As we mentioned in Part 1 of this blog, more and more business owners are adopting newer technology to increase their productivity, utilising online apps like Xero, Quickbooks, and MYOB for their business bookkeeping.
Not convinced yet?
We thought we’d share a few more reasons we think updating your accounting and bookkeeping can greatly benefit you.
If you are still unsure and prefer to set up your own invoicing, Xero has a great article that gives invoice setup tips for beginners that you can check out. Also, if you didn’t catch last fortnight’s blog, you can read Xero’s free ebook The Invoicing Survival Guide here.
4. A secure place to store and collaborate.
We know what you’re thinking. You’ve used paper invoices for years, you don’t need to go digital with everything and anyway, is it even safe?
Security is actually a top priority when it comes to online accounting. Using well-known software actually makes your accounting and bookkeeping more secure than paper-based books as they must adhere to PCI security standards, a clearance that is actually quite difficult to obtain. This helps your security as it implements advanced security safeguards against loss or interference such as SSL encryption meaning your information is stored and transferred securely. You can also share access to your dashboard with your accountant or bookkeeper, meaning auditing, reporting and determining deductibles becomes an easier process.
Here’s a video “Easy Reporting in Xero”, to give you a feel for how easy it can be to stay on top of your business accounting:
There’s also a reduced cost if you switch your processes to cloud-based software, according to an article by Finance blog BluePay:
“When you factor in the time (i.e. employee hours) required to create, send, and process each company invoice, it’s easy to understand why businesses spend an average of $4 to $20 per paper transaction.
Just to put that in perspective, a company with 10 employees could realise savings of up to $2,400 a year by ditching traditional payroll checks in favour of direct deposit.”
5. Everything is stored in the cloud.
Lastly, with cloud invoicing software, all your client information is saved securely ‘in the cloud’. Names, addresses, preferred payment methods and terms and your business bank account details are saved and protected. Once you have your initial invoice information setup, all you have to do is enter the amount of hours or products you provided, select your due date, click send and the invoice arrives electronically to your customer in a few minutes.
Online invoicing not only speeds up the entire accounts process, it’s also quite user-friendly. You can get your account set-up and start billing clients in a matter of minutes with minimal training.
Focus Bookkeeping even offers setup and training for cloud-based software and apps if you’d prefer a more hands-on approach to your business bookkeeping. Get in touch with us to find out how we can help you set up your business so you’re spending more time doing the work you love.
Focus Bookkeeping is committed to providing quality business advice and bookkeeping services to make running your business easier. Please contact us for more information.
Fabiana Silva – Focus Bookkeeping