Running a business and being your own boss has its benefits, but with that comes the ongoing management of the cogs and wheels that make it all work.
The biggest one is managing finances.
One thing most small business owners can attest to is that they did not go into business for the love of accounting. No matter what product or service your small business provides, effective accounting and financial management is crucial to your business success.
Online accounting solutions, such as Xero & Sage One, offer small businesses and entrepreneurs the ability to manage their finances with ease in a time and cost efficient manner, freeing them up to focus on the business of doing business.
The benefits to small businesses are endless!
Some of the immediate benefits of cloud accounting include security, mobility, accessibility, cost and compliance. These are all critical to running a successful small business.
The cloud offers a secure environment with the most updated firewall and anti-virus protection similar to the security features of online banking.
Today’s small business owner often works on the go and many do not have a permanent office. The cloud offers 24/7 access to data that is always updated. It also provides an array of features such as bank statements, invoicing and inventory management, which are all essential for the on-the-go entrepreneur.
All you will ever need to fully access your data and work remotely is a web browser and an internet connection. With cloud solutions, data is never lost and regularly backed up, thereby providing peace of mind that data is always recoverable and restored with minimal downtime and disruption to your business.
Online accounting solutions are also cost efficient as they do not require any ongoing hardware costs. The cost is also now fully deductible thanks to the government’s small business tax concessions, so this will deliver approximate annual savings of $500-$800 for most small businesses.
Furthermore, many small business owners are not familiar with critical compliance requirements to industry bodies, government and the tax office. Online accounting solutions are tailored to local markets conditions to ensure all users comply with internal controls, along with all business and tax regulations.
Small businesses benefit from the changing role of their accountants
Online accounting solutions have also changed the nature of the relationship between small business owners and their accountants by providing automated processes.
As a result, accountants can be your trusted advisor rather than whiling away hours inputting bank transactions, managing GST reconciliations, payroll and other day-to-day business management tasks.
This freeing up of valuable time provides the opportunity for accounting firms to offer services like business valuations, succession planning and forecasting, all critical services for clients in the competitive world of small business.
Get on board and make running your business easier and more efficient
Online accounting solutions are about making life easier, more productive and more efficient for small business owners and the accountants who service them.
Moving to the cloud makes good business sense. It is a competitive market and there are options, such as Xero and Sage One, that offer small business and entrepreneurs a solution that allows them to focus on their business while leaving the daunting and sometimes overwhelming tasks of financial management to the specialists.
For all your online accounting needs such as setup, training, conversion, support & advice, contact our dedicated online accounting team manager Letitia Hockings on 07 5596 4604.