We live in an age of computer technology and cloud-based apps, yet incredibly, many small business owners still rely on manual, hand-written book keeping and accountancy records.
There’s nothing wrong with hand-written financial records, as long as you are precise and methodical. They’ve been used for years, are perfectly acceptable and ultimately, produce the same results as online accounting software.
However, manual records do have disadvantages. They are time consuming, monotonous and can easily get out of hand if you don’t keep on top of them. It’s also easier to make errors through inaccuracies or even indecipherable handwriting.
Here are some reasons to ditch the pencil and move on to online accounting and book keeping software.
Accurate book keeping is essential for a well-run business, no matter how large or small. Errors can not only lead to financial losses but will also incur heavy fines from HMRC if your tax returns are filled in incorrectly.
User-friendly online accounting software can help you avoid costly mistakes.
Quick And Simple Invoicing
Creating invoices online enables you to send them via email, and consequently saving you time and money and cutting out the need for paper, envelopes and stamps.
Invoicing templates can be customised for each client, and late payments can be easily tracked and dealt with.
With accounting software, data input and updating is child’s play. It’s easy to keep on top of your book keeping on a day to day basis, freeing up your time to concentrate on what matters to you: running a successful business.
As paperwork and accounting journals build up over time, you’ll need to find the space to accommodate them. Online accounting software saves and stores all your data, eliminating the need for over-flowing filing cabinets and boxes of paperwork.
You’ll also be able to quickly access your archives in a few clicks, instead of wasting time hunting for a form or old invoice.
Online accounting software is security protected and only accessible to you and your accountant. However, paperwork can be destroyed in a fire or a flood, or simply be misplaced, never to be found again.
Accounting software enables your important financial data to be backed-up on a cloud-based system so that you can even access it remotely.
All Accountspoint clients have access to our free, easy-to-use online accounting and book keeping software. For more information on our accountancy services, contact our specialised team of accountants in Leicester today.