Many small businesses are unable to afford a qualified accounting to issue quotes and invoices, as well as keep proper financial records. Online accounting software solutions help small businesses cut down costs. This also means makes admin and tax compliance easier and lets the business focus on their core activities.
Nikki Summers, Director, Sage One in East and West Africa, says that 37 million micro, small, and medium-size enterprises (MSMEs) need to keep accurate records to meet the needs of tax authorities as well as to keep track of trends within their own businesses. She presented some benefits that SMEs enjoy from embracing online accounting solutions.
Benefits of using online accounting software for business
Some of the benefits of using online accounting software include the following:
- Access to financial information wherever you are: Your employees and accountant can access financial information anywhere, from a notebook or a mobile app. That means you can sign off invoices or look up information even if you are not at your desk.
- Simple access to world-class software: You don’t have to worry about installing software on your PCs, updating to new releases or backing up data. You simply access the software through an app or a web browser. The service provider takes care of updates, backups and security.
- Affordability: Rather than paying a huge upfront sum for your accounting solution, you pay a small monthly fee to use it. That means that you don’t need to spend your capital on software licences. Because it is easy-to-use too, you are not likely to need help from an IT guy to install and manage the software. More savings.
- Real time financial information: A robust online accounting solution will give you and your business up-to-date and current financial information. This will enable you to see at a glance how well your business is performing and if there are any worrying financial trends.
- Localised solutions: Nikki Summers says that you should seek out cloud software that is localised for the needs of the Nigerian market. Your accounting software should enable you to do your tax calculations with a push of a button. It should save you time, stress and help you to stay on the right side of the tax authorities.