If you do one thing this year to improve your accounting and bookkeeping processes, make it the shift into digital, cloud-based bookkeeping software.
With developments in modern technology and increased accessibility, digitalisation is revolutionising how businesses handle their finances.
No more mountains of paperwork to blow the dust off
The good news:
Aside from the added security benefits, accuracy and time-efficiency that we touch on further down, there is the obvious advantage of not having the tangible paperwork to battle with.
Not only is this a waste of value space, storing large volumes of receipts, invoices, contracts and documents is a sure fire way to misplace important information.
Cloud-based bookkeeping means everything can be organised chronologically, safely and without having to overrun your home office with box files and plastic wallets.
You’ll be doing your bit for the environment
The even better news:
In reducing the paperwork you’re forced to hoard away for years on end, you’ll also be dramatically reducing your carbon footprint and paper consumption.
According to Manchester-based business solutions company, Keeley Travis, use of paper has increased by a whopping 120% over the past couple of decades.
This is having a serious impact on our environment and can be significantly improved through taking a paperless approach to bookkeeping.
Your accounts will be way more accurate
Digital accounting makes the information far more readily available and accessible to yourself or your accountant.
Lowering the need for manpower means you are also reducing the risk of human error which makes for much more accurate reports.
Many digital finance facilities also offer real-time updates so a live version of your accounts can be accessed and analysed as and when it may be required.
Benefit from a more streamline, speedy process
No paperwork to sift through and more accurate documents mean that the typically arduous task of filing accounts, submitting returns and running reports becomes a total breeze.
What would have normally taken hours – even days – using traditional methods of accounting and bookkeeping now has the potential to take nothing more than a matter of minutes.
Now there really is no good excuse to be missing those all-important HMRC deadlines!
Your data and documents will be more secure
As we mentioned above, storing your financial documents in cyber world virtually eliminates the risk of misplacing or losing important information.
You aren’t relying on the power of Post-It notes or your own memory to remember where everything is – the software will do it all for you. It will also carry out regular backups so that your data protected from theft, loss or damage.
Another great advantage of digital or cloud-based accounting methods is that they allow you to hide confidential information and sensitive date behind passwords and security codes.
If you’d like some expert advice on making the transition into digital bookkeeping, or if you want more information about our cloud-based bookkeeping software, Pandle, we’d love to hear from you. Take a look at our features, to learn how Pandle can help your business.