Gavin Dixon, CEO of Reckon Business Division, developer of QuickBooks
1. Accounting software is no longer limited to the desktop
Accounting practices and businesses alike can get more out of using online accounting software that will give them greater mobility and easier ways of sharing data.
It is possible to get functionally rich online accounting software that offers everything a business needs to manage their finances, including features such as payroll and inventory management. With online access, financial information can be easily exchanged between businesses, financial professionals, banks, government agencies and other organisations resulting in improved productivity.
Online accounting provides a seamless way for accounting professionals to access clients’ data files when they need to. No longer is there a need to email separate data files or save files on a USB stick. The accountant or bookkeeper can now simultaneously access their client’s data file which is incredibly useful for ensuring accuracy is maintained.
2. Reporting at your fingertips
Having reliable and instantly available reports will ensure that business decisions are validated and risks minimised, so your clients should take advantage of their accounting software reporting features.
Cash flow, profit and loss by year, balance sheet and bank reconciliation reports are extremely important and will help you and your clients remain fully aware of how the business is faring at any point in time.
Many successful operators review their critical business reports daily. By utilising an online accounting system your clients and you will have access to these reports at any time.
3. Learn what your accounting system can do
There have been some major improvements in accounting software in recent years, and online accounting is just one of those.
One of the greatest developments has been in the way that accounting software can help businesses interact with their stakeholders such as their accountant, banks and government agencies.
We have embraced the government’s Standard Business Reporting program and last year we launched our application for submitting BAS to the ATO via the SBR method, which is expected to replace the existing method of submitting BAS in a few years. Automatic bank feeds are another way accountants can improve efficiency. A bank feed service makes it easy for the small business owner and their accountant to keep track of bank transactions.
