Is online accounting same as conventional accounting software?
Maintaining business books properly is a key priority for all businesses. This is a highly time intensive task (Also see Challenges in bookkeeping and ways to deal with them), which is why businesses look for a professional accounting service.
With proper accounting a company can improve its operations, revenue targets and give accurate tax reports and plan better for the company’s future (Also see Things to take note when preparing accounts).
While earlier traditional accounting programs were popular among small businesses, now there is a marked trend towards online or cloud based services and software hosting in virtual server.
Both are different in the sense that the accounting and bookkeeping occurs online, instead of being confined to a specific computer.
Should you opt for online accounting?
There are several factors that influence the decision of choosing online accounting. Here are a few vital factors.
Data security is often considered as a big issue with online accounting. But since access is only via authorized accounts, the risk is not high.
In fact, data is more at risk when stored in a physical computer or hardware due to failure, damage or theft. With online cloud service, there is a high level of backup and security.
With local accounting data storage is like stashing away your cash under the carpet, against keeping it safe in the bank.
For conventional accounting, you need access to the office and computer or the network in which you have stored data. For urgent data requirements this can be quite inconvenient.
Online accounting provides instant access to your accounts anytime and from anywhere, provided you have good internet connectivity. You can access the data while travelling, at home or from your workplace easily.
And login details are sufficient to access, so even the employees can take care of the details without the need to use personal computers or install special software.
Online services offer intuitive dashboards, which allow exact location of data you are looking for. This reduces time taken for the accounting activities (Also see Efficient and indispensable innovations in accounting).
And most of the online services are compatible across all platforms including Android devices and iPads. You can also receive updates regularly and manage them as needed.
The initial costs of using an online service are considerably less, when compared to purchasing accounting software. Online services however need to be engaged only after thorough perusal of their terms as they may expect contract commitment that becomes expensive in the long term.
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Online accounting is the next big step in bookkeeping and accounting. We offer modern and advanced accounting services in Johor Bahru that ensure your accounting process is convenient, up to date,secure, and effective, reducing your stress levels immensely. Call us now to benefit from our online accounting services.