The traditional approach to bookkeeping for businesses is changing. Although manual bookkeeping, use of spreadsheets, and even desktop accounts software have done the job for many years, the evolving needs of small and medium-sized enterprises (SMEs) require a more agile bookkeeping solution.
Many business owners and executives are increasingly working remotely, at least in some way, shape, or form. The ongoing coronavirus crisis has already changed the way many industries are working and with more entrepreneurs working at home or on the go, it’s more important than ever to have flexible access to your finances.
Also, there is increasing pressure on small businesses to digitize their accounting and tax reporting. Digital compliance is becoming a necessity given the emergence of FIRS TaxPro.
What is Online Accounting Software?
Online accounting software is a digital form of bookkeeping that retains your business’ accounts and financial information in the cloud. It’s possible to access this through a web browser wherever you are, using any desktop, laptop, or mobile device, providing you have secure Wi-Fi or 4G connectivity.
Benefits of Online Accounting Software
The benefits of using Online Accounting Software among others include the following:
Tracking of income & expenses
- The software helps you see how your business is doing in real-time directly from your dashboard.
- You can easily sort your income and expenses into categories.
- You can see your company’s performance by class or location (for multi-location companies)
Sending of custom invoices & quotes to customers
- You can easily track invoices to see who has paid and who is still owing.
- You can quickly convert quotes to invoices using customized templates. You can preview the quotes or invoices and send them online.
Tracking of Value Added Tax (VAT)
- You will be able to keep track of your VAT input and VAT output
- You can determine what you owe with instant calculations for your VAT-related transactions.
- The system helps you generate VAT reports that you can file at the due date.
Robust reporting
- You can un different reports such as profit & loss, income, expenses, and balance sheets.
- You can easily monitor your cash flow and reporting. Therefore, no unpleasant cash flow surprise.
- You can grant your accountant access to the summary of your finances.
Multi-currency
- The software has multi-currency features. That is, you can buy and sell in over 145 currencies.
- You can send invoices and receive payment to and from your customers in their home currencies. The system will help you convert the foreign currency to your home currency
- The currency exchange rates are up to date.
Track inventory (For Product Based Companies)
- If you sell products, you can easily keep track of your products and their cost You can set the minimum stock level for each inventory item and get notified when stocks are low.
- You can create purchase orders and receive items on orders. You can also manage your
Recurring transactions
- If you have customers that you invoice regularly, you can automate your invoices to save time and ensure accuracy.
- You can also track the status of all your bills and set up recurring payments.
Budgeting
- Whether you want to create a budget from scratch or you want to use information from a previous year, the software will help you achieve this
- Monitor and view budget progress in dollars and percentages.
- Run valuable budgeting reports.
For five users, plus your accountant
- You can grant your accountant access to your books for seamless collaboration.
- You can define access rights to give users specific access to features and reduce errors with auto-syncing.
- Each user has unique login credentials. This will help you protect sensitive data with user-access levels and share reports without sharing a log-in.
For more information, please call 08024768668, 08155554892 or send an email to info@otnconsultinglimited.com.