It has been constantly talked about now but 2020 has indeed been a year of adjustments for all of us. And the trend did not stop there. It continued in 2021, and for all we know, this digital revolution is only going to expand further.
Almost all companies have downsized, decentralized, and adopted online facilities to keep the operations running. This is where online accounting software also comes in. Just like every other department, the finance team also has to make tough choices during the pandemic. While the sales and marketing teams can operate remotely, the accountants have some processes that simply cannot function abruptly in a new environment.
This is why it is important to have facilities that make “accounting from home” simpler and convenient. So is your accounting software suitable for work from home? We will find that out but first, let us start by knowing some of these challenges that accountants and businesses can face while accounting remotely.
Typical Accounting Challenges – Work From Home or Not
Even the best of accounting and finance teams find themselves amidst chaos in the business. A lot is going on, like:
- Closing the book accurately and on time
- Ensuring that your company meets all its tax obligations
- Following up with the department heads to ensure that they have cleared all the expenses
- Chasing after employees to get their receipts, invoices, and expense claims
- Watch out for any human error that may creep into the calculations
- Hunt down all the credit card purchases in context so that every mention is accurate
This is just a basic overview of what an accountant goes through while managing finances. There is a lot more involved and therefore it is of utmost importance to streamline the accounting process for work from home with online accounting software.
Set Up Modern Methods To Deal With All Hassles
In a perfect work from home accounting software, you must look for the following features:
All the receipts and invoices should be digitized for ease of access. They should also be updated without manual hassles and be easily shared through email.
Several accounting activities need to be repeated at a specified time duration. If all the services like generating reports, filing taxes, and issuing e-waybills can be automated, then it will save plenty of resources like time and money for your organization. Online accounting software with such facilities will also be more convenient for a work-from-home scenario.
Needless to mention, as your accountant is working from home, they need access to all the finances remotely. Cloud accounting software can come in handy as it can be accessed from any device, be it a laptop or mobile phone, running on any operating system from anywhere in the world.
By going digital and offering paperless invoices, you can save the manual labor on data entry. Even the supplier invoices and other such details can be easily pulled out from the system with just a few clicks. This digital process is not only convenient for work from home but also transparent for all the parties involved in the business.
It is easy to lose focus when you are working from home. With scheduled notifications from your accounting software can keep you reminded of all the work that you need to do. You can also get automated reports and set up the schedule for receiving different reports through the intelligent services of online accounting software.
Remote Bookkeeping And Accounting With RealBooks
Now that you know all the features you must look for in your work-from-home accounting software, it is time to choose cloud-based accounting software. RealBooks offers you all the facilities you need for remote accounting along with plenty of other services like GST compliances, report generation, payroll management, TDS calculation, and so on – all this from anywhere, through any device. Did you get any accounting trouble? RealBooks has got the simplest solution!
Accounting From Home: How Is It Different for Remote Bookkeepers?
Accountants can easily adjust to working from home they have the right tools and applications at their disposal. Digital and automated services are better for everyone, so it makes sense to invest in online accounting software to make the experience better for your bookkeepers and accountants, along with improving the finance of your business.
Now that every business is running remotely, this is the best time to upgrade to online accounting software, and practice the tricks of the trade! And remember, RealBooks will help you right from the first stage with easy migration solutions.