The Benefits of Online Accounting
The construction industry has often seen as slow to modernise. Certainly, there is some truth to this, but embracing online accounting is one area that cannot be put off. In fact, our experience shows that once our clients switch to cloud accounting they never look back.
That is why Accurox are committed cloud accountants.
We’ve worked with businesses large and small over the years, and we have seen the tangible benefits that moving online can deliver. Whether you are Self-Employed or running a limited company, we can assist you with the online solutions that will help you best. So, what could you gain from moving to online accounting, such as Xero?
More Profit – The bottom line is it will improve your profits. Here’s how….
Once you are up and running on Xero and any other apps that you might need for your individual app stack, you’ll quickly notice some changes. Online accounting apps make it easier for you to
- record expenses
- raise invoices
- chase invoices
- create quotes
- budget for each job
- track costs to individual jobs
- create more accurate costings
- run payroll
- calculate VAT and CIS
- pay HMRC
That’s quite a list, and the knock-on effect of all this will be:
All the information that is collected about your business in online accounting software can be used to generate multiple reports to assist you run it more effectively. You will soon find the golden reports that work best for your business. As a result, you will find it easier to understand why some projects go over budget and lose money. Consequently, you will be able to make better decisions going forward and reduce any waste in costs or resources.
Track Expenses More Accurately
Everyone hates tracking expenses. Who has time to record every receipt? As a result, many expenses aren’t claimed because receipts are lost, or you can’t remember what it was for. Even worse if your expense should be spread across a few jobs – That’s going to be several hours wrestling with an Excel spreadsheet you’ll never get back!
Online accounting apps make all that a thing of the past. With apps like Xero and Dext, you’ll only need to photograph your receipt with your phone, and it will be stored in records. The apps will do all the heavy lifting for you. The result is that you are more likely to track all of your expenses, even the little things, and for the costs to be assigned correctly. In addition, the clarity this will bring means analysing those expenses and identifying unnecessary costs is much simpler and can help you create more realistic budgets going forward.
Online accounting offers the maximum flexibility for you and your team. With it you will be able to access the information you need wherever you are, be that on site, in the office, at home, or even on the beach! Furthermore, the ability to raise working quotes when you are with a potential customer will help you win more work.
All the improvements that online accounting will bring to your business will result in one thing. More profits. Better organisation and increased productivity, combined with a healthy cash flow and a lean and flexible approach will result in more money in your pocket at the end of the day.
Whether you’re new to the idea of cloud accounting, or just not sure you’re maximising its functionality, Accurox can help. Get in touch now!