A guide to online accounting
There’s no getting around it: the most successful business models are those that dedicate significant portions of their time to finance, and as a result, the most successful businesses are those that actualise this aim.
A solid understanding of your business’ finance will give you a real advantage when it comes to making business decisions, forecasting and staying on top of the inner incomings and outgoings of your business transactions more generally.
One of the best ways to get real time overviews of your business accounts, then, is with online solutions or, cloud accounting.
Cloud accounting allows you, the business owner, to transfer all in-house operations online, enabling you to access your accounts whenever, wherever, and get a real handle on what’s going on.
Here’s a guide to online accounting, and how to find the right provider for you.
Research and review numerous possible providers
As with most things, making a decision begins with researching what’s out there, so that your ultimate decision is an informed one.
Be sure to completely examine any online resources in detail, before looking to other avenues, such as speaking to consultants, who can offer advice on what to look out for, and seeking out external benefits, such as support hours etc.
Find the right model for you
Cloud computing is not an all or nothing affair, many providers will offer more tailored packages designed to suit each and every individual business.
For example, while some cloud solutions do transfer everything within a particular discipline online, other solutions aim for hybrid packages, which allow for offline access too.
The most appropriate solution for your business is out there; it’s just a matter of putting the time and work into finding it and not settling for anything less.
Investigate security measures
While cloud solutions are largely more secure than more traditional counterparts, accounting is risky territory within which it’s far better to be safe than sorry.
Given that many desire the convenience of directly linking bank details to their cloud accounting systems, then, it’s extra important to be safe. Thoroughly quiz any potential providers on the strength of their security measures: this is one area in which you don’t want to save money.
Make increased productivity your priority
At the end of the day, the only reason to really opt for a streamlined solution to your accounting needs is if it actually delivers and does streamline your existing practices, increase workflow and ultimately, improve efficiency and thus, your overall business.
Ask yourself how each providers’ particular service is likely to be integrated into your business? Adaptable solutions are those that offer the greatest gain, with the least disruptive implementation time and effort.
If you live in Ireland, and think your small business could benefit from online accounting software, then contact eFolio Accounts Ireland.
eFolio Accounts is an online accounting software designed specifically to make managing your finances and bookkeeping easy and to help you have better cash flow and a more profitable business.
Or, you can also join us for a free 30-day trial of our product! Absolutely no credit card required!
Get paid on time with easy invoicing and manage client accounts with efficient built in email for invoicing. eFolio Accounts is all your business need.