If you are just a small business, spreadsheets and ledgers work. But when the inventory increases, sales growth, and the business flourishes, those spreadsheets will take a toll on you, your bookkeeper as well as the whole business. With online accounting software, recording, classifying, and organizing every financial transaction would be easier and much faster.
Small to medium-sized businesses may be able to choose a system of simple bookkeeping that jots down every financial transaction in a similar manner as that of a checkbook. Bookkeeping transactions can be recorded by hand or through Microsoft Excel. However, with bigger businesses come more complicated financial transactions that can cause problems and online accounting software will be an answered prayer. Bookkeeping and accounting are completely different from each other. Bookkeeping is just a part of the whole accounting process and with online accounting software, you can definitely up your game.
Manual recording and bookkeeping are already past tense. The present and future is online accounting software that processes faster data entry and creates reports quickly and systematically.
What are the things to consider when you have to decide to either keep your workable bookkeeping system or adapt to a more flexible and smart online accounting software?
Accuracy – Manual bookkeeping is traditional and it is a daunting responsibility that requires accountants and bookkeepers to spend a copious amount of time computing numbers and mathematically checking transactions. Small mistakes in the entries could cause significant errors. Online accounting software allows bookkeepers to process more accurate financial information.
Saves Time – Because of its accuracy in handling information, it automatically saves time and that precious time can be spent doing something else. Automation saves more time.
Automation – Routine tasks of adding columns, double-checking, and physically jotting down numbers are no more. These are now automated. It records automatically and it is always on the go. All computations are done with a push of a button, making them more efficient and accurate.
Easy Access – An online accounting software lets you access anywhere and anytime. You can use it from your PC, mobile phone, tablet, or laptop. All you got to do is be connected to the internet and a browser and voila! You won’t need to ask your accountant to prepare financial reports ahead, just log into the system and navigate through it.
Integration – Bookkeeping and Accounting are connected with other processes like sales, purchases, taxation, banking and so much more. With the online accounting software, everything is in sync and integrated. All it takes, for example, is the entry of data and all the other processes are connected to produce significant output simultaneously.
Security of Data – Some data may be prone to leakage and it compromises the whole system. Online accounting software is more robust and dependable, securing the whole system’s storage of data, giving the business owner and the rest of the organization, some peace of mind.
Back up – Because of the strong and reliable data storage, the online accounting software is also capable of providing a formidable backup in case there are emergencies, data loss, and pilferage, and security breaches.
Reporting – Manual systems take a great amount of time in producing a financial report. Data needs to be consolidated and generated. Instant financial reports, payroll, and sales analysis as well as receivable and payable reports are automatically done with the online accounting software.
Compliance – One of the most critical activities for any business is compliance with government standards and regulations. Be it taxes or any requirement, an online accounting software allows filing tax returns based on more accurate financial data.
Do you want to try an online accounting software that offers all these benefits? EasyFIS is a Software as a Service (SAAS), sales and accounting system designed for Micro, Small, and Medium (MSME) Enterprises. Manage your business seamlessly and with confidence with EasyFIS. Bookkeeping is made easy with EasyFIS through the following key features:
- End to End Accounting Software with Sales and Inventory Integration.
- Cloud-based and Software as a Service (SAAS).
- Multi-currency. The system is capable of making transactions in different currencies.
- Higher Accuracy and real-time reports.
- Faster Coordination with Teams.
- Cost-effectiveness by reducing paper and Ink wastages.
- Low cost of deployment and maintenance.
– Improve customer service.
– Philippine Taxation Law Ready. EasyFIS follows the Regulations and Guidelines set by the Bureau of Internal Revenue (BIR).
– Compatible with POS front-end Software.
– Multi-Branch. The system is capable of having multiple Stores, Branches & Warehouses to monitor Sales and Inventory across your company.
Gone will be the worrisome days from tedious bookkeeping tasks, recording transactions to more stressful financial requirements. Only outsource from the trusted software provider, EasyFIS. Learn more: