One of the fastest growing tech industries in the United States is the ERP software industry, estimated to grow by a whopping 130% by the end of 2016. ERP solutions, ERP meaning Enterprise Resource Planning, according to Gartner, are a driving force behind the $110.3 billion cloud-computing industry.
One of the most popular types of ERP solutions, perhaps, is online accounting software. With 70% of businesses using online business accounting software noting improved financial reporting, according to PR Log, that’s not terribly surprising, but what is it exactly that is pushing online business accounting software to the forefront of business technology?
Why Online Business Accounting Software is Increasingly Popular
- Fast, Accurate Accounting
- Data Back-up Redundancies
- Increased Business Mobility
- Payroll Systems Built for Non-Accountants
As Recruiter notes, online business accounting software allows for fast, accurate accounting. Unlike outdated, locally-stored accounting systems or stone-age paper systems, each piece of data can easily be entered, cataloged, and referenced later on with just the touch of a button. Likewise, error checking tools built-in to online business accounting software help businesses to avoid accounting errors that can cost the company millions.
One of the biggest mistakes any business can make when it comes to accounting is not backing up their data, whether it’s stored in a book or on a local-side accounting program. As About.com points out, online business accounting software saves accounting records in multiple places, using cloud-based mirrors to make multiple copies of crucial data. In short, your accounting data will always be there when you need it.
Bit, a business IT technology blog, writes that online business accounting software gives HR professionals the ability to access important payroll data from wherever they are, so long as they have a compatible mobile device. Gone are the days of being tied to an office computer to get access to this important information. Imagine you’re holding an important payroll meeting. With online business accounting software, you can easily pull up your company’s data in the meeting room without having to send files across computers or physically move machines into another room.
About.com suggests that online business accounting systems are so popular because anyone can use them. As you’re well aware, accounting software, especially when it is broken up into multiple parts, can take a long time to learn, resulting in a loss of productivity. However, the best online business accounting software is written to be intuitive and easy to learn, reducing the learning curve and increasing productivity.
As can be seen, online business accounting software can be the key to tackling many of the challenges inherent in business accounting. Gone are the days of overly complicated accounting software, lost data, and damaging accounting mistakes. By making the leap to online business accounting software, you can make the leap to a smarter, more sustainable business. Helpful sites.