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There was a time when the accounting was more of book keeping done in huge ledgers and was the purview of select few. It's not so anymore. Accounting is much more widely accepted as a business function and general people also look for the accounting details of the firms they are associated with. Also lot more transparency is required now. Keeping in line with the development of IT and other technologies, the accounting is also now based on internet and has taken wide strides. On-line accounting services, viewed as merely experimental only a few years ago are now becoming the run away business.
There was a time when the accounting was more of book keeping done in huge ledgers and was the purview of select few. It's not so anymore. Accounting is much more widely accepted as a business function and general people also look for the accounting details of the firms they are associated with. Also lot more transparency is required now. Keeping in line with the development of IT and other technologies, the accounting is also now based on internet and has taken wide strides. On-line accounting services, viewed as merely experimental only a few years ago are now becoming the run away business.
As such accounting industry as
been little slow to adopt the newer technology and has not left fully
its love for the pen and pencil work. The accounting industry has
seen new trend of outsourcing its work now. All these have forced the
industry to adopt the On-line Accounting. The internet as well as other
technologies are used now to build more efficient book keeping systems.
Also it's becoming more cost efficient for larger firms to outsource the
work. Outsourcing is very much easier with work being delivered
on-line. It's much more cost effective as well as fast also. However, those who are not willing to go for online accounting with outsourcing they can have option of selecting an accounting software to manage the accounting functions with inhouse team which is as good as online accounting. If you have a small business you can do the same with the help of free accounting software package.
The shift from the practice
where clients paid the accounting firms as per the billable hours to a
fixed fee based system is forcing the accounting firms to deliver
efficient work in cost effective manner. This means that they can not
any longer cover their inefficient work by merely putting in more time
into the projects. This has favoured the on-line accounting practices
much. Value billing has forced accounting professionals to become more
efficient.
On-line accounting very
effectively cuts short the time taken to transfer the time taken by
information exchange between the clients and accounting firm. The
seamless transfer is far more efficient and much faster. The accounting
firm has dynamic access to the sourcing documents of the clients firms
and can access anytime any information it requires from its clients
side. The on-line accounting system also allows the accounting firm
access to client data from far away locations at the a few clicks on the
internet. The time sensitive financial data is readily available to the
accounting firm.
Other than the speed and cost of
services, on-line accounting enables better customer service and more
reliability and trust. Accounting firms recently have been exposed as in
cahoots with some very big clients, committing serious financial
crimes. In this scenario the new practice builds more transparency also.
The on-line accounting practice
also provide for more timely communication between the firm and clients.
Since the client has more immediate access to information and to time
sensitive documents with on-line Accounting practices, questions and
problems can be more easily identified and resolved. This translates
into increased profits as well as happier clients!!
Since the clients get better
service, they get more value for the money they spend. It is generally
quite cheaper for the business owner to outsource the bookkeeping and
accounting than to hire and supervise it in-house. Savings for the
business owner can be as much as 30% for some clients! On-line
Accounting is great for such services.
The accounting firms also charge
now a fee (fixed on a monthly basis) almost five times the average
monthly fee (based on billable hours) they charged earlier.
Generally the various on-line
accounting processes available are customized for their users where they
can choose the menu of features they like.
On-line Accounting is an
excellent tool for accounting and book keeping, one that is help full
for both the accounting firms as well as the clients.
How to Find the Right Accounting Software
Increase Bottom Line with Software Automation
Free Accounting Software
Accounting Software Save Time and Money
Assessing Overall Needs for Accounting Software
Executing your Accounting Software
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Related Pages
How to Find the Right Accounting Software
Increase Bottom Line with Software Automation
Free Accounting Software
Accounting Software Save Time and Money
Assessing Overall Needs for Accounting Software
Executing your Accounting Software
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