Online accounting is a kind of internet-based computing that provides shared processing resources and data to computers and other devices on-demand. Online computing and storage solutions provide users with various capabilities to store and process their data in a third-party’s data centres.
Online accounting has become a highly demanded service or utility due to the following advantages:
Lower Costs & Greater Efficiency
Manually entering bank transactions becomes history. The introduction of bank feeds, which allows bank account transactions automatically sent into an online data file, has significantly reduced the time and cost of data entry. Bank reconciliation will be done in just couple clicks, and most importantly, are all accurately entered and matched.
No additional cost on data storage, no need of software update, no IT personnel to run system maintenance. Your administrative and overhead costs are significantly reduced.
Real Time Data & Multiple Users
It allows multiple users working on the file in the same time as long as they have been given the authorization. This encourages better interaction with your accountant or bookkeeper in real time.
For a company trading in multiple currencies, exchange rates are updated periodically.
All compliance data, e.g. individual PAYGW and super guarantee rates, are also updated in real time and calculated automatically.
Automatic Back Up
Multiple versions of data files are gone. No need to install or update any software. No back up is required. Data is securely stored and processed on the provider’s server and it’s all real time data.
More Mobile & Flexible
As long as you have internet access, you can access your business data anywhere in the world at anytime, by using networked devices, such as desktop computer, laptop, tablet and smart phone.
Only authorized personnel can access the data file. The level of privacy access of confidential data can be customized to suit your needs.
In the event of a natural disaster or computer being stolen, since your data is securely backed up online, you won’t be suffered from any potential loss.
Online software companies ensure that the security and privacy of data about you and your organization is always airtight.
With all of the above benefits of cloud accounting, your business’s overall efficiency and productivity will be significantly improved, allowing you to spend more time in developing or marketing the business rather than doing tedious bookkeeping work.
Xero is one of the leading online accounting software providers for small to medium sized businesses in Australia. It offers various pricing plans from $25 to $100 per month, depending on the complexities of your business.
Dynamic Accountax is a proud certified advisor and partner with Xero. We provide not just bookkeeping services, but also help small businesses to set up in Xero and convert their data files from other accounting system into Xero at a very reasonable rate. Conversion of full current financial year transactions may be available (conditions apply). We also offer one to one or group training post conversion.
Please refer to our Xero Accounting Set Up & Services