Online accounting
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Online accounting relates to accounting that can be done on the World Wide Web. It usually implies use of a web application that works through a browser without buying or installing any software. It is typically based on a simple monthly charge and zero-administration approach to help businesses concentrate on core activities and avoid the hidden costs associated with traditional accounting software such as installation, upgrades, exchanging data files, backup and disaster recovery.
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[edit] Characteristics
A real online accounting or bookkeeping service can be recognized by the following characteristics which all make for a much more efficient accounting process:
- Multi-user access
- Multi-site access
- A single / multiple, shared database(s)
- Zero system administration for end-users
- Very economical to provide service to large number of clients
- Enhancements and fixes continuously developed and installed by service provider
[edit] Benefits
- Save time and money;
- Gain greater control of finances by moving from paper records to computerized accounting software;
- Transactions that affect your bank account can be sent automatically to the online accounting application;
- Send sales invoices and other documents directly to another business's accounts for the recipient to approve without having to reenter the information;
- User friendly GUI interfaces.
