The Benefits of Internet-Based Accounting
Internet-based accounting offers the following advantages:
- Internet-based accounting involves less hassle. It is easier than ever to deploy and use web-based accounting solutions.
- The Internet streamlines the accounting process, making it faster and more efficient.
- Various technologies enable firms to store and retrieve documents electronically.
- Internet-based accounting allows firm employees to perform a variety of tasks from any computer terminal with an Internet connection. They can update financial records, finalize expense reports, and enter data.
- Firms can deliver electronic financial statements and reports instantly.
- Firms can easily obtain information from their clients through file transfers.
- Internet-based technologies eliminate geographic barriers. Firms can access current statements relevant to their clients’ financial positions.
- Firms can create access policies to protect sensitive data. For example, they can give some parties “read-only” access and allow others to make entries.
- The Internet allows accountants to quickly search for crucial information and resources.
- Internet-based technologies make it easier for firms to complete electronic monetary transactions.
- Firms can implement measures to prevent data loss.
- Internet-based accounting solutions allow firms to apply enhancements and patches to their products more frequently.
- The Internet frees accounting firms from having to hire employees locally.
- Many accounting firms have become largely paperless, saving themselves millions of dollars annually.
- Internet-based technologies allow firm employees and freelancers to work from home.
- Online meetings allow firms to communicate with their clients and staff members from any location at any time.
- With programs offered by websites such as LogMeIn.com and PCanywhere.com, accounting firms can access clients’ computers remotely.
- Firms can grow their business and go global by using virtual meeting spaces.
- Virtual whiteboards make marketing easier by allowing for effective presentations and demonstrations. Well-designed websites attract new clients from distant locations.