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Bookkeeping and accounts are no longer about paper files and endless boxes of receipts!
There is a range of easy to use cloud software and apps available to small business that remove the tedious manual tasks associated with traditional bookkeeping. Products like Receipt Bank allow you to take pictures of your receipts with your smartphone and bin the paper receipt while Surf Accounts allows you invoice on the go.
Here are our top 5 reasons to start using online bookkeeping and ditch the paper:

1. Never miss out on claiming an expense

Receipt Bank makes it easy to send your expense paperwork instantly to your accountant and ensures you never lose another receipt. You can take pictures of your receipts with your smartphone using the Receipt Bank mobile app. 
Once you take the picture it is instantly available to your accountant. This means you never lose another receipt or expense again, as well as making sure you are claiming for everything you are owed. 
You can finally clear your home, office or any working space of messy paperwork!

2. Access anywhere anytime

Online accounting software is designed to keep you in control of your figures wherever you are, 24/7 and enables thousands of small businesses to manage their accounts through their mobile device. 
You can issue invoices on the go with a few taps on your phone. As soon as you finish a job you can turn to your client and with a few taps on your phone they receive your bill. A quick tap on their tablet later and their payment is in your bank account.

3. Real-time insight

Online accounts benefit the business by helping you manage and control your finances and plan for future growth.
With online accounting small business owners receive an overview of their cashflow and profits in real-time and are therefore better-equipped to manage their business, such as identifying any products or services that are selling well against those that may not be.
Information in also shared in real time with your accountant and they are then in a better position to advise you or flag issues they see. 

4. Easy to use

No accounting knowledge is required to use software like Surf Accounts. Once you can use a smartphone you can use online accounting.
Moving online has helped many firms to stop using complicated and unfriendly systems. Cloud-based services have been designed so they can be tailor-made to the exact requirements of each business, no matter what their size. 

5. Time back for your business

Smartphone apps have removed manual record keeping tasks for business owners. That time that used to be spent physically entering data at the end of the month can now be put to better use, running your business or even giving you more time at home!
Managing your accounts on the go can also save you that scramble every October getting everything organised to file your tax return. 
If you haven’t already adopted a digital bookkeeping system, TaxAssist Accountants and our national partners Surf Accounts and Receipt Bank are available right now to help you choose the digital solution for you and provide industry-leading advice and best practice marketing strategies for your business.
Call us on 1800 98 76 09 or contact us here to book your free initial consultation.

Date published 11 Mar 2020

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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