Is Online Accounting Good for My Business?

Accounting b2b firm Vancouver

When digital accounting services first came out, they were great. Being able to use a computer to track financials and send invoices meant saving time, paper, and labour. Now, with online accounting services, it’s time to move forward into a new digital solution.

Accounting is a vital part of your business and deserves the attention required. But just because something deserves attention doesn’t mean you should be spending all of your time on it. When you use older methods of accounting, such as downloaded software on your computer rather than a cloud-based online format, you lack a streamlined process. We believe every company can benefit from using a reputable online accounting software and system. Here are a few reasons why it’s worth the upgrade.

 

Lower Costs

We’ve talked about the higher costs of employing someone in-house for a role. When you hire an employee, you have the onboarding costs, the benefits, their full-time or part-time wage, and the utilities and equipment required for them to do their job. When you use an online accounting service, you may still hire an accountant, but they could be a contract worker or a remote worker to cut down on the costs. You could even use online accounting software and hire an accounting company to help with the big stuff. This helps save money on the monthly expenses of having an employee on the books full time.

 

Mobility

The great thing about online accounting software is that it’s, well, online, and it’s cloud-based. This means you can access it anywhere, on any device, as long as you have internet. You’re not locked to the server you downloaded the software on to, and you’re not limited to one or two users. You can collaborate online with your team from anywhere. This frees you up to hire the best talent from anywhere or to travel for work or pleasure and still remain in touch. Mobility saves you money, hassle, and time commuting to the single computer you’ve licensed the software to. Your accounting shouldn’t be a ball and chain. It should work for you and with you, wherever you are.

 

Automated Updates

Things change, and they change at an astounding rate, especially in the technology sphere. It’s necessary to update your accounting software to make sure you’re operating the latest changes and improvements. These updates make things more compatible with other systems; they fix possible bugs; they make usability more enjoyable and streamlined. When it comes to cloud-based accounting solutions, these updates are run automatically for you. This can save you time and energy. It can be a full-time job ensuring you’re running the latest software on an old operating system, not to mention expensive and confusing.

 

Efficiency is Key

When you move your accounting to an online system, you streamline your process. You cut down on costs, update times, and the necessity of doing all of your accounting from a single computer. Your team or accountant can work with you from anywhere and get the latest advice and tips. Monitoring reports and invoices from anywhere is simple, and you can keep your finger on the pulse.

 

What Are the Negatives?

Some people hesitate to shift to online accounting due to a fear of letting private and important information online for a few reasons:

 

Security & Privacy

In many cases, online accounting software is more secure than your home computer or PC. Reputable companies rely on a secure system to be successful. If they weren’t safe or reliable, they’d have no clients. Often times, the privacy and encryption of online accounting systems are as good as banks. In other words, they’re a lot safer than your home or business computer.

Reliability

Online systems are less likely to experience downtime. People are concerned about crashes, downtime, or maintenance with cloud-based software, but in reality, your home PC is more likely to have unexpected downtime than a cloud-based system. These companies need to be reliable to keep customers happy and, in turn, be successful. A reputable and well-known online accounting service will need to be reliable and secure. Most of the well-known and well-performing software companies available have uptimes of 99.9%, which is much better than any home or office.

Moving your accounting process to online software can seem daunting. We get it. There are so many options out there, how do you know which is the right one for you? Genesa is client-focused and here to help you make the right choice. Give us a call and let us help you find the right online accounting software for your needs. Give us a call today and let our qualified team of accountants and business experts get you into the cloud.

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