Why and How You Should Switch to an Online Accounting Software in Australia

 Online accounting services have revolutionized how small businesses organize and manage their accounting processes, from invoices and expenses to accounts payable and receivables and reporting. When switching to online, cloud-based bookkeeping services, there are a few things to consider and tips for choosing the right program and making the transition. 

 

Why Make the Switch to Online Accounting Software 

Thanks to its anytime/anywhere accessibility, online accounting services offer small businesses several benefits over traditional desktop accounting programs. Among the advantages of online accounting software are the following: 

 

Cost savings 

The cost of cloud-based business accounting software ranges from free to $40 per month based on your needs and the number of users. 

 

Reduced complexity 

Online bookkeeping services for small businesses are designed for ease of use and are suitable for both new and experienced business owners. 

 

Access your books from anywhere 

Access to an internet connection is required. Additionally, most systems are mobile-compatible, meaning they can be used on tablets, smartphones, and computers alike. 

 

Simplified, worry-free IT 

Due to the fact that the software is hosted and managed online, IT tasks (fixes, upgrades, and data backup) are handled by the vendor (this alone is an enormous time and cost reduction initiative for any small business). 

 

Plan Your Switch from One Accounting System to Another 

If your desktop software is also available as an online version, the switch is likely to be seamless, but there are still some best practices to include in your transition plan: 

 

Get Familiar 

Take advantage of free trial offers and tutorials to get accustomed to the software before switching. 

 

Run Parallel Systems  

For a few months, it's worth using the accounting software side by side with your existing system until you've got the hang of the new one. 

 

Plan your Go-Live Date 

You've already closed your books on last year's transactions, and you won't need to alter most of this year's data. So the first day of your fiscal business year is a clean transition point. 

 

Prepare your Data  

Clean up your data, file your taxes, and reconcile your books. 

 

Conclusion 

Making the switch to online accounting can help you become more efficient, gain greater financial insight into your business, and simplify many day-to-day financial management tasks. 

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