If you own a small business it is likely that you know the importance of bookkeeping to the business. You also know that bookkeeping is a task that is time-consuming and adds no value to the consumers. You will agree with me that it a necessary evil.
It becomes even a bigger problem to your side if you are using an outdated off site accounting service which emails or faxes you updates once a week or worse still you purchased an expensive bookkeeping software for your office only to find that it doesn’t offer you the flexibility that you require for meaningful reports. If this is your situation; then it is time to switch to an online bookkeeping service and start reaping the following benefits right away.
Confidentiality and Control
Most business owners not using the online bookkeeping service continuously fear that their financial information can be hacked by anyone as it is floating around in the internet. Today’s security technology and secure servers makes the internet one of the safest methods to exchange information. Your records remain confidential, and the only people that can have access are those who you share your password with, and even then you can limit what they can see.
Integration: If you bank online, most of the online bookkeeping services have the capability of downloading your banking records directly into your bookkeeping system. The the idea of online systems is to use the data it stores and simplify repetitive tasks and thus lower the number of duplicate entries that have to be made.
Since your bookkeeping records are online, it means that you can access them from anywhere as long as you have an internet connection. You are also nit limited to a particular computer in order to access your data and most specifically, you will not have to wait for the weekly updates from the accounting firm.
The the system offers your business and management style that is unique. Online bookkeeping lets you assemble your financial information in a style that suits the business rather than having to fir the business to a regular format.
Improved Customer Service: The fact that your online system is recording and calculating in real time, you can offer your customers with real-time answers to their questions. With your banking information integrated into the system, you have the latest data on payments received and refunds issued.
There are optional programs available that make your bookkeeping system a revenue generation tool. Some systems have integrated email marketing software that takes advantage of your customer and vendor lists in the system and can send out professional email marketing pieces and their track their performance. You should be on the lookout for the newest innovations that optimize data already existing in your system.