Six Reasons to Switch to Digital Accounting

As an accountant that deals with a lot of clients who run small-and-medium-sized companies, we know that for many people one of the hardest parts of managing a business is keeping on top of the accounts. When you already have so much to do on a daily basis, it can be daunting to think about making time to choose the right accounting software and then learn how to use it. Keeping paper records or using basic spreadsheets can seem like an easier option in the short term, but we’re here to let you know that using accounting software doesn’t have to be difficult, and once you’ve mastered it the long-term benefits to your business and your stress levels are undeniable.   So, here are six reasons why switching to digital accounting is better for you and your business:

  1. Dashboards

Trying to glean essential information about your business using paper records or spreadsheets can be a time-consuming and tedious task, but with the dashboard built into your accounting software you’ll automatically have an accurate overview of your company that can help you gain insights into its performance over time. This can be beneficial in all sorts of ways, including helping you make decisions when it comes to ordering, marketing and advertising. The dashboards provided by good accounting software are well-organised, simple to navigate, easily accessible and can be customised to suit your needs, which ultimately saves you time and gives you all the necessary information to make crucial decisions about your business.

  1. Accessibility

Unlike paper records, digital accounts are quick and easy to access at any hour of the day or night, which means you’ll never have to resort to rummaging through filing cabinets or waiting for your accountant’s office to open to get the information you need and move on to the next task. Digital accounts can be shared across devices and accessed from wherever you happen to be, enabling you to sort your finances anywhere, at any time and with minimal stress. This also means that multiple staff members can access them at once, which helps to improve efficiency and productivity.

  1. No More Paperwork!

This one speaks for itself: just think how much extra room you’ll have without all those sheets of paper piling up! And, of course, using less paper is better for the environment, so bonus points for that.

  1. Instant Communication

Digitising your accounts not only makes it easier for you to access them, but also makes it easier for you to share them with your accountant, without having to take time out of your busy day to post or deliver hard copies. On top of that, your accountant will find it quicker and easier to locate the information they need, which means they can work better for you.

  1. Added Security

No matter how securely you store your paper records, there’s always the possibility that someone could get access to them without your consent, or that they could be lost or destroyed. With digital accounts, you’ll never have to worry that years of painstaking work could be lost in a single security breach, because you can store and back up your data on a cloud system. Data encryption, firewalls and other digital security measures are far more effective than physical locks on filing cabinets or even desktop security systems, so you can breathe easy knowing your financial records are being kept safe and sound.

  1. It Requires Less Effort

Once you’ve set up the software and learned how to navigate it, the process of inputting information is actually far easier than keeping paper records or using spreadsheets. In most cases, with accounting software you can directly download your bank transactions in manageable chunks, and you can upload pictures of receipts and invoices so that you never have to worry about losing a vital piece of information.   All this means that, ultimately, switching to digital accounting will make life far easier for you in the long run, provide you with a more accurate picture of your business and save you the stress of having to deal with endless piles of papers and receipts. Using accounting software will help to increase efficiency, boost productivity and improve security so that you can devote your valuable time and energy to the parts of your business that really excite you. Doesn’t that sound like a great deal? If you want more information about finding the best accounting software for you, Turas Accountants are here to help guide you through the process – and of course we’re always on hand in case you get stuck, although we’re confident that once you make the switch, your main question will be: ‘Why didn’t I do this sooner?’