Online accounting software is a wise investment for every CPA firm. It is an efficient way of making your business work smarter and faster. It improves collaboration within your team and with your clients.
The desktop-based accounting software for small business may not be useful to you if your team is located at multiple locations. It can lead to data redundancy. It may also involve managing paper-files and bulky storage.
What an Accountant can do with Online Accounting System
As an accountant working in a modern CPA firm or a small company, your best bet is accounting software that can be accessed from anywhere, at any time and using any devices. Online accounting software for accountants fits the bill as it frees your accountants from the workstations in the office.
Online GST Invoicing
After you have delivered your goods or services, it is time to get paid. How do you do it? It matters as it can affect your cash flow. Use online accounting software to prepare customised GST invoice and to email it to your customer instantly.
Online Storage Management
These systems store data on web servers. It is guarded with the use of a security matrix. Only authorised users can access it. Moreover, even they get to access the data based on the need to know basis.
It puts the data at your fingertips or a mouse-click away. Your accountants can access it anytime. There is no need to maintain bulky paper-files. Storing data on the web servers keep clients’ financial data safe from any hazards.
Charts for Cash Flow Management
Do your clients expect you to advise them? Can your accountants rely on the accounting software for actionable data?
Online accounting software comes with a Dashboard. It gives charts based on latest data. They show accountants Cash In/ Out of the client’s company for the last 6-month, Invoices owed to and Bills owed by it. Your accountants can on latest info for giving data-driven advise.
The accountants can play an important role in maintaining positive cash flow for your clients. They can do so by doing the bank reconciliation regularly for the clients.
The accountants can track bank entries and match them against the clients’ financial records available to them. In fact, some of the small business accounting software enables them to reconcile any accounts.
5 Benefits of Online Accounting Software
The online accounting system provides real-time data to give your accountants a clear understanding of clients’ current financial position.
It allows multi-user access and promotes collaboration between accountants and clients.
Focus on Your Clients
The software is hosted on web servers. Your CPA firm does not have to worry about its upgrading or maintenance. It leaves you completely free to spend your time doing things important for your business.
Use Latest Version
The software is updated online. You always have access to its latest version. You do not have to install it. Your accountants access it by using its URL in the internet browser on their devices.
These software records drafts and asks whether to save it or not. They auto-save sessions data. Each bit of data is stored online.
Costs of using online accounting software
You need to pay for a monthly subscription to use online accounting system. And that’s it.
Using a small business accounting software for an accountant is a worry-free option. You do not have to take care of version upgrades, IT team for software maintenance, costs for system administration costs or server failures. These issues are taken care of by online accounting software provider, leaving you to do your best work for your clients.