The Pros and Cons of Bookkeeping Software
As we continue to move through the digital age, businesses all over the world are swapping old fashioned paperwork for online solutions to old problems.
As a result, many small businesses are turning to cloud solutions to manage many aspects of their business.
This is very much the case regarding bookkeeping solutions, but many business owners are understandably nervous about making the transition from paper to online.
Here is a quick guide to the rough pros and cons of opting for bookkeeping software and going paperless to help you figure out whether or not it could suit you and your business.
Cons
- Security: Many fear over the security of online bookkeeping solutions. This can present a slight cause for concern inasmuch as even solid encryption procedures can’t totally guarantee the absolute security of your data. That said, alternative options cannot offer any more security than online options either. The moment you share your information, you’re always presenting a risk.
- Virus risk: When you store something on the cloud, it will always be at risk of infiltration from a virus or other malicious online content. This problem can, however, be remedied with good quality anti-virus software.
- Customisability: Because bookkeeping software is designed to be a complete package, it can lack the customisability of other methods.
- Can’t work offline: Online bookkeeping software depends on a functioning internet connection. Without it, the work cannot continue.
Pros
- Simplicity: Bookkeeping software is designed with simplicity in mind. It’s meant to maximise efficiency by being graspable with minimal training, and does the vast majority of the complex work for you.
- Data storage: Online bookkeeping solutions offer businesses a wealth of data storage, and many providers will offer unlimited data storage options for a small extra cost as your business grows – something you just can’t get with other options.
- Flexibility: If you opt for online bookkeeping software, you can access your information from any location, and any device, provided you are permitted access. This gives you greater flexibility than other solutions.
- Accuracy: Online bookkeeping software offers business owners the ability to minimise errors in data entry, by providing you with a universalised system that can be implemented across all accounts.
- Ease of installation: Bookkeeping software can be implemented in no time at all, and doesn’t require additional hardware.
- Cost: Online bookkeeping software offers small businesses an incredibly affordable means of formalising their accounts.
If you’ve read these pros and cons, and decided that online bookkeeping software could be a great solution for your small business, then contact eFolio Accounts Ireland on 353 21 2348062. Or, you can join for a 30-days free trial of our software!