What Are the Benefits of Using Online Business Accounting Software?

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What Are the Benefits of Using Online Business Accounting Software?

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One of the best ways to improve business sustainability is by limiting, cutting, and better managing company costs. As Forbes writes, however, this has to be done in a careful, thoughtful way, or cost cutting can actually lead to more harm than good within a business. When it comes to cutting costs, improving productivity, and increasing business sustainability, online business accounting software may be one of the best options out there.

What is Online Business Accounting Software?
To put it simply, online business accounting software is account software that has been moved online and made accessible through cloud computing technology. According to Forbes, the effectiveness and convenience of cloud computing technology, including online accounting systems, is pushing the industry into 36% annual growth through 2016, leading to an industry worth more than $19.5 billion by that year.

Benefits of Online Business Accounting Software

  • Data Security
  • One of the biggest reasons businesses are turning to cloud computing solutions, like online business accounting software, is the increased security these platforms offer. As About.com writes, not only does the best accounting software allow accounting professionals better network security but better data security. Every time data is saved in online business accounting software, it is saved in two or more locations through mirrors, making sure the data will never be lost.

  • Easily Increase Productivity
  • According to Bloomfire, a business knowledge blog, the average worker wastes nine hours each week trying to find documents and data. That amounts to more than $14,000 a year per employee in lost salaries! As Recruiter.com suggests, online business accounting software easily categorizes, files, and maintains important accounting information, greatly cutting down on lost search time. Further, GetApp.com correctly points out that this cloud computing technology consolidates many single-use programs, payroll, invoicing, and the like, into one program.

  • Reduce Costs for Personnel and Outsourcing
  • As Investopedia writes, online business accounting software is a great way to limit the amount of accounting personnel you need and how much outsourcing your business needs to suit tax, payroll, and other accounting needs. According to The Wall Street Journal, each tax form that is filled out, for example, by an outsourced accounting professional can cost your company as much as $246. With online accounting software, you can eliminate those costs completely by doing tax work in-house.

If you want to trim the fat and increase your business’s sustainability, then consider giving online business accounting software a try. Doing so, you can reduce wasted time and money, improving productivity and data security. In the end, these changes will make yours a more competitive business.

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