Online Accounting vs. Traditional Accounting

When choosing an accountant for your business, you have more options open to you than you may initially think.  All the opportunities, advantages, and disadvantages of traditional accounting are natural at your disposal.  However, online accounting offers its own advantages, and it may fulfill your business needs much more effectively than the traditional notion of accounting.  If your business could benefit from a low cost alternative to traditional accounting and access to a huge pool of able professionals, it may be time to switch from traditional accounting to accounting accounting

A traditional notion of accounting holds that someone from within the company handles the bookkeeping and other duties as they relate to managing the account.  No business can get by without excellent records of all transactions, money coming and going, or they risk losing money without knowing it.  Indeed, the only true advantage to keeping a traditional accountant is that there is someone physically present at all times who can take responsibility for a business’s finances.  All other duties are not necessarily predicated on being physically available throughout the workweek.  In fact, this puts undue strain on a business, as the money allocated to a full-time accountant could be better spent.

An online accountant may be a novel idea, but the signs of success and the facts that back it up say online accounting is the best way to keep track of finances for many businesses.  Note first that the cost of keeping a traditional accountant versus the cost of outsourcing accounting duties to a low-cost internet accountant can differ by a factor of one-half.  The word, “outsourcing” may seem impersonal and, to some extent, cheap, but by using a resource like you can maintain tight control over whom it is you use for your financial needs.  No accountant on offer is going to be of poor quality, and with a large selection of financial professionals to choose from, your needs are certain to be met.  In fact, online accounting services tailor their suggestions to you and your needs.  Here again, the only foreseeable disadvantage is a lack of an in-house accountant with a vested interest in your business.  But’s consistent record of success would suggest that their online accounting services and CPA’s do indeed take an interest in your business.  Your success is also their success.

A dramatic change like moving away from traditional accounting services to accounting online may bring with it certain concerns, but they are unfounded.  The advantages of outsourcing accounting duties to an internet professional allows you to reduce costs and still receive the services you require to run your business.  Be confident, and try a new way of doing things; it will pay off in the short term and for your future financial needs.