So what are the benefits of using doing your accounting online?

• Online accounting interfaces are often intuitive and user friendly. The best systems are totally customizable, meaning you can make a dashboard which contains everything you need to know about your accounts.

• The best online accounting tools are constantly updated, meaning new functionality and upgrades are added all the time, making your life even easier.

• Doing your accounting online is extremely time efficient. You can save, recall, duplicate and send, at the click of a button.

• Online accounting systems are often very secure, meaning your data is better protected than if it were stored on site. As an example, Xero utilizes a combination of biometric systems and 24/7 security guards to store its customer’s data.

• Automatic invoicing can be setup on certain online accounting systems; customers can receive and pay invoices online. You can also manage and pay your bills in bulk.

• Payroll functionality in certain systems means you can do pay runs and track wage expenses.

• Online accounting software can cater for fixed asset depreciation. You can produce accurate profit and loss balance sheets, and everything is updated easily and instantly. Fixed assets are tracked automatically.

• When doing your accounting online, “in the cloud”, you can access your data from anywhere that has an internet connection. This could be your laptop whilst on holiday, or your smartphone whilst on the train to your next meeting. You are totally flexible, and can adjust your data on the fly. This is extremely powerful for those who need to keep a very close eye on their finances.

• Another benefit of accounting in the cloud is that it is easily shareable. You and your accountant can immediately send reports to each other, or make adjustments to your data whilst speaking on the phone!

Like the old saying goes, time is money, and by moving your accounting tasks online, you can save a substantial amount of time, therefore increasing profits!

Pearson Buchholz are oxfordshire accountants that specialize in tax planning and online accounting. For more information on any of the information in this article, you can visit their website.