November 18, 2014

Online accounting vs traditional accounting – is there really any competition?

Accounting. Keyboard

With the rise of online accounting software (you might know it better as cloud based accounting) many businesses, including start-ups, are opting for this kind of accounting over more traditional, some may say out dated, accounting methods simply because of the benefits it offers.

So when it comes to business accounting, is your head up in the clouds or are you a traditionalist?

If you’re unsure or thinking of making a change then taking a closer look might just help you decide…

Getting at your financial data (and your accountant)

These days we want everything instantly and we don’t see why we should have to wait for it. Online accounting is your answer. You can access your data from your laptop, desk computer, tablet or even from your mobile phone, basically anywhere, anytime. With traditional methods you wait until your accountant can prepare your accounts (still waiting?).

The flexibility test

The beauty of online accounting means you can take your key financial data with you wherever you go, which could be very useful. Traditional accounting is a tad more restrictive since you need to wait for the figures from your accountant and you may not always get it as soon as you’d like.

Back it all up!

Manual backups and traditional accounting go hand in hand, that’s when and if you remember to do them! Online backups are performed automatically (magic word) so there’s no need to remember - we know which we’d prefer.

So what’s the cost?

Cost is always a huge factor when it comes to choosing an accounting system. Paying for an accountant as well as an accounting package equals a hefty bill. Online accounting software is so much cheaper - no license fees and no need to buy expensive software. Maybe that’s why it’s so popular with small businesses.

There are loads of benefits to online accounting software but it isn't right for everyone so it’s up to you to do your own research and decide whether the benefits of moving to the cloud outweigh opting for traditional accounting.

For a growing number of businesses there’s just no contest - it’s up, up and away…

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