In today’s digital age, it’s easy to feel overwhelmed by the sheer amount of time spent online. However, research shows that modern technology saves the average person around two weeks every year on everyday tasks like shopping and banking. This time-saving potential extends to the business world as well, particularly in the realm of accounting and bookkeeping. Leveraging the right accounting technology can streamline your processes, save valuable time, and improve overall efficiency.
What Are Your Options?
Choosing the right accounting technology depends on your business needs and what your accountant offers. Here are a few digital options to consider:
File Sharing
For those who simply need their paperwork organized with minimal input on their accounts, secure file sharing is a basic yet effective digital option. You save all your records and receipts to an indexed folder and send that information to your accountant throughout the year. Your accountant takes care of the bookkeeping and returns the completed paperwork to you. This method is straightforward but may lack the advanced features of more sophisticated software.
Desktop Software
Desktop accounting software involves purchasing a license and installing the software on your computer. You enter your accounting data manually, and the software processes it. While this method has been around for a long time and many are accustomed to it, it’s fairly outdated compared to online options. Desktop software requires you to back up your data and install updates, and you can only access your data on the device it’s saved on unless you transfer it via email or USB stick.
Cloud Accounting Software
For a more advanced solution, cloud accounting software is the best option. The cloud stores information on remote servers, allowing you to access your account from anywhere with an internet connection using your computer, phone, or tablet. Cloud accounting software updates data in real-time and offers features such as expense tracking, invoice creation, management reports, and VAT calculations with online filing. This solution is perfect for busy business owners who need an at-a-glance overview of their finances and real-time support from their accountant.
The Benefits of Cloud Accounting
- Accessibility: Access your financial data from any device with an internet connection.
- Real-Time Updates: Keep your data current with real-time updates.
- Comprehensive Features: Manage expenses, create invoices, generate reports, and handle VAT calculations efficiently.
- Live Support: Get instant support and advice from your accountant, who also has access to your account.
How Adept Advisors Can Help
At Adept Advisors, we understand that every business has unique requirements. That’s why we offer a range of software options tailored to fit your specific needs. We partner with four main software providers: Kashflow, FreeAgent, QuickBooks, and Sage. This flexibility allows us to provide the best package for our clients, complete with training and additional support.
Conclusion
Embracing accounting technology can significantly streamline your business operations, saving you time and reducing the administrative burden. Whether you opt for file sharing, desktop software, or cloud accounting, the right technology can enhance your efficiency and provide valuable financial insights. Contact Adept Advisors today to discuss how we can help you integrate digital accounting solutions into your business.
Contact Us
Talk to us about how we can help with digital accounting. Let Adept Advisors guide you in selecting the best accounting technology for your business needs.
