Daily Bulletin

Money

  • Written by News Company


Throughout the world, small and medium sized businesses are embracing the multitude of advantages provided by online accounting software. Those left lagging behind in this area are doing themselves and their business a great disservice. Why? Online accounting software is allowing smaller businesses to compete and win in the global marketplace against multinational competition.

They are achieving this by offering enhanced end-to-end business processes, whilst enjoying more predictable and reliable cash flow combined with real-time financial data tracking and reporting. In addition to all this, they are able to attract and retain customers with easier, more reliable payment platforms and faster transaction times.

If there is one word which best describes the benefits of online accounting software, that word would be efficiency - both from the customers and accounting staffs perspective.

This is provided by a more transparent overall sales chain achieved through:

  • More accurate, real-time stock and inventory reporting
  • Immediate invoicing
  • Detailed product tracking
  • Increased payment options
  • Integrated App functionality
  • Faster communication and receipting.

Online financial software also offers the opportunity for businesses to integrate their accounting software with industry specific add-ons to create an all encompassing system which is customised to fit their business model.

To best understand the benefits gained by online accounting and financial software, we need to understand how it differs from conventional accounting software.

Cloud-based accounting

Whilst many people ask the question ‘what exactly is the Cloud’? chances are they are already using it in some form without even realising. Apps accessed through mobile devices such as a smartphone are often Cloud based.

There are a myriad of applications which utilise Cloud technology, including:

The Cloud is essentially a term which describes Software-as-a-Service (Saas) which can be accessed via the Internet. When used for accounting, the Cloud creates a wide range of advantages compared to older technologies. For example, in the past businesses purchased their accounting system on a subscription basis and were usually provided with a physical box containing discs, install manuals and license codes which were then used to set up their accounting packages onto individual computers.

Compare this to having your accounting data stored remotely, where business owners and their staff can access real-time information about company finances from the office, work-site or anywhere in the world. Instead of laboriously updating tax and wage data, these are automatically updated without the hassle of installing regular updates physically as was done in the past.

Encouraging collaboration

Unlike older, single use modalities, online accounting software encourages collaboration by allowing multiple users to be logged on simultaneously and keeping everyone in the loop. This means that a business owner or salesperson who is overseas will be able to access real-time financial data and be able to conference with colleagues, sharing information and keeping abreast of information.

Online financial software is enabling sales staff to move out of the office and away from their computers to do what they do best - sell. Sensitive data can be protected by enabling permission based access to each module in the accounting system.

Cost savings

Aside from the obvious advantages gained by faster, more streamlined and transparent accounting, businesses can also experience lower outlays by reduced need for physical hardware such as servers and high-spec PCs whilst requiring less floor space and insurance.

Online accounting also promotes increased productivity and better cash flow by enabling businesses to use online invoicing which can be sent immediately to customers once a job or sale is complete. Customers are then able to make payments using a number of payment platforms such as BPAY or Paypal and you are notified once a payment has been made - no more chasing invoices or waiting for months to be paid.

Safety

In a world bombarded with security threats, it is natural to question the online security of your financial software. Such is the value and importance of Cloud based business, the Australian government has developed guidelines for businesses to assess the value and risks to their business. If you are interested in reading more it can be accessed via this link. Something to consider is that financial institutions use the Cloud which means if you are utilising online banking then you are already using similar security.

~

The above is just a taste of what online accounting software can do for your business and bottom line. It is faster, cheaper and easier than ever before so if you are still using outdated, single-user accounting software, now may be the time to consider upgrading to a better, smarter, faster and cheaper way to run your business processes!


The Conversation

Politics

Backing Australian business, jobs for the US Moon to Mars Mission

The Morrison Government is positioning Australia for lift-off with a $150 million investment into our local businesses and new technologies that will support NASA on its inspirational campaign to re...

Scott Morrison - avatar Scott Morrison

Prime Minister - Ceremonial Welcome, White House - Washington DC

As I just said to the President, thanks mate.   Mr President, Mrs Trump, honoured guests, distinguished guests,, friends one and all, here in this land of liberty. Thank you Mr President and Mrs T...

Scott Morrison - avatar Scott Morrison

Prime Minister interview with Deb Knight

WEDNESDAY 18 SEPTEMBER 2019   DEB KNIGHT: Prime Minister Scott Morrison has launched a 12 month inquiry. He joins us now from Canberra. Scott Morrison, Good morning to you.   PRIME MINISTER: ...

Scott Morrison - avatar Scott Morrison

Business News

Ways to Take Control Over Your Startup's Public Image

The way in which others see your business only seems like something that you have no control over. After all, it’s their own subjective matter, right? Well, the concept of branding represents a sc...

Diana Smith - avatar Diana Smith

How Digital Futures Platforms are Changing it All

Some people still remember the days when you had to be in one of the world’s centers of finance in order to be able to trade with futures. Technology has developed a lot since then and trading wit...

Diana Smith - avatar Diana Smith

Your Ultimate Guide on Making an Office Cleaning Checklist

A cleaning list is simply a list that guides cleaners on what should be done. Several factors determine the type of cleaning list for your business premises.  The cleaning checklist usually provided ...

Clean Group - avatar Clean Group

Travel

Essential Tips When Planning a Trip in the USA

Everyone has their dream destination. It could be a memorable place because of their parents, a destination to be ticked off in the bucket list or a place to find yourself. If your dream destination...

News Company - avatar News Company

Travelling Tips and your Roots: Who’s Looking out for Home?

If you lead a life of travel, chances are you know that not everyone gets the same kick out of living as a nomad. Today we focus on those ‘left behind’ – how do you nurture the valuable people in yo...

News Company - avatar News Company

TOURISM NT LAUNCHES NEW BRAND

New tagline revealed, new campaign set to launch ‘Different in every sense’ will replace Tourism NT’s ‘Do the NT’ tagline from today as part of a new brand positioning aimed at attracting more vi...

Matthew Ongarello - avatar Matthew Ongarello

ShowPo