Online Bookkeeping – Benefits and How to do it?
The world is digitized and you’re still stuck with offline or manual bookkeeping. Needless to say, you’re still lagging in terms of productivity, cost-effectiveness, and operational accuracy by adhering to this age-old practice.
Bookkeeping, maintaining records, and business crucial details, are one thing that every business has to perform, no matter how tedious and tiring it seems. In the wake of technology, businesses get the gift of online bookkeeping. Adopting this cutting-edge practice of record maintenance proved as a boon as it’s time and efforts saving. Accuracy and excellence are cherries on the cake.
If you’re already using online bookkeeping then a big round of applauds for you as you made the right move. If you haven’t tried it yet then let’s show what are you missing.
Online Bookkeeping – A Blessing in Disguise
Online bookkeeping is the process of updating/uploading/maintaining the business records and details overcloud. Unlike manual bookkeeping, details are not mentioned in books or registers. It’s mostly done with the help of online bookkeeping software. End-users have to log in to the software, using a data-driven device and active internet connection, and start uploading the business activity details.
The software is not like the on-premise bookkeeping software, which will be installed on your company’s computer, and can only be used when accounting professionals are in the offices. This software is hosted in the cloud space and can be accessed from anywhere/anytime.
This online bookkeeping software is available on a monthly fee basis and is usually very customizable. There is no need to get involved in software maintenance and other hassles to use this facility. Records are maintained in digital form in online bookkeeping.
Perks To Enjoy With Online Bookkeeping
As quoted above, bookkeeping is essential in all kinds of the business ecosystem. There is no escape from this. One can’t overlook it but find a way to do it with less hassle and more accuracy. Online bookkeeping is that way out.
Shifting from traditional manual bookkeeping to online bookkeeping is going to bring ample benefits. Have a look at the key ones:
Save time and cost
Maintaining paper-based records is tedious work. Each entry will be done manually. This is a lot of work. With online bookkeeping, automation of the highest kind will be at your service.
We’re not saying that it will fetch the records automatically. One has to do the data entry manually, in most cases. But, once the data is entered, various jobs will be handled automatically. For instance, reporting and analysis!
There won’t be any need to create reports. The online bookkeeping software will do this for you. Want to have the data analysis of a particular domain? Just command the online bookkeeping software and it will do the job for you.
The in-build integration will allow end-users to fetch data from different departments automatically. It’s a great relief for a bookkeeper.
Wondering how money is saved with online bookkeeping software?
Let’s explain this as well.
In online bookkeeping, this is no need to install or set-up the software. Everything is already in place over the cloud. All a user needs to do is pay a monthly subscription fee and activate the user account.
Exhausting and cost-consuming jobs like system maintenance and updates are taken care of by the service provider only. This kind of all-inclusive service also sets the businesses free from the tension to hire an in-house IT expert or technical staff.
Unmatched productivity
This type of high-end automation has a positive impact on the team’s productivity. They will be able to perform more tasks in less time. Because achieving business goals become easier and quicker.
Great accessibility
We must admit that manual bookkeeping is more of a hassle than a help as it comes with limited accessibility. You can access the files and records anytime/anywhere. It halts the operations at many fronts and it’s not wise to face such a menial hindrance in a time of global collaboration.
Online bookkeeping, curb this hurdle, and many others related to data accessibility, in a blink of an eye. It allows you to work on cloud space, which is easily accessible from anywhere. No matter in which part of the world you’re situated, you will have the record of your choice, over a single click, as long as you have a data-driven device and active internet connection.
Record safety of highest-grade
How one can protect a paper-based file from information-stealing? Just by simply carrying it along or lock it in a locker. That’s it. Even after doing these two things, there is no 100% guarantee that stored information is safe. Data theft and stealing have been a major issue for businesses and they can’t afford it for a long time.
This is no longer a headache for online bookkeeping users as they can set access restrictions and permission to prevent unauthorized access to business-critical documents. Files and records can be password protected. In short, businesses are granted full freedom to control the access to the records and keep worries of data theft at bay.
Eco-friendly bookkeeping
Last but not the least, online bookkeeping is an eco-friendly way to store and maintenance records. There are no papers involved in this process. Seeing the rapid deterioration of the environment, it’s high time that businesses should pay attention to this aspect as well. Online bookkeeping doesn’t cause any harm to the environment.
The Final Say
Online bookkeeping is the need of the hour and is a great way to increase productivity, reduce operational costs, have a hassle-free system maintenance process, and cause no harm to Mother Earth in the process. It’s like hitting many birds from a single stone.
However, while you think of adopting this practice, keep in mind that one shall reap all these benefits only if a high-end & powerful Online Bookkeeping Software, like Your Khata, is used. Any run-of-the-mill tool is not going to help in an above-mentioned way.
Your Khata is an AI-empowered online accounting and billing software allowing end-users to enjoy best-of-breed bookkeeping. Give it a try and you won’t be disappointed.
