Modern Bookkeeping: Is It Time To Make The Switch?

Modern bookkeeping has turned every business owner’s life around because it offers efficiency, speed and quality. A task that used to be done in hours can now be carried out within just a matter of minutes. The information becomes much easier to access and everyone can collaborate and contribute to make the system more efficient. It is indeed a whiff of fresh air for business owners who used to dread bookkeeping tasks.

Although most business owners have already turned to modern bookkeeping technology because of the benefits that remains unmatched by old-fashioned bookkeeping, there are still some who are still quite hesitant to make the switch. It is not just about the problem with switching to an unfamiliar bookkeeping territory, but ditching the old system and suddenly embracing the new approach.

If you are going to look at the big picture, you will discover the once untapped potential of bookkeeping back in the day when entrepreneurs settle for the sluggish and demanding manual generation that requires accuracy. Imagine spending gruesome hours for data entry alone and when details do not match the bookkeeper’s or the business owner’s data, you will have to redo the process. This bookkeeping ordeal had come to an end when modern bookkeeping technology became part of the picture.

Why would a business owner make the switch?

  • It simplifies daily bookkeeping tasks. One of the factors that make bookkeeping challenging is the accuracy that it demands. Business owners are dependent on the information they see on the financial statement and one wrong entry can affect the whole data. These days, the bookkeeping technology has come a long way, and this means that the tasks are simplified so the need for double-data entry is eliminated. Bookkeepers and business owners will notice a significant rise in productivity and efficiency.
  • Bookkeepers collaborate with client in real time. In the past, the only way a business owner could gather ideas and get updates on bookkeeping was during meetings since an integrated client portal was not yet available. With this approach, you need to dedicate your time and effort so all parties involved in the bookkeeping system will meet half way. By switching to modern bookkeeping, preparation and submission of reports are shortened. More ideas are also obtained because the clients and bookkeepers can access the portal.
  • The system is secure. Keeping important data secure and confidential is one of the problems that most business owners are facing. There are inevitable circumstances that can mar the bookkeeping process. For instance, computers become susceptible to hacking and virus infection and if the bookkeeping data are not secured, you can end up losing the important information. Modern bookkeeping technology has foreseen these possibilities. This is why a client is assured that data are safeguarded. Even with the possibility of data loss, you can have your data backed up so no time and effort are wasted.

Although it can be quite overwhelming to make that sudden switch, the benefits that modern bookkeeping provides are enough to convince even a small business owner to embrace changes.

About the Author Peter Broberg

Peter Broberg is a bookkeeping professional with over 20 years experience in the finance sector. With more than 2 decades of experience, Peter provides payroll and bookkeeping services on a professional level. His services cater to small and medium enterprises in Cannington, Kalamunda.

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