These days, you can buy accounting software for your PC making things more manageable and easier for the business’s accountant. These usually work offline or locally which means that the software does not require an internet connection to work and all the data that it creates are stored on the computer itself. There are also accounting software that work online. They have several advantages and disadvantages over their offline counterparts, most of which will be discussed in this article.
- Backup and Restore Anywhere
The one major advantage of most online accounting services is its cloud storage. This means that users of the service could continue working on any computer provided it has the software installed. This also means that if a company computer gets wiped without backing up, the accounting data would still be there, ready to be restored from cloud storage. Cloud storage provides a hassle-free backup and restore system.
- Online Collaboration
As online software allows cloud storage, it also allows for online collaboration. This means that users of the service could work simultaneously on the same document online allowing for multiple user collaboration. Your accountants could correct errors on someone else’s work all while they’re working on the document. This feature goes hand in hand with the cloud storage feature.
Outsourcing takes place when you contract with an outside provider to conduct some of your company’s recurring internal activities. You can outsource routine activities, such as financial bookkeeping, accounting and reporting, in order to reduce your costs and to increase efficiency. Some of the reasons for outsourcing include reducing operating costs and capital investments; access to more affordable technology, skills and expertise; accelerated growth; and improved credibility and image through association with expert providers.
- The Capability of Offline Software and the Incapability of Its Online Counterparts
If you were used to offline accounting software, once you start using its online counterparts you’ll soon find out how limited your options are on powerful features on online accounting software. If you were used to speeding through receipts on offline accounting software, you’ll notice that online accounting software is much slower to process. You’ll also notice a lack of keyboard shortcuts on most online suites which could be troublesome for users who are used to them.
- Working from Home
Online accounting services allow your employees to work at home if it needs be. For example, if there is an emergency while your accountants are away or at home, you can still get them to work for you even though they are not physically at their office. You can practically let them stay at home and work instead of letting them go to the office. It is still recommended for you to advise them to go to the workplace than to stay at home though as communication is much easier. You must learn when to utilize this newfound capability of home work to situations that you’ll see fit.