How to Improve Your Business Management With Online Accounting Software

Accounting is a crucial aspect of your company's success. Automation and Artificial Intelligence (AI) now allow you to optimize accounting, from expense management to VAT reporting. 

Online accounting software is now an essential solution for reducing your management costs, reducing the risk of error or fraud, and optimizing your financial strategies.

Online Accounting Software

Online accounting software is a paperless solution for your company's accounting. This solution has many benefits and is becoming more and more essential for intelligent accounting management that complies with regulatory changes.

Definition

Companies are legally required to keep regular and up-to-date accounts. Accounting is a complex field, the requirements and conditions of which may depend on the framework and size of your business. From calculating VAT returns to balance sheets, expense reports and payroll, corporate accounting is at the heart of a company's financial strategy.

Corporate accounting is now often computerized. Traditional computerized accounting is based on Excel spreadsheets or on offline software. In recent years, Artificial Intelligence and online data storage via the cloud have made it possible to develop solutions that are better suited to companies' needs.

Why Using an Online Accounting Software is the Best Solution for Your Company?

Regardless of the size of your business, the risks associated with accounting can be significant. Poor accounting can expose a company to a tax adjustment or to outstanding invoices. Online accounting software can significantly reduce these risks. Accounting now benefits from the automation of many tasks, bank synchronization, advance calculation of social contributions and VAT, and profitability monitoring.

In addition to automating many tasks, online accounting software offers dematerialized storage of all accounting documents such as estimates and invoices, expense reports, VAT returns, etc. Documents are stored digitally, with secured access. In the event of a tax audit, these documents can be accessed very quickly and easily. This real-time online management and digital storage also ensures smooth relations with your financial partners.

Finally, adopting dematerialization and automated online accounting system allows you to optimize your spending policy. Online accounting software offers powerful financial analysis tools with easily accessible data. Accounting software provides an overview of your accounting and financial performance, allowing you to maintain a competitive edge.

Who is the Online Accounting Software For? 

 The online accounting software is aimed at both very large companies and small and medium-sized enterprises (SMBs and SMEs). Online solutions are much more flexible than traditional accounting software, and can offer packages tailored to each company.

With the Covid-19 health crisis and the rise of remote work, the ability to access the company’s accounts from any computer is becoming essential. Online accounting software offers accounting applications that can be used on mobile devices and contain all the information you need for your company's accounting.

How to Use an Online Accounting Software?

Online accounting software is an agile and mobile solution. Therefore, the software can be used by managers, the accounting department and employees who wish to declare a business expense.

The use of online accounting software will depend on your needs. Each software offers different packages and pricing. This is why you should clearly assess your needs before choosing a solution. For example, for a company with a large number of employees who are often on the move, a solution with multiple users access and a corresponding app seems essential.

Online accounting solutions usually allow for instant management of many accounting operations. This applies in particular to expense reports. Using the app, employees can take a picture of a receipt or invoice, automatically extract the relevant data (date, amount, category of expense), launch the reimbursement procedure, and store the receipts thanks to dematerialization.

Using an online accounting software allows you to ensure reliable and real-time accounting. The accounting department's work is streamlined, the risk of error is greatly reduced, and tax and administrative obligations are always met.

What Software Should You Use for Online Accounting?

 There are many online accounting solutions, including free online accounting software. Some solutions offer specialized software packages for specific activities. The perfect software is one that offers a solution tailored to the size and needs of your business.

Before choosing your new online software, assess your current solution and what you are missing. Here are some questions to ask yourself before choosing an online accounting software:

- Do you want a full solution or a specialized solution?

- What is your budget for an online solution?

- Would you like extensive support or would you rather have a solution that allows you to use it independently?

- If your company already uses management tools, would you like an accounting solution that can integrate the use of these other management tools?

- Who uses your software in your company (accountant, employee, financial manager)?

- Do you need a standalone solution or a multimedia solution (including a smartphone application)?

On a last note, some solutions offer the use of demos or a free trial period. This can give you a clear idea of whether or not a solution is right for you.

Maria Khizhniakova