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Bookkeeping is a very important component of any business. It’s something you have to do if you want to keep your finances in order and avoid problems with Revenue. It also helps you to keep your business organized, prepare for tax returns, keep an eye on business targets, and have a peace of mind running your business. But most small businesses don’t know how to get started on bookkeeping.

Everything you need now for bookkeeping is in your pockets. Days when bookkeeping and accounts were about paper files and endless boxes of receipts are long gone. You now have access to easy-to-use apps and cloud software that simplify bookkeeping. Here are five reasons why you should ditch paper records and start using online bookkeeping:

1. Easy to use

You don’t need accounting expertise to be able to use bookkeeping software. All you need is a smartphone or desktop. Online bookkeeping will save from having to learn complex and complicated accounting systems. Additionally, cloud-based software products can be tailored to your business needs regardless of size.

2. Access anywhere anytime

With mobile access, you can check and update your records anywhere anytime. Online bookkeeping gives you full control of your financial records. You can send invoices to to your clients with a few simple taps on the phone. You can also track your expenses, taxes, employees’ time, and the payroll even remotely.

3. Access to real-time business insights

Another benefit of online bookkeeping is that you can access useful business insights in real-time. This is important for stock management, financial planning, and scaling your business. You will be able to receive an overview of your cashflow and profits in real-time. This way, you’ll be able to manage your business better. You can easily identify products that are moving and those that are not.

Furthermore, you can share reports and information with your accountant or tax consultant so they can flag issues before they bring you trouble.

4. Have time for your business

If you are a sole proprietor or have a limited number of employees, then you know how challenging it can be running your business while also doing bookkeeping. Manual bookkeeping is demanding and exhausting. You’ll either water down your customer service or increase the risk of entering erroneous records.

Online bookkeeping takes away the rigidity of record keeping and frees up your time. So you can focus on serving your customers better. Or spending your weekend with your loved ones.

5. Never miss out on claiming an expense

With online bookkeeping, you won’t have to worry about misplacing receipts and crucial papers. There are even apps that allow you to upload photos of receipts for record keeping. This makes it easier to organize your financial records and claim expenses on your tax returns. You will therefore be able to save more money.

We’d be Glad To Help

Bookkeeping is crucial for your business. But not everyone is an expert on accounting and bookkeeping. Now it’s easier to get started on bookkeeping and keep going than you think. If you haven’t already started on digital bookkeeping, Conway and Conway would be glad to advise on the best digital solutions for your business. We also provide industry-leading advice and best practice accounting strategies. Contact us to book a free consultation.