Online accountants have grown in popularity in recent years. More and more businesses are adapting to the digital era and integrating web-based solutions into their current processes is becoming a priority. If you aren’t familiar with online accounting, you may find yourself asking, how does an online accounting system work and is it something you should consider for your business?

This blog outlines how online services such as cloud accounting and accounting software can support businesses, streamlining many of their bookkeeping processes.  

What is Online Accounting?

Online accounting is often referred to as cloud accounting. Online accounting is the practise of managing your business’ accounts and finances online by working remotely with your accountant. This differs from buying and using your own online accounting software because you don’t do the work yourself. Once you have an internet connection you can work with your accountant, submit information to them and have them do everything from tax to payroll.  

How Does Online Accounting Work?

To understand how online accounting works, we will explain briefly how traditional accounting works. When you work an accountant near you, you can get meet to discuss your accountancy needs, provide them with your business finance details and accounts access. You can work with your accountant to submit tax returns, monitor cash flow, get advice on financial decisions, audit financial data and more.  

When you work with an online accountant, they also perform all of these tasks. Instead of meeting in a physical location and handing over paper files, you simply manage everything remotely and online. You have conversations via phone, email, and video conferences.  You send them digital files and online access to your accounts. Many accountants use online accounting software or cloud accounting software, such as Xero cloud accounting. This helps you to connect and allows you to work collaboratively with your accountant.  

What are The Benefits of Online Accounting?  

Online accounting works to support many businesses through several practices that enhance the workflow of modern companies.  

Better Accessibility & Flexibility  

Business owners are taking to remote working. The ability to move around and adapt your work environment is a powerful tool for many business owners. If this is the case for your business, you will want your accountancy service to match. When you work with online accountants, you can access your cloud accounting solutions from anywhere at any time. This means that online accounting aligns with the flexible way you do business.  

Wider Choice 

Making the right decisions is important for any business. Your company’s success is built on making the best investments, choosing the right support services, and working with others who are going to benefit you. When you are restricted to local opportunities, your choices become limited, and the right option may not exist. By working with an online accountant, your choice suddenly opens up. You can find the online accountant service that works best for your business. 

What Type of Business Benefits from Online Accounting? 

Any type of business can benefit from online accounting services if it aligns with their business goals. Working with an online accountant helps you manage your money and gives you strong insight into your business’ financial performance. Having oversight of real-time financial data helps business owners make informed decisions and gives them a greater understanding into their business cashflow.  

Work with an Online Accountant 

If you are looking to work with an online accountant, get in touch with Gallagher Keane. We maintain our entire practise using cloud-accounting software. This helps our clients by streamlining their accounting processes and giving them accurate insight into their business performance. Book a no-obligation call to discuss how we can help your business.