Traditional Accounting vs. Online Accounting
Accounting, no doubt, forms a very critical part of any business organisation. In the fast paced world, traditional accounting has lost somewhere along the way. With new technologies springing every day, accounting solutions have also seen tremendous improvisations in recent times.
Cloud based or online accounting software provides numerous benefits over the traditional accounting practices. Some of them include-
- Accessibility: You will have the liberty to access your accounts anywhere, anytime. With cloud storage, you can log on to your accounts and bank accounts with any device; desktop, laptop, tablet or Smartphone, connected to the internet.
- Flexibility: Move past the days of saving bill receipts and arranging emergency meetings with your accountant to discuss financial matters. With online accounting you can manage every aspect of the accounting process remotely. This lifts time and distance restraints and provides flexibility in financial administrations. There are many companies providing accountant brighton for cloud based accounting software to business organisations at much cheaper rates.
- Back-up: manual backups in traditional methods of accounting are a time consuming process. With cloud storage, automatic online back-ups save business a lot of time and resources.
- Security: Many small businesses are unable to apply secure bookkeeping services due to high costs of maintaining personalised internet security systems. You are also secured of IT crashes at your workplace; since your data is stored in cloud, there is very little chance of you losing it.
- Increased efficiency: since online accounting reduces a significant amount of time that you waste in handling paperwork, this means increased efficiency of your accountant and also your organisation.
- HMRC complied: Online accounting software is hundred percent HMRC compliant; this means fewer chances of forgery or manual errors in your account books. With well organised financial statements, you can also get help from professional chartered accountants in Brighton for tax filing processes and ways to tax deductions.
- Cost: this forms a major part in deciding the method of accounting. Cloud based accounting services offer cheap monthly or hourly rates from qualified professional firms as compared to the older method where you had to rely on your accountant alone.
Conclusively, online accounting is popular with masses because of a reason. Some of which we have tried to discuss here. Although some business institutions still prefer the old traditional way, most of the companies are opting for the paper-less approach which is beneficial for the environment also. When you compare the factors, you would realise that not only online accounting solutions a more economical alternative (saving you loads on office supplies and data retention services); it highly reduces the time and risks involved in data entry and book keeping services for your administration.