Online Accounting System
An online accounting system is a way of dealing with an absolute business requirement. The need to track and account for what has happened to the money is as old as the use of money itself. The advantages offered by an online accounting system are strongly similar to having an expert accountant on the premises. With cloud services the added benefits of Software as a Service, or SaaS are available to clients, at any place and hour. Online accounting can be incorporated as part of a Financial Shared Service Centre or FSSC. This can be achieved by linking with a very capable service provider like Strategic Accounting Solutions, which relies on an online accounting system like Ping Accounting.
Four Critical Issues in Online Accounting
Good online accounting systems are ascending in popularity for four critical reasons:
- Compliance: – with standards for legal and tax purposes.
- Cost effectiveness: Expensive software packages and licenses are no longer necessary.
- Competitiveness and survival in an internet based economy.
- Customer service: Account management affects the every aspect of selling something to a client.
Features of an Online Accounting System
Accounting for cash flow and finances is legally required whether it’s a large corporate organisation or the operation of a sole proprietor it does not matter. Comprehensive help is available through Strategic Accounting Solutions.
Quotes and Estimates
Quotes and estimates offer very useful entry points for new and established customers. Templates prepare the system for capturing a client’s transactional details. Online estimates make it easy via the cloud to produce consistent and accurate quotes for clients.
Branding can be promoted through online accounting. Allowance is made for the importation of company logos and other branding.
The need for multi-currency estimates and quotes has become much more prominent with the globalisation of business. Multi currency conversion is made much easier via an online accounting system.
While a large corporation can afford to employ very well paid accountants, a sole proprietorship SMME or Medium enterprise may not be able to do so. Whether there is an estimate or not, making out an invoice is both simpler and faster with a well implemented online accounting system. The following aspects of invoicing are put in place and sped up with an online accounting system:
- Invoice editing and amendments
- Branding and customising your invoices.
- Recurring invoicing
- Exporting invoices to PDF.
- Invoice printing
- Invoice categorisation.
- Sending invoices to clients via email or snail mail.
Ping Accounts as used by Strategic Accounting Services also covers the general features of account management. Getting the bigger picture of business with a client becomes much easier. When needed, one can have access to:
- Existing Balances
- Chart of Accounts
- Multiple Companies
- Online integration with major banks whenever and wherever needed to update a company’s banking position
One of the biggest advantages is that no matter how the business grows, there is room for expansion.
Tax Management and VAT Returns
With an online accounting system, the old way of managing tax and VAT returns may seem like a nightmare. It is simply easier to generate VAT returns and to drill down into a full tax history, with all underlying transactions clearly shown.
General Benefits of Online Accounting Systems
Some of the specific benefits which are unique to the features of online accounting systems are already covered in previous points. Cloud systems for accounting can make life much easier in many other ways, such as:
- Guidance which simplifies a process that may seem very complicated – no previous experience necessary.
- It’s much easier to get the bigger picture of what’s going on in your business.
- Access to data whenever and wherever needed.
- Time is saved and freed up for core business matters.
- Optimise tax benefits.
- Continuity and consistency of accounting processes is enabled. It goes from where potential business is scoped, through to invoicing and tax matters.
- Online accounting can eliminate contradictions, inconsistencies and duplications.
Using an online accounting system like Ping Accounts means one works from a strong foundation when it comes to managing the company’s money. With the back-up of a company like Strategic Accounting Solutions implementing and managing the system, additional expert help and advice become easily accessible. On the whole online accounting systems are a great help especially to SMMEs that have previously struggled with the accounting side of the business. Other financial services related also become available.