Anywhere Bookkeeping
The accounting industry is changing and no longer do you need to come to an office to get bookkeeping and accounting services. Sharing a file is easier than ever and clients can do as much or as little work as they want. This post will briefly cover the advantages of using an online software.
The Software
On-Core is trained in, and works with two online accounting software’s. Below this section are pictures of each logo, you can click on them to be taken to their respective websites.
The first is probably the best known. Everyone has heard a radio ad or seen Danny DeVito on TV talking about QuickBooks Online. If you use QuickBooks Desktop you may have even seen a button for transitioning your desktop file to Online.
Transferring from desktop to online is relatively seamless whether you currently use QuickBooks desktop or not.
The second is a software from New Zealand, Xero. Xero has recently acquired Hubdoc and is working on transitioning into the Canadian market. Transferring from your current software to Xero is also relatively seamless.
Transferring to either of these is a great opportunity to clean up your file by eliminating accounts, vendors, or customers that are long inactive. However, with both, you will need to keep a copy of your old software as you will not be able to put in the detail of previous years, just opening balances.
Advantages
Paperless
Using online software is a paperless solution to bookkeeping. It can help to eliminate that storage room full of banker boxes that you have! You don’t need to hold onto that gas receipt from 2 months ago until you get to see your bookkeeper. You can simply take a picture, upload it, and toss it! It will be attached to the transaction in your online software and therefore easily accessible to anyone needing to see the backup.
Automation
While not every transaction is able to be automated, these online software’s can eliminate some of the repetitive transactions, saving your company time and money. This is done by linking vendors to their respective accounts. For example, Shell would be automatically be coded to automobile expenses.
Instant overview of your business
If you stay on top of doing your books, which with automation is a snap, you will know where your business stands whenever you need. Traditional bookkeeping only allows you to get monthly reports on your business after the month is over. With online software, you can work with your bookkeeper to know where your business stands at all times.
No more paperwork drop offs
With online software you no longer need to make monthly visits to your bookkeepers office. With it being paperless, you can get your bookkeeping done by any bookkeeper and not have the stress of needing to deliver your monthly paperwork to get reports.
Disadvantage
Can be a little too easy
You may look at that header and think, how can it being a little too easy be a disadvantage? Online software make it easy to do it yourself. However, if you have not had any experience or training in doing your books, this can lead to mistakes being made. This mistakes will be costly to correct.
Conclusion
Online software is worth adopting. Bookkeeping companies are here to support you in the transition, ensuring that you can reap all the advantages of doing books through online software. On-Core has professionals that have been certified in both of these programs. We can train you on how to use these programs, and offer monthly support.
These programs can save you money, and On-Core is here to show you how!
