What is online accounting and who pays for it

  • By David Molnar
  • May 19, 2018
  • Comments Off

No matter how big a company we run or how many people are employed in it, almost every entrepreneur uses accounting. The question of how this is done. There are, in fact, three options: hiring an accountant, using an accounting office, or keeping accounts yourself. Online accounting, which, as the name suggests, is based on activities on the Internet, is becoming more and more popular.

Small business accounting

A small entrepreneur, who has only a few invoices to settle monthly, may try to keep his own accounting records, but often needs knowledge of professional issues and current law in the field of accounting. You have to spend a lot of time on familiarizing yourself with the constantly changing legal regulations, and ignorance of them is not an option, because with every possible control, all errors can cause problems.

Accounting services or an accounting office are associated with costs, their amount depends on the number of documents that are generated monthly by the entrepreneur. The online accounting office, on the other hand, is an ideal solution for sole traders and small businesses. It is settled mainly on the basis of the income and expenditure account. Also when someone takes the first steps in business, online accounting will be helpful. The range of services provided very often includes a number of tips and assistance, and sometimes bonuses.

Saves time and money

The proper functioning of a company depends on a number of factors. Taking into account the accounting aspects, tax optimisation is important. Depending on the segment of conducted business activity, it may vary. With the right tools, an entrepreneur is able to manage accounting matters independently through online accounting. The application is definitely cheaper than hiring an accountant or using the services of an accountancy office when generating a lot of small invoices. Invoices are often issued for small amounts and most offices charge per item. In such a situation, e.g. with 20 invoices, the costs can be as high as 150, so accounting services via the Internet are an obvious saving, not only in money, but also in time – we will do everything without leaving the house.

Specific support in accounting

Using the Internet accounting office we get full access to the service. Professionals provide assistance in the form of, for example, articles or online accounting advice. More and more companies are offering 24h/day support, via the Internet, or by phone.

A big advantage is that online accounting is associated with many facilities and convenience. It is enough that we provide our own data as well as the data of our contractors only once in the system.

Huge potential

Opinions about online accounting are very positive. When all accounting matters can be dealt with without leaving home, it is difficult to find defects with the help of highly qualified accountants. And so we can count on such services as:

Issuing of invoices;

Recording of revenues and expenditures;

Generating tax returns;

Records and depreciation of equipment, fixed assets and vehicles;

In addition, you can choose to use the advanced tools, i.e:

Staff modules (staff and wages);

CRM system, which facilitates maintaining contacts with contractors and customers;

Storage system, with records of the quantity and value of goods and production;

Automatic integration with a wide range of applications, online shops, online payment systems, etc;

What is online accounting and who pays for it
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