Online Accounting

Does the phrase “cloud computing” fill you with dread at the thought of having to cope with yet another new technology? Well it needn’t, and there many applications which are more useful and easier to use than you might think. One particularly useful area is that of online accounting. Using a web based system rather than a standalone system has many advantages which is making this a fast growth area. The first is that all parties, owner, bookkeeper and external accountant have access to the same live data at the same time, even from different locations. This means decisions can be made in real time, and not based on a set of accounts that was a year out of date as soon as it was produced. It also means no transferring of data files and waiting for your accountant to post journals before you can use your system again.

The system can be accessed by many users, from any place, at any time – the bookkeeper can work from home at night, the owner can check results from a train or hotel. Smartphones mean invoices can be issued from the lift while leaving a client, and expenses can be updated while you eat. It all happens in real time, with no synching or uploading required.

No longer do you have to worry about server failure, software upgrades, version control or offsite backup. All of this is covered in the fixed monthly fee, along with support and training. Ah, the “monthly fee” you say – what will it cost me? Generally it will actually save you money! Firstly, there are the slightly hidden savings – significantly reduced IT costs and time saving. Even, ignoring those and taking them as a nice benefit, you should be able to make savings. At Niall C Garvey & Co we have converted a large proportion of our clients to online accounting over the last year. In no case has this increased cost, and in many cases we have reduced the existing fee charged by ourselves or an old accountant. This is even allowing for the cost paid to the third party provider. How can that be, you may well ask. Well, we find that efficiencies in inputting the data allow us to reduce our time on simply correcting errors – we pass on this saving. We can bundle the online services with all other accounting services such as year end accounts and tax returns so that the client has a fixed monthly cost with no year end surprises or cash flow problems.  We also find more of our time with the client is spent on planning the future rather than trying to remember the past.

How much learning and disruption is involved, may be your next question – very little. By its nature, the web based software is modern and intuitive and is usually a lot easier to understand than traditional standalone accounting systems. It is also interactive, with many help facilities, demonstration videos, etc. We work with an industry leading provider, thus ensuring continuity and data security, but we provide the interaction with the client, setting up the data and providing the training required. There is no long term commitment and in the unlikely event a client wishes to leave the system we will remove the data for them. We even offer a free trial period.

Apart from the online benefits at all, many of our clients find the software much more user friendly than what they were using previously. For example it provides for automatic bank reconciliations using data from online banking – you need never dread a bank reconciliation again!

So what are you waiting for? At Niall C Garvey & Co we would be happy to give you a demonstration – it is the future, and the future is easy.

For further information please download our Online Accounting Brochure.

 

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