Online Accounting Among Top Tips for New Entrepreneurs

Online Accounting Among Top Tips for New Entrepreneurs

Starting a new business is more than just coming up with an idea and pitching it to customers. There is a tonne of planning that goes into a new enterprise, followed by convincing financing sources to get behind the idea. Then there are tasks like hiring, securing necessary space, developing a marketing plan, and so on. Even accounting has to be considered long before the first sale is ever made.

A recent article published on the NASDAQ website offers a list of helpful tips for new entrepreneurs who hope to build successful SMEs. Among those tips are the dual suggestions of leaving the accounting to someone else and utilising the latest accounting technology and software. The tips should come as no surprise if you know how online accounting is revolutionising the way SMEs do business.

The NASDAQ article suggests that recommending state-of-the-art accounting software is one of the best tips an experienced business owner could pass along to a new entrepreneur. Accounting software beats manual, paper accounting in nearly every respect. As for delegating small business accounting to someone else, it is a matter of contracting with a third-party provider who specialises in accounting.

As the article explains, not everyone is cut out for accounting. That is not a bad thing. So why would an entrepreneur beat him/herself over the head trying to handle accounting in-house when there are so many specialists ready and willing to take on the task?

Five Ways Online Accounting Is Revolutionising Business

If moving accounting online with a specialist provider is really a great tip for new entrepreneurs, there have to be at least a few reasons for it. There are actually five:

1. Online Accounting Saves Time

Online accounting platforms are built around technology. In turn, that technology is built on the idea of automating as many accounting tasks as possible. A good accounting software package saves time through automation. Business owners no longer have to spend hour after hour labouring over manual accounting tasks.

2. Online Accounting Is More Efficient

Accounting automation means an end to double and triple entry systems that are highly inefficient. Accounting software can integrate with bank accounts for daily reconciliation, record keeping, and so forth.

3. Online Means in the Cloud

One of the most revolutionary aspects of online accounting is that everything is done in the cloud. This means a business owner and all approved staff have access to accounting data in real time, from anywhere they have an internet connection. All it takes is a computer or mobile app.

4. Online Is More Accurate

Dispensing with manual accounting in favour of an online platform reduces errors and inaccuracies. Software handles all the number crunching, and the amount of human input is as limited as possible.

5. Tracking Business Is Easier

Finally, online accounting in the cloud keeps all a company’s data in one central location for easy access. This means tracking the company’s performance is as simple as can be. Business owners can customise reports for looking at history, current cash flow, future projections, etc. All the data is there at the fingertips.

The NASDAQ article offered a total of five separate tips for entrepreneurs starting a new business. The most important among those tips are the two having to do with accounting. Every business should have an accounting strategy in place, so it pays off to get accounting set up the right way in the earliest stages of a company’s existence. That way is online accounting in the cloud with a specialist provider offering a state-of-the-art software platform.

About the Author
Daniel Rose
Daniel is the co founder of More Than Accountants and an ACCA Chartered Accountant. He will be more than happy to help any business interested in moving their accounting online. Please get in touch if this is of interest.

Sources: NASDAQ

This sponsored article was provided by James Duffy

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