As little as ten years ago, when a person needed to access their financial information, they had to visit the bank. Then they had to sort through old mail for credit card statements. They may also scan check stubs or checkbooks for payments made and received.
But online accounting services have begun rapidly changing that.
Whether you’re looking to manage your personal finances or that of your small business, moving your records online can be a great choice. Keep reading to learn why, and to learn how to move your data online and access it more efficiently today.
Why You Need to Make the Switch to Online Accounting Services
There are tons of benefits that come with making the switch to online accounting services.
For individuals, the benefits include things like better budgeting abilities. For small businesses, they include the chance to access specific data faster, and the chance for all employees to get the access that they need.
Why Individuals Need Online Accounting
As an individual, online accounting can be both convenient and helpful with getting your finances in order.
By moving your financial data online, you’ll be able to access it from anywhere. Check on your investments while you’re on vacation. Look to see how much money you have free to spend while you’re out holiday shopping.
It’s easy to overspend or stray from your budget when you don’t have quick access to your financial information.
This kind of access makes it easier to avoid overspending and can help make you more conscious of your finances.
If you have several accounts with different banks or investment firms, cloud data can bring them together.
You won’t have to visit or contact each to get your account information. You can automatically get a full picture of your financial information, all in one convenient location.
Why Small Businesses Need Online Accounting
Individuals aren’t the only ones who can benefit from online accounting services. Small businesses can also reap the benefits of quick access to all financial records.
By making the switch to cloud data for financial records, you can give various employees access to your small businesses records. This makes it easier for different departments to see their effect on your business’s overall financial success.
Do you ever try managing your small business from afar? Online cloud access makes it possible for you to track your business from anywhere.
An individual can combine different accounts into one and access it all from their cloud.
Small businesses can also use this feature. You can use online accounting services to track purchases and sales. You can also use it to see your savings, check on investments, and more, all from one convenient location.
Another benefit of online accounting for small businesses that is often overlooked is how easy it is to move your office.
As a small, growing business, you may move your operations several times, from your home to new shared spaces, to your own office. If you store all of your information on a computer or on paper, moving this can be a struggle. You’ll need to keep it secure, while also being able to access it during your move.
A cloud-based system eliminates this problem.
How to Switch to Online Accounting
Making the switch to online accounting may sound complicated. But with the right online accounting services, it’s actually very simple.
It starts by choosing the right online financial services provider.
With so many different options online, it can seem overwhelming to choose. But you can drastically narrow your options by looking for only the ones that offer the services you need, as well as advanced security features.
Useful services include the ability to combine many accounts into one system. You’ll also want to choose services that give you different options for viewing and tracking your information.
Some financial services charge you for tons of services, including many that you will never even need.
If you want to keep your costs to a minimum, it’s best to choose a company like Intrinio that allows you to pay only for the services that you’ll actually use.
If you’re searching for online accounting services for your small business, make sure that you search for companies that specialize in providing financial services for businesses, rather than just individuals.
Otherwise, you may end up with a services provider that doesn’t have features to help you track your small business’ financial info.
How to Protect Your Online Accounting Data
In the past year, one in every three Americans has been hacked.
Some of these hacks are somewhat harmless social media hacks, where the hacker gets little in the way of personal information.
Others are much more serious and involve stolen personal information, credit card numbers, and more.
These hacks are stressful and can have a serious impact on your financial future.
The effect of these hacks on small businesses is often even worse. More than 60 percent of small businesses that experience a hack shut down within six months of the attack.
When you decide to make the switch to online accounting services for your personal finances or those of your small business, your security, and that of your employees and clients, should be a primary concern.
Many online accounting services companies offer protection. Talk to any potential companies about their security measure. But don’t rely only on their measures.
It’s a good idea to learn other ways to protect yourself as well. This includes only using secure internet connections. It also means never searching your financial information on a shared computer.
Finally, you need to learn how to use smart passwords to protect your accounts.
Make the Switch Today
Making the switch to online accounting services is a great choice for both individuals and small businesses.
You’ll get the convenience of monitoring your accounts from anywhere. You’ll get combined access to all of your accounts, which makes tracking your overall finances a breeze.
As a small business, online accounting is just one of the many ways that you can utilize internet tools to streamline your operations. If you’re interested in learning about other great web tools that your business should be using, click here.