16 Oct

What is Online Accounting?

Many services and parts of life are now available online rather than solely in person, and accounting is the same. With the growth in online accounting, it can seem confusing for you to figure out whether you should use such a service or not. We've broken down exactly what online accounting means for you.

What is online accounting?

Online accounting can sound a little confusing if you're not particularly technically minded but it's actually a very straight forward concept. You log onto a website or piece of software connected to the internet, and enter all the key details of your business. Every time you have a new sales receipt, invoice, or simply an expense that needs to be tracked you enter the information onto the online service.

Basically, it's a more modern version of stacking up piles of key papers in your desk drawer, or having to rummage through folders of important documents in the back of your car. It's more efficient, safer, and a far more effective way of making sure that every part of your business is accurately tracked.

How is it different from using bookkeeping software?

Bookkeeping software is great, providing you know what you're doing. It gives you the flexibility of entering the facts and figures of your business yourself, and from wherever your PC or Mac is located. However, it lacks the human touch. It's entirely dependent on you knowing exactly what you're doing, and there's no support network along the way.

Using an online accounting service like Mazuma Money means you enter the data yourself, but you also receive regular advice and support from real people.

For more information, head over to our online bookkeping software vs online accountants blog post!

Why should I use online accounting?

Online accounting is effectively the best of both worlds. Remember the old days of when you had to head to a physical meeting with your accountant and it took up valuable time? You don't need to do that here. Instead, you can submit all your receipts, invoices, and expenses through the Mazuma Money app, whether you're on a train or sitting in the office. It saves you valuable time and effort.

You're not alone though. Each month, you receive advice and support from real people who oversee your accounts and know how your business works. Using an online accounting service means your business's specialist needs are catered for rather than you being reliant on the 'cookie cutter' style mentality of bookkeeping software.

By having the advice of real people, you can feel secure in the knowledge that your accounts are kept compliant as well as tax efficient for your needs. Software just can’t explain things like a person can, and we appreciate this, offering the personal touch each step of the way.

On a practical level, it's also far more convenient than having to carry piles of paper around with you, before delivering them to your accountant at a relevant time. You can put them safely aside once you've uploaded them to our app.

Best of all? Everything is faster. We'll send you your management accounts along with an estimated tax bill and personally tailored advice every month. At the end of the year, you get your year, we'll get your year end accounts and tax returns done in speedy fashion.

It's far easier than using bookkeeping software and trying to figure it out for yourself. Plus, any time you feel stressed, you'll know you're not alone in deciphering the numbers.

What do I need to do?

Not much! That's the great thing about online accounting. It’s a far simpler way of doing things.

All you need to do is sign up with an online accounting service such as Mazuma Money, and you can get started. There's a monthly set fee involved but no hidden costs.

Ideally, you want to have regular internet access so that you can upload your papers and documents to the Mazuma app, but you can also send files to our Freepost address. Security is paramount to us so there's never any need to worry about any safety concerns when uploading your files.

Instead, you can enjoy the flexibility of being able to upload your invoices or other documents at any time of day. You're not tied into office hours or attending set meetings. You can simply carve out the time as and when needed.

One of the great benefits of being your own boss is flexibility so online accounting has just made maintaining your work/life balance even easier. You can focus on working hard at growing your business, and simply send us over your documents when needed.

The Next Step

Give us a call or use our quote form to find out more on how we can help you and your business benefit from an online accounting package.

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