There has been a lot of promotion in recent times over the recent period by online accounting software solutions such as Xero, Reckon online and MYOB pushing their online products, however many people are interested to find out what the benefits are. Below are some of the benefits of switching to an online accounting solution (features can vary between the different software products on the market):
- Bank account information can be directly downloaded into your file, this means that once set up the bank account transactions will feed directly into your file and you will simply need to code the entries
- Your accountant is able to have real time access to your file, which means that they can assist you over the phone or log into the file (once you have allowed access) and assist with changes or resolving any bookkeeping issues that you may have
- The cost is generally direct debited each month for the accounting package so you do not have to deal with the more substantial initial outlay of purchasing a desktop version (and then having to update it each time a new version is released)
- You can access your file anywhere provided you have internet access, the beauty of being cloud based!
- Most online accounting packages offer a payroll function as well as invoicing functions
- You are also able to set rules so re-occurring transactions each month can be automatically coded saving you time and reducing your workload