It won’t be long before the piles of receipts, ledger books, and calculators on an accountant’s desk become a part of history. In the last few years, bookkeeping services have been revolutionized majorly across industries. The accounting functions in a business environment have undergone a rapid transformation with the introduction of online accounting services.
Bookkeepers can now analyse data, measure economic activity and organize financial information simply with the help of online accounting software. With faster software, complex accounting functions have become easier and more efficient than before.
Technology has thus changed the world of bookkeeping services in myriad forms as discussed below:
Cloud-based accounting
Cloud-based accounting systems are a lifeline for most accounting firms. You can access and streamline all your information remotely at your convenience. All you need to do is log in and access your data at will. It can improve your processes in many ways. You can begin data analyses in real-time since the updated data remains accessible to one and all.
You can easily collect and use e-format documents from the web with the help of cloud computing. As your business grows, so does the volume and size of your accounting files but with unlimited cloud storage space, you simply have nothing to worry about.
You can synchronize your files across more than one platform. Most importantly, the cloud offers you complete security and automatic backup of all your files. The cloud-based technology is a comprehensive system that maintains and manages data in digital format and helps retrieve information if needed with utmost ease.
Distribution of accounting information across branch offices of your enterprise becomes easy-breezy. Last but not the least, the reduction of file-keeping expenses makes it the most cost-effective option.
Accountants can perform diverse roles
Just the click of a button and you are free from the tedious task of computing and compiling tonnes of data – that’s where online accounting scores! Take the instance of two bookkeepers – one that follows the manual method of bookkeeping services and the other who relies solely on online accounting services.
While the former will be busy organizing files of the client and calculating taxes for the current year, the online bookkeeper will simply collate, compute and analyze data to find out the current taxes and also strategize to improve the tax situation of the following fiscal year.
So, the latter is left with free time to diversify into more strategic and high-end specialty services like business consulting, financial planning advisory, interpretation, data analysis, operational management, etc.
Efficient transactions for the client
With the digitization of bookkeeping services, the client and the accountant may not fix a schedule to meet physically and discuss the financial situation of a business; it is simply a cakewalk for both parties to access data and information remotely in real-time, view, edit and comment to conclude. With the introduction of online accounting services, the number of happy clients is ever-increasing.
Processes have become more efficient and less time-consuming. You are on the same page as your client almost all the time and can connect with your client at your convenience. Moreover, the incorporation of consumer functionality in the applications has made it easier for professionals from non-accounting domains to be aware of their finances.
When your clients can view and analyze their data, they look forward to strategic suggestions and as an outcome, expand their businesses and continue to be your customer.
Accounting through mobile phone
Mobile devices can turn out to be quite advantageous for accounting purposes. Nowadays, there are quite a few mobile accounting applications that can help you in collecting signatures, capturing receipts, creating and sending invoices, and expense claims.
A few on-screen swipes and you have secure data backup on the cloud. You can access the data from anywhere and whenever you need it. Using CRM software on your device can help you stay connected with your client through mobile and build better relationships.
You can move your office wherever you go with mobile device management. When the client gets what he wants the moment he asks for it, he tends to appreciate your dedication and remains loyal to your services for a long period of time.
Specialized software for accounting
The onset of specialized accounting software has allowed bookkeepers to input and compute data and information at a faster pace than their manual counterparts. The margin of error has reduced considerably and the accuracy of calculations has improved manifold.
Accounting errors could be costly to a firm and the individual accountant as well in the form of tax penalties, facing board discipline, and loss of professional reputation. Online accounting services have virtually nullified the margin of error and as a result, they have let accountants focus more on the aspect of business growth.
Conclusion
Millennial accountants are speaking a new language that has evolved from the introduction of accounting technology, which has a strong potential to raise the accounting industry to new levels of opportunities. Traditional firms, although not many, still resort to conventional bookkeeping services.
In recent times, however, a lot of small and mid-sized businesses have opted for remote or offshore bookkeeping services and the outcome has been largely satisfying. The fact remains that digital is the future and hence the faster bookkeepers adapt to the change, the better it would be for both the industry and the profession.
Summary
The very mention of the online accounting services reminds us of a simplified, cost-effective, remotely accessible, secure, and user-friendly option that cannot be ignored. Change from the traditional to the modern is imminent. Let offshore bookkeeping services handle the initial hiccups and prepare you for a head-long plunge into the ocean of Fintech.
