Understanding Updates – Is Online Accounting Software Right For Your Business?

November 23, 2018
933 Views

As business owners, we tend to put out a lot of fires. But perhaps the one to look out for most is the slow burn fire that creates bottlenecks in your business, creates tedious tasks and doesn’t add value to the business in the way you want it to. That’s right, we are talking about inefficient software. Now, before you end contracts and sign up to the latest and greatest new accounting software, make sure it is the right fit for your unique business.

Is connectivity important to you?

Imagine being able to access information from any device. Modern online accounting software will allow you to access the platform from any device, anywhere. This affords your team the benefit of staying connected from any location and being able to view and send invoices, lodge expensed, and track billable hours. Turn that morning commute into time spent approving timesheets and invoicing clients, and allow connectivity to take your business to new heights.

Consider the size of your business

One can argue that no matter the size of your business, an online accounting software is the approach to take. A large business would benefit from the streamlined features that would ordinarily slow down the operations of a large, busy office. With a larger staff base, the need to eliminate manual tasks would be a driver to explore online accounting software and leveraging the benefits of automation. On the other hand, a small business or operation may not have the resources or staff base in place to keeping the wheels turning at a reasonable pace and may also benefit from a more intuitive online accounting software. Assessing the hurdles that are presented to the size of your business will help you understand if online accounting software is right for your business.

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Do you want to enhance efficiency?

That’s a trick question, right? Who wouldn’t want enhanced efficiency in their business? There are small initiatives you can put in place to drive efficiently, and then there are also organisational changes. A modern online accounting software is the latter. It will easily track the time and billing of each of your team members through automation. It can also generate reports to a high standard of accuracy and presentation to save you pulling them together from various outputs. Do away with the humble spreadsheet, and have all your reporting and data in one platform ready to be sent or assessed at a glance.

Is your business static or agile?

To prescribe an online accounting software for every business is not possible. You may sell products or services, be a fortune 500 or a startup – the business landscape is diverse. If you would, however, benefit from real-time profitability reports and project or client tracking, you may be in the market for online accounting software. This gives you the flexibility (not to mention insurance) of being able to stop, pause and pivot any of your projects or interaction if the real-time reporting suggests doing so. It also allows you to commit to suppliers and make quick changes with an advanced invoice creation and payment.

If you are assessing whether online accounting software is right for your business, then you are serious about upscaling. Having your team working with an integrated accounting system they can access from any location will enhance efficiency and keep your business agile.

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