Why Should You Consider An Online Accounting System For Your Business?

Why Should You Consider An Online Accounting System For Your Business?

Technology has made things easier for businesses and there is no doubt about it. The question is if you are implementing essential technology in your business, and availing the increased convenience, efficiency, and time saving features. The fact is, those are gains you do not want to pass up.

Emails make intra-company communications easier, and enterprise project management software tops out emails when it comes to communicating with project members. Similarly, in accounting, there is an awesome piece of technology that is making the rounds. And we are talking about a cloud-based accounting system. Such a system comes with rich features and if you’re not using one already, there are very good reasons why you should. These reasons include:

Saves You Time and Money

If it’s not saving time and money, many businesses would not pay attention to a technology regardless of how cutting-edge it may be. First off, when you move your accounting to the cloud, you can down on having to purchase paper, settle printing costs, monitor deliveries of these merchandise (paper and printed paraphernalia like receipts), and storage costs (which makes sense with rising real estate prices).

You would have saved on time spent sifting through rims of paper on a daily basis. Going forward, the era of expensive software packages for enterprises are gone, these services are reasonably priced, and come in different packages catering to different company sizes and complexities. Managing accounting processes using an online accounting system is seamless and easy from the get-go.


Checking the state of your accounts without approaching a file cabinet or making a phone call is a welcome change to how things used to be. Since your accounting information is decentralized, cleared staff can access it from anywhere with the push of a button or a tap on a screen.

Startups and companies with staff regularly on the road will definitely value this convenience. For example, an online accounting service can automatically import information from company bank accounts. Thus, categorization of recent transactions, bills scheduling, inventory tallying, and time sheet management are done seamlessly within a short period of time in an easy to track environment.

Taking it one step further, your company can easily make payments online and store receipts of payment in the cloud accounting system.

Balance Between Work and Personal Life

Contrary to widespread belief, the “take it with you” approach of online accounting system does not alter the balance of work and personal life any more than your mobile email client. In fact, it helps with making productive use of unworkable patches of time, like when you are commuting or waiting for a meeting to commence.

Security and Disaster-Preparedness

Office fires, unauthorized access, leak of sensitive account files – the list continues with all of the things that can go wrong when you stick with the traditional account system. Replacing hard copies of old accounts is near impossible, which is why office disasters can greatly affect the future of many businesses. Well, that is if the business had not adopted online accounting. Online accounting systems are beefed up with latest security and software standards to make them secure from prying eyes and unauthorized access.

Better still, the functionalities of online accounting systems can be extended so that they connect with your payroll payment service using an online Software-as-a-Service (SaaS) or via API documentation. Talk to us at TRAXPayroll if you want to learn more about how your business can benefit from such online systems.