The Benefits of Online Accounting Software for Small Businesses

As a small business owner, you are probably all too aware that numerous elements of a business require constant attention in order to facilitate said business’ overall smooth running.

One of these key elements involves ensuring that your accounting and bookkeeping methods are up to scratch.

Unfortunately, taking on these duties in-house can be incredibly time consuming, and take up a huge proportion of your effort, distracting you from other elements of the business, and limiting workflow and efficiency.

Furthermore, hiring an outbound accountant can accrue high costs a small business cannot afford to sacrifice.

Luckily, online accounting software can take care of your needs, allowing you to manage your own accounts, without building up huge costs to your finances or your time.

Here are the ways your small business could benefit from investing in online accounting software:

Intuitive User Interface

Online accounting software is designed for people without substantial accounting and bookkeeping experience.

As a result, it is easy to use, and has adapted to do most of the work for you. Maintaining data is easy, and quick, allowing you to keep on top of your accounts without having to master complex software, or devote too much of your time to it.

Security

The reason many businesses opt to outsource their accounting and bookkeeping needs to trained individuals is because they are concerned about the security of their information.

This often leads people away from online solutions, because they fear that saving their data online compromises sensitive information. This is not the case.

Online accounting software will ensure the absolute safety of your accounting details, and make it easy to invoice clients, and check your business’ financial situation anytime.

Efficiency

Where there aren’t online accounting solutions, there’s paperwork and where there’s paperwork, there’s an efficiency problem.

Transferring as many of your business’ protocols online as you can is a great way to maximise your efficiency, and speed up your overall workflow.

Similarly, online accounting software offers you a universalised system on which to store information, resulting in fewer inaccuracies, and less time spent correcting them.

Cost

Online accounting software is, without a doubt, the most affordable way to manage your accounts.

In-house software incurs server costs, and outbound accountants can be extremely expensive.

Similarly, many online accounting software providers will allow small businesses to purchase software on a subscription basis, meaning businesses needn’t splash out on one huge upfront cost.

If you live in Ireland, and are thinking about opting for online accounting software, contact eFolio Accounts on 353 21 2348062 or, you can join us for a free 30-days trial!