5 Ways Digital Accounting Simplifies Your Workday
Before online accounting solutions arrived business owners were limited to tons of paper invoices and filing cabinets. Typically bookkeeping required a full-time accountant to handle sending invoices and paying bills. Thanks to cloud accounting we know have a plethora of online payments solutions that simplify our workday.
Products like online invoicing and expense management can be used to seamlessly send invoices and track expenses all in one place. If you aren’t convinced yet, here are five other ways digital accounting will simplify your workday and change the way you manage your books forever!
You Can Access Your Accounts From Your Mobile Device
One of the best aspects of digital accounting solutions is the ability to access your books from your mobile device. Business owners these days are always on the move. This makes it imperative to stay connected to their business at all times.
Whether you need to send an invoice or pay your bills you can now do so from anywhere anytime!
You Can Easily Track Expenses On The Fly
As a business owners it’s very important to keep good record of all your tax deductible expenses. If you don’t use a digital accounting platform you’re restricted to keeping piles of paper receipts in a safe place until the end of the year. Not only is reporting these a nightmare, but it’s also common to misplace receipts.
The majority of these platforms will allow you to connect your business credit card so you can automatically track payments as you make them. In addition you can also snap a shot of your receipt and create a digital copy for safe keeping. Long story short – with an online solution you’ll rarely miss a deduction.
Platform Updates Are Automatic
When you’re comparing software vs. hardware solutions it’s common to get hung up on the cost. One of the best things about software is that updates are usually automated. When dealing with a hardware solution you’ll likely need to replace it every few years so you can work with the latest and greatest technology.
If you stick to digital solutions you’ll be able to automatically update the platform through the cloud and enjoy tons of new features. Now that’s pretty awesome!
You and Your Team Will Always Be in Sync
Regardless the size of your operation seamless collaboration is key to your success. This is especially true when it comes to your accounting. As the business owner you need to be on top of your finances at all times. However, it’s common to defer certain duties to other members of the team.
For example you may want to defer your billing to another member of your team. Using an online platform you can grant them a separate login with specific permissions. That way they can perform the necessary tasks without giving them access to your financial information.
Integrations With Other Software
Another great thing about digital accounting solutions is the ability to integrate with other softwares. For example let’s say you want to keep your accounts payable and receivables separate. If you choose two online platforms odds are you’ll be able to seamlessly integrate the two. That way your departments can be separated but reporting is streamlined.
If you’re still dealing with checks and paper invoices you’re simply working inefficiently. Cloud accounting solutions will make your day to day bookkeeping duties much easier.
That said, I strongly suggest adopting a digital accounting solution today.