Here are The Top 5 Advantages of Online Accounting for Freelancers:
1. You get paid monthly
Fancy getting paid once a month instead of every week or fortnight? Online accounting is great for freelancers in this respect. With traditional accounting, you can only get paid when your client pays you and the business owner has the money to pay you. That might be an issue if they’re having financial troubles but with online accounting it doesn’t matter what the state of their finances are. As long as they’ve got internet access, they can pay you when they like without having to wait until it’s convenient for them.
2. You can promote your business
According to Aron Govil by setting up a website, you can list your services and prices as well as contact details so clients know where to find you. You can promote yourself as highly professional and reliable by having a custom domain name which demonstrates that you value your appearance online as much as offline.
3. Less paperwork involved
How many accountants have you met who love doing things manually? I doubt it’s many but the days of spending hours on tedious book-keeping are gone with online accounting software because everything is done automatically for you! The best results come from people who approach their finances in a methodical way and there’s no better way to do this than with the help of modern technology like internet based software. 4
2. Your overheads go down
One less trip to the accountant means one less expense for clients to add on to your invoice so it should decrease your expenses and therefore increase your profit margins.
5. You’re connected 24/7
You can’t get on with your work if you’ve got no internet access but even still, what’s the point of being online if you don’t have a portable device to take on business trips? Nowadays it’s possible for people to do their job from anywhere in the world where there’s an internet connection and that means more freedom and flexibility than ever before.
I hope these five reasons have helped convince you of why online accounting is ideal for freelancers who want to save time and money and grow their businesses at the same time. So go ahead and try it out today! You’ll be glad you did when tax time comes around next year.
FAQs:
Isn’t online accounting risky? I’ve heard that you’re not allowed to use it for business purposes.
Online accounting is safe if you follow best practice with regards to how you should access your accounts and the information within them. Like anything, there are risks involved but they can be minimized by having a strong password and installing security software on your computer which will protect against any viruses or malware from getting in to your system.
Are online books as accurate as traditionally kept ones?
They’re just as accurate but even more up to date because everything gets updated automatically so there’s less chance of human error creeping in when posts aren’t entered correctly or numbers get mistyped. If you have a lot of expenses at the end of the month, this can be a big help because you can type them in quickly and easily without having to sit around balancing your cheque book all day.
What if I lose my password?
Most online accounting software that’s safe to use for business purposes will have a system in place where you can reset your password yourself or at least get somebody technical on the end of the phone that can do it for you. They’ll ask questions about things only you would know so make sure to memorize them!
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Do other people see everything I enter?
You shouldn’t have any privacy concerns provided you’ve chosen an online accounting provider which is trustworthy. All the information is automatically encrypted when it’s sent over the internet so even if somebody did intercept it, they wouldn’t be able to read anything which would reduce the chance of sensitive or proprietary business data getting in to the wrong hands.
Do I need my own computer?
You’ll probably save money by already having one but if you don’t, many online accounting providers start at just $4.99 per month so it’s not going to break the bank anyway. You can even get a free trial before you commit yourself and then pay monthly like with most mobile phone plans.
Can I use online accounting if I’m self-employed and working part time?
It won’t take long for anybody with an internet connection to be up and running with an online accounting software package provided they follow easy by step instructions on how to set it up properly. The only thing you need to be cautious about is if you’re doing multiple jobs at the same time which might confuse things because when different industries are mixed together, it’s harder for accounting software to separate everything correctly.
Conclusion by Aron Govil:
Online accounting might be new to you but it’s definitely worth looking into if you haven’t done so already. I’m sure you’ll find that this is the best way forward for your business, which will allow you to save time, money and effort in the long run so there’s no reason not to give it a shot!
