Online Bookkeeping

Posted by Chris Hooper on 24.01.14 in Glossary, Services

ONLINE BOOKKEEPING

Technology has made huge strides since IBM released the world’s first PC in 1981. Whether you spend hours deciphering your own accounts or employ a bookkeeper, you can now benefit from some truly remarkable products. It amazes me that anyone can still be suspicious about cloud based software, especially when they use internet banking like most of us. Just speak to somebody who has migrated off Sage onto Xero and watch how big a smile you get!

Online bookkeeping or cloud accounting software really does offer a significant advantage for SMEs.

In fact software such as Xero is more than just web based accounting software. It automates routine tasks so you can focus on your customers:

  • Optimised for non-accountants
  • Automated bank feeds and reconciliation
  • Get paid faster with online settlements
  • Submit expense claims through a smartphone
  • Monitor cash flow in real-time
  • Submit VAT returns direct from the software
  • Eliminate data entry by linking to your other systems such as CRM or eCommerce

Automate You Business

There is a huge amount of collaboration going on between companies in this space and Xero is right at the heart of it. In the past trying to link different pieces of software was not for the faint hearted. It required specialist consultants and deep pockets. The new breed of cloud based business software is ready to integrate with hundreds of other apps straight out of the box.

Into The Cloud

But of course it doesn’t have a box, because it is safely installed in a state of the art data centre  – lovingly cared for by IT professionals ready to mop its brow and care for its every need. All you need is an internet browser to access the software. That means no more issues around compatibility or worries around whether to invest in an upgrade. Cloud based software is upgraded on an incremental and continual basis without disruption during the working day. That means your team can spend more time delivering for your customers instead of fighting with different operating systems and installing software upgrades.

Improve Your Cashflow

Cloud based accountancy software also adopts a different charging model. There is no upfront fee. That means less strain on your cash flow and less risk should your requirements or preferences change. Instead a monthly subscription is charged. This includes the license cost and all upgrades and ongoing support. In fact the subscription also funds the hardware that the software is installed on and the backup and archiving procedures. As long as you have an internet device with a browser on it (smartphone, tablet, laptop, desktop) you can access the software. The more you adopt cloud software the more you can simplify your own IT systems in the office and reduce the cost of supporting or upgrading them.

Find Out More

If you would like to have a frank conversation about the opportunities and risks of migrating to the cloud then let’s talk. I regularly demo Xero for clients (in person and online) as this is the best way to get a feel for the software.

Interested in a summary of the features and benefits of online bookkeeping ? Please read this follow up post to learn more about the advantages of online bookkeeping.