Online accounting the way of the future

Research suggests businesses want to manage accounts online

The majority of accountants believe that managing business accounts online will be the way of the future, it has been claimed.

According to research by business accounting firm Tallia, some 90% of accountants said that businesses want to be able to manage their accounts via the internet by 2008.

Online finance management allows accountants to access a business’ books securely via the internet, meaning that firms do not have to freeze their accounts and send them off to their accountant on a disc.

The research found that a third of small firms feel they spend too much time dealing with non-core business activities, such as paperwork, credit control, and statutory financial requirements.

According to Tallia, the study also found that sending data to accountants by exporting and importing data was seen as inefficient, time consuming and sometimes confusing for businesses.

Managing accounts online also means that the onus is no longer on finance directors or business owners to back up financial data each night, Tallia said.

Commenting on the research, Tallia’s managing director Eric Turner said: “Despite the constant reminders for businesses to back up their key data, many businesses still do not have adequate backup solutions in place.

“An on-demand web based system can be accessed at any time by the accountants so as issues arise business owners are able to contact their accountant for instant real-time help and advice.”

Michael Turner, Tallia’s general manager, added: “The fact that data’s offsite, safe and secure is one of the main benefits of managing your accounts online, but it also means that you can work from anywhere or at any time.”

© Crimson Business Ltd. 2007

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