
There’s no time anymore to update handwritten logs, we need things to just flow. If you’re still updating things the old-fashioned way, it’s time to take a step to improve your workday. Here are some of the benefits of taking your bookkeeping online.
1. Productivity
Tracking paperwork can be challenging, not to mention tedious and time-consuming for any business. Paperwork can also become an unnecessary focus when you should be thinking about business strategy and innovation – there’s no machine or system for this! Getting caught up in paperwork just isn’t good use of your time.
Adopting online services as a more effective means of handling paperwork will enhance productivity. It’ll allow you as a business owner and your employees to focus on income generation, rather than balancing and recording financial transactions that frequently need specific knowledge and skills.
2. Accessibility
We’re working at such rapid speed now that every business needs instant access to information. You can’t spend time rifling through files, it just needs to be click, click, boom! With an online system, you can access files, records and reports from anywhere on your phone or laptop.
COVID-19 has seen a large portion of the workforce working remotely, so having to access books in an office just really isn’t feasible anymore. You need real-time access and results – it’s critical for your business’ success.
3. Paperless Storage
Online bookkeeping systems store all your business data and transactions on the cloud – a storage system online. And don’t sweat it, it’s safe and secure and backed up within an inch of its life. So why would you have paper files cluttering up your work area? Toss those filing cabinets. It’s time to go digital!
4. User Friendly
Another benefit of taking your bookkeeping online is that you can access unlimited information, making it easier to use the software. This is particularly beneficial for business proprietors who are unfamiliar with bookkeeping. You won’t be compelled to learn about the advanced elements of bookkeeping. Instead, you’ll depend on the knowledge of the system and spend your focus in other areas.
5. Safety and Security
Business records and books are prone to theft, unauthorised access, and unforeseen events such as fires and floods. However, bookkeeping online ensures safety, provided you observe fundamental precautionary measures, like ensuring you have a reliable internet security system and anti-virus software.
You’ll discover that you don’t have to worry about losing files when it comes to cloud computing. However, you must maintain your security passwords and other login details.
6. Efficient Invoicing
Most businesses deal with invoices regularly – it’s an important area of any business, so it’s critical to have a system that delivers the invoices in an efficient and timely manner.
Business owners know invoicing can be time-consuming. For this reason, many owners have turned to online bookkeeping because it allows them to invoice clients fast. As a result, businesses can obtain payment from clients faster thereby permitting company growth.
7. Cost-Efficient
Online bookkeeping systems come complete with packages that cover all your needs. While some applications are free, others are more complex and are available at a fee that ranges from a hundred dollars or less to more than a thousand per year depending on your business needs.
You’ll discover online bookkeeping is more affordable than paying a bookkeeper additional hours to track your records – if you have everything online, their job can be done quickly and efficiently – lowering your expenses.
Bespoke Bookkeepers are a Beenleigh Based Bookkeeping firm helping Australian Small Business to manage and understand their cashflow. They take the guess work out of bookkeeping. If you are needing a clean up of your books, an audit or looking to possibly switch to a more experienced XERO bookkeeper, contact Bespoke Bookkeeping.
