Do you own a business venture? Then you must have bookkeeping software to keep track of your finances. It is the most important part of a business, as these records will be needed at the time of filing the taxes and audit of your business.
For the established companies, keeping scores of accountants is not a problem; especially when it has multiple departments and branches. But for entrepreneurial businesses, small-and-medium budget concerns, and other low-capital businesses, maintaining a permanent team of accountants may not be possible. In such situations, it is advisable to contact an experienced company to handle online bookkeeping software for you.
The Utility Of Using Online Bookkeeping Software
The days of recording every transaction by hand and putting it on pen and paper are gone. Not only that required a huge team of accountants, but also had the chance or error at every step; correcting which would require more time and capital. With the use of digital accounting software, the matter of record-keeping, data security, and errors in calculation lessened considerably.
However, in the case of establishments using cloud-based accounting software, the benefits were quite a few. Check out the reasons for using bookkeeping software:
Cloud-based
Just like the name, the software is “cloud-based”; which means that it is installed and run on a discrete and far-away server, accessible through online channels, like virtual bookkeeping. The arrangement ensures that the program is always available even when the accessing machine, like a desktop, laptop, or tablet, has broken down.
Auto-updates
The usual online accounting software is equipped with auto-updating, which means that any transaction occurring within the account gets updated automatically updated. It is also helpful in keeping records of transactions and creating financial reports at the end of the year.
Programmed for automated transactions
The online software can be programmed to automate transactions for specific vendors. Especially, when a company requires repeat orders in a specific period, automated reminders are a really helpful thing. Moreover, the software can also notify the user about unpaid invoices or overdue bills.
GST compliance
For companies paying GST, online software works like a charm. It can apply GST on all the required invoices and also upload important documents required for filing your return. As before, it can also be programmed to give a reminder about the date and financial period of filing your GST.
Track performance in real-time
Cloud-based accounting software can be connected to business accounts and the inventory, sales, and expenses can be tracked in real-time. Although, it would need a regular update of the bank account with every required data.
Prompt accessibility
Easy and constant accessibility is also an important feature of these programs. With internet access, the program can be run at any time and anywhere. They can also be accessed by all types of digital devices.
Update expenses and income
Most cloud-based accounting software lets you update the expenses and income, is easy-to-use, and keeps a record of your transactions. This ensures that the accounting errors are at the minimum, and reports generated anytime are correct. The software’s programs do not require a certified professional to run these programs.
Zero operational costs
As the program is hosted online, there is no need to allocate a separate system to install it. With the correct login credentials, the accountants can access it online. There is no need to hire an IT team too, as there are zero requirements for updating the software.
Some Popular Cloud Bookkeeping Software
Keeping track of business finances is important. Nowadays, online cloud-based software is used extensively by different companies, which has initiated several programs to be available in the market. Each of them has some advantages and requires to improve in certain areas. Let us know about them:
Xero
With strong features and low charges, this software is favoured by most businesses. The user can send routine invoices, capture receipts for stress-free record-keeping, reconcile bank dealings to balance the books, and track the financial register. Unlike other software, a company can have unlimited Xero Bookkeepers accessing it, and making the necessary editions. Functions like bank reconciliation, expense tracking are built into the program, so the user company doesn’t have to pay extra. With higher plans, multi-currency support, expense tracking, and project management can be made available to you.
QuickBooks
This program lets the users send an unlimited number of invoices and estimates with every plan. Each of its plans includes time-tracking for easier client billing and expense tracking to keep your account alright. The software also provides a limited number of clients to bill each month, according to the plans chosen. You can also schedule a reminder for vendor payments and pay them at the right time.
MYOB
This online accounting software is also favored by experienced bookkeepers in the country. Among its numerous important features, the following makes it a useful tool for the general MYOB Bookkeepers Perth:
- It has several plans applicable for businesses of different sizes. The clients can choose different plans according to their needs. The features and limits increase as per the plan, so the smaller-sized companies don’t have to pay much for their required functions.
- The program can add multiple users’ accounts for different businesses. Switching to other businesses while being logged in is very easy. The program keeps each business separate, but business reports can be generated for each business without logging out of the program.
- One of the noticeable features of this program is its payroll software. It can include all the employees in the company books and calculate separate salaries according to the different wages. It can also support multiple pay runs for the company.
Using The New Methods
There are several other online programs for bookkeeping available like FreshBooks, Wave, Zoho Books, Sage, and many others. However, the software should be chosen according to the business volume, client numbers, branches, international presence, and many other factors. It is a better option to use the new-age cloud-based accounting software for quick actions, error-free calculation, and continuous communication between the financial houses and businesses.
