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Saturday , 23 February 2019
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Breaking Tradition – Why Digital Accounting is Essential in 2019

Whether you’re a small business owner, financial manager or an accountant, it is essential to make the transition from paper to digital this year. Keeping hard-copy records of your accounts and financial documents creates a huge amount of tedious, time-consuming, and needless work for yourself. With hard-copy documents there is also the risk of losing them, having them stolen or damaged. Moving your books to a digital platform will ensure your files are together, organised, and easily retrievable, shareable and editable. It will make you and your business far more efficient and cost-effective, and free up time to concentrate on what’s really important – like growing your business. If you still need convincing, read on for a list of reasons why you need to transition to digital accounting software now.

Improve Your Productivity

Switching to digital will enhance your productivity by allowing data to be input automatically or at a much faster rate. This also means you can get summaries and extract data at your convenience in a matter of minutes to keep you moving and focussing on your clients. If you are hiring financial staff at an hourly rate, this will also greatly increase their efficiency and increase their productivity, saving your business time and money.

Collaborate With Ease

Often multiple people or departments need to share and access financial information and with online accounting software it is easy to share information with ease and keep the wheels turning, rather than having to get bogged down every time there is a need for financial documents. Doing this doesn’t mean you have to sacrifice the security of your documents. There are options for password protected files and file folders that only allow access to permitted parties. All that’s needed is a password and the information can be shared securely and quickly, rather than an employee needing to get permission and deal with sorting through hard-copy files.

Secure Your Files

While it might seem that your financial information is less secure on a digital platform and being shared around, it is in fact the opposite. When hard-copy financial documents are being handled and filed way there is a greater risk of losing, damaging, or having the files stolen. By using a digital platform, you are able to track your files, who has looked at them, on what date and keep a secure hand on all of your financials.

Keep It In Real-Time

What is possibly the biggest benefit of making the switch from paper to digital is that your financial information can be viewed, shared and analysed quickly and easily from any number of devices. Once all of your financial documents are organised on a digital platform, it’s easy to evaluate the data and look for holes in your financial system. The information is there at your fingertips for you to create reports or statements using up to date data in real time.

This ease of access means you can spend your time focusing on analysing the reports, rather than putting them together. It is also easy to then share this information with people from other departments in your business, colleagues, or clients. This ability to work quickly and easily with your data and to collate the information within a matter of minutes is of the utmost importance to any business.

Making the switch from paper to the digital platform can seem like a big task, but it results in a huge amount of benefits which you will enjoy in the future. Make the move to boost your productivity, enhance the security of your sensitive documents, and boost the accessibility of your financial information.

 

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