Up until only the past few years, computerised bookkeeping was restricted to purchasing and installing a piece of software onto a desktop PC or laptop.
Whilst these type of packages do a decent enough job they still have their limitations, the main one being the difficulty in sharing information between users and their adviser’s.
For a number of years sharing information would consist of backing up data and emailing it through to an accountant or adviser to review. Backup files would often be too large to send via email, then there was the issue of making sure that the same version of software was being used by both parties. This has been an all too common scenario with desktop software such as Sage, Quickbooks and MYOB.
Over the past couple of years there has been a development with bookkeeping software, namely cloud based / online bookkeeping packages. Online software such as Xero (our software of choice) has gone a long way to eliminate the above problems, also adding some additional benefits such as bank feeds along the way.
So what are the benefits of online bookkeeping?
We cover the main benefits of online bookkeeping on our Xero page. Here are 5 key advantages of online bookkeeping.
- No need to upgrade software or make sure those sharing the data are on the same versions. With online based software all you need is an internet connection and a browser (Internet Explorer, Chrome, Firefox, Safari) Software is updated all the time and everyone is running the latest software without the need to physically upgrade, this is all done for you behind the scenes and is included in a low monthly cost.
- No large upfront costs. Online bookkeeping software such as Xero is paid for on a monthly subscription fee basis. From as little as £12 + VAT per month (depending on version). Gone are the days of large upfront costs, additional costs to add users and more costs when it’s upgrade time.
- Access information anywhere. You are not restricted to one PC, your data is available anywhere provided you have an internet connection. Data can also be viewed on Tablet and mobile devices with apps available for android mobiles, iPhone and iPad.
- Data is safe and secure. No need for backups as this is done automatically. Think of online software like a website, all files and information is stored online safe and secure, as secure as your online banking. No more data corruption.
- Share your information. No more backing up data and sending via email, simply create a new user for your accountant, bookkeeper or other adviser and invite them to login and view your data. You can ask for advice if needed and your adviser’s can login and check everything is running smoothly.
To find out how online bookkeeping software can benefit you, get in touch.