November 5, 2018

The Real Cost of an Online Accounting Software

Naveen Shayan

LedgerMax specialist

Over the years, online accounting software have become indispensable to small and medium sized enterprises. These software are hosted remotely on a server which might be placed distantly backing up your valuable financial information in the cloud with minimal chance of losing any data. The two major reasons behind their popularity are data security and cost effectiveness. Online accounting software allows you to keep your billing, bookkeeping and invoicing online and securely access them anywhere anytime by just connecting to the internet. Online accounting software looks after your requirements and lets you handle your own records without burdening your time or finances.

Advantages of Using An Online Accounting Software

1. Real-time Business Insight:

As a business owner, you should know your numbers. Online bookkeeping provides you real-time insight of your business. You can instantly view the expenses and sales which gives a complete picture of where your business is heading to. This real-time and auto-updated information leads you to make effective business decisions. 

2. Effective Cash-Flow Management:

Effective cash-flow management is the core of a successful business. An online accounting software allows you to take complete charge of your business with prompt info regarding the financial strength of your business and doesn’t let you settle on a costly option that can hinder your business achievements. 

3. No Loss of Valuable Data:

Losing your important information can be devastating. Hardware malfunction or disasters can cost you money as well as delay in payments and invoicing. Online bookkeeping secures your treasured data by backing up the information and protecting it against any sort of hardware failure.

4. Easy Access:

An online accounting software provides you all the essential things in one place to operate your business. Your financial records are on your finger tips. You can run your business from any mobile device or smart phone and effortlessly track expenses and income, send invoices and quotes, create balance sheets, GST reports and profit and loss statements which makes you instantly prepared for the tax period.

5. Cost Effective:

Data protection is the most convincing reason behind the popularity of remotely hosted software. However, the price of connecting to these programs is not much as mostly Cloud applications are available on subscription basis, which means that you have to pay as long as you need it. Besides, all updates are automatically accessible without any extra charges putting less liabilities on your cashflow.

6. In-built User Interface:

You own a small business and have no experience of bookkeeping or substantial accounting? An online accounting software is especially designed to do most of the tasks for you. Data maintenance is quick and easy without you devoting too much energy or time to it.

7. Efficiency:

As a small business owner, you shouldn’t be worrying about managing your financial accounts or tax submission etc. There are a lot of other things to look after. Bookkeeping is an area that requires experience, skills and expert knowledge as the financial accounts of your organization needs to be perfectly organized and up-to-date. Hence, an online accounting software grabs the driver’s seat and manage all your finances without you spending time on it. Online bookkeeping is of great help for SME owners to accomplish their goals.


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