Why Switch to Online Accounting Software
By Travis Bacon
November 30, 2020
Online accounting products are not new. In fact, they have been around for more than 20 years. Obviously, they have advanced a considerable amount in that time, and they have definitely become the gold standard of accounting products. At TaxDigital, we believe that making the switch to an online accounting provider is a critical and smart business decision and here’s why:
Save time with automation
One of the main benefits of an online accounting system is increased efficiency through automation. An excellent online package will automatically generate invoices & even schedule automated follow-up messages to your customers. You can say goodbye to wasting time, manually tracking and chasing your debtors. Also automating lodgements and payroll will save you considerable time which you can use to generate more revenue.
Work from anywhere
All you really need is a device and an internet connection. Cloud accounting means you can generate an invoice on-site or even take payment from a customer the moment you finish a project or job. Gone are the days of needing a server or even a laptop.
At TaxDigital, we have tradies running their business from an iPhone and a Square EFTPOS machine and Coffee shops who only use a tablet and an EFTPOS machine.
Talk about digital flexibility!
Up to date information
Automated bank feeds speed up the process and gives you access to your business’s financial status in real-time. TaxDigital believes that the key to a successful small business is to keep your finger on the pulse and make informed and effective decisions about your business as a whole.
In the digital age, business owners must be worried about data protection. Luckily online accounting software like Xero or QuickBooks is hosted in secure cloud servers and is continuously backed-up. You will no longer need to worry about your data being hacked/destroyed or your computer crashing. Companies employ hundred of tech experts to make sure that doesn’t happen.
Here at TaxDigital, we firmly believe that using a cloud accounting package is actually cheaper than an in house package. The mains reasons for this is the included updates and integrations.
Cloud Accounting software is always up-to-date, and you never have to do anything at all everything is managed for a monthly fee.
Accountants and bookkeeper utilise integrations directly with cloud accounting software which means that their costs are more predictable, easier to estimate and ultimately cheaper.
Who doesn’t like saving money?
Online Accounting Software has created an explosion of developers to build custom apps and services to link directly to your accounting package. For Xero alone, there are literally hundreds of apps ranging from human resources tools & automated project management all the way through to complex budgeting and forecasting tools.