Benefits of a Web Based Bookkeeping System
Web-based bookkeeping systems are rapidly evolving, giving business owners the ability to manage their finances in an efficient and affordable way. Whether you are at home or on-the-go, with a web-based bookkeeping system you can manage and your bookkeeping functions with ease including tracking expenses, viewing bank balances and sending invoices to customers.
Traditional accounting software can pose many challenges to businesses. They can be expensive, difficult to work with and time consuming when they require an upgrade. Another issue with traditional accounting software is that the data in the system may not be up to date when input is required from multiple sources and it may only work on one computer. Additionally access might only be restricted to one or a limited number of users, leaving managers and accountants without access to financial and customer details, when they require them. Traditional bookkeeping system are no longer considered secure or reliable for businesses.
Xero, QuickBooks Online and MYOB Essentials are the most commonly used cloud and online accounting software systems in Australia. These bookkeeping solutions are the most reliable and can help you manage your business wherever you are. It helps you improve your record-keeping processes, gives you the tools to analyse business results and make sound financial decisions.
Alexilum is a professional business services company based in Brisbane, Australia. We have partnered with Xero, MYOB and Quickbooks to provide our clients with the best bookkeeping services in Australia.
Cloud-based bookkeeping systems are efficient. Transactions need to be entered into the system once, and then the software does the rest, such as updating the ledger and financial statements. You can also generate regular reports with ease. Any adjustments, edits or corrections your bookkeeper make are in real-time and flow through the reports as soon as they are entered.
Web-based Bookkeeping Systems are very user-friendly and give business owners the opportunity to view reports and extract information themselves with minimal accounting knowledge. Most also include Android or iOS apps so you have access to your business data on the go.
Xero, Quickbooks and MYOB Software offer a wide variety of standard reports that business owners can generate and use to review the results of business operations. You can compare the figures from current year with the figures from previous year in a matter of minutes. You can also sort data and create reports in many ways to assist with decision making and overall performance review.
Security and Accuracy
Online Accounting Software use bank level security and can only be accessed by people who have access. Backups happen automatically and automatic updates mean you can spend more time doing what you love. Software updates are free and instantly available without any downtime and don’t need IT support.
Web based bookkeeping solutions allow multi-user access, which makes it easy for managers and accountants to collaborate online with the team. They provide you a clear overview of your current financial position, in real-time.
With online bookkeeping software, upfront business costs are reduced. You don’t have to worry about version upgrades, maintenance, system administration costs or server failures, as they are managed by the cloud service provider.
At Alexilum, we support our clients with web-based solutions to improve overall operational efficiency and reduce time spent managing information. Get in touch with us today to find out more about our services.