Online bookkeeping as real modern accounting

Accounting, which moves forward in step with the economy that is very much in step with the times, is characterized by frequent major technological changes. Apparently, the large amount of paperwork related to accounting has not yet disappeared from the minds of many, but the time has come when instead of the previous technological solutions, online accounting is establishing itself. But what characterizes this real and correct one online accounting?

Online accounting is not just about doing things on a computer

Using some accounting software instead of a lot of paperwork is currently the norm, but it still cannot be considered online accounting. Online accounting is a step forward – actions are still performed on a computer (or some smart device), but it is an active real-time process for all parties.

Among other things, online accounting is characterized by the following most important criteria:

  • data processing in the cloud – good cloud software allows, in addition to the usual tasks related to accounting, the uploading of invoices and their digital signing;
  • accompanies the previous one paperless accounting and all invoices received through the system (including e-invoices) are loaded into the software;
  • less manual work of the accountant leads to faster service and cheaper price;
  • all data from one place – a better overview of what is happening and quick access to the original document, plus interfaces with data analysis software;
  • real-time banking enable monitoring of the company's activities just when needed and as often as needed;
  • automatic movement of data between different programs – although in a good online accounting system the data moves by itself, there may be a need to import-export data;
  • greater freedom for the accountant - the possibility to work outside the office premises and easier division of tasks during vacations.

Is it safe to use the cloud service?

As with any field, accounting also has its own dangers, and online accounting is no exception. However, with the implementation of the right measures, it is possible to eliminate all these threats and use the cloud-based service from all kinds of devices can actually be very safe. In doing so, however, some principles that have already become common these days must be followed:

  • data backup (to some other device, disk or cloud), which provides an opportunity to restore a significant part of the data in case of any failure;
  • digital archive, which allows you to check previous actions and solve possible problems.

However, aspects related to security are not only the concern of the service provider, because the customer must also be attentive. This includes monitoring who has access to the data, when a secure network connection is used, etc.

If you want to know more about online accounting, feel free to get in touch Grow, Estonia's first 100% paperless accounting office. We will meet, get acquainted with different solutions and find a package of services that fits your needs.