Sep 20, 2019

Real-Time Accounting vs. Old School Accounting

Technology is rapidly changing the way we do business. It only feels like yesterday that we were ditching the paper ledgers for computer-based software, but even that’s becoming quickly outdated. If you’re not sure whether your company is still using old school accounting methods that are slowing you down and costing you more than you need to spend, find out here with our break down of real-time accounting vs. old school accounting.

What is Old School Accounting?

Back in the day, old school accounting covered everything, from paper systems to ledgers to Excel-based spreadsheets. It involved spending countless hours, coding, and manually entering data into a computer, organizing hard copy documents in a filing cabinet, and uploading all the data onto one server. It was time-consuming, rarely secure, and not very efficient. Today, businesses are considered to be using outdated methods if they’re still using software programs that remain on the desktop computer. Although these types of programs digitally capture and populate the information, they still need to be updated regularly and can’t be accessed when out of the office. 

Old school accounting systems are also normally manned by a large and full-time staff, including a CFO, accountants, bookkeepers, data entry clerks, and IT professionals – who take care of all the accounting operations as well as the regular upkeep, maintenance, and repair of the hardware and software.  Not only is this extremely expensive but it’s also not efficient if you need to scale rapidly.

How can you tell if you’re still running an old school accounting system even if you have the latest software installed? Ask yourself whether you can get access to your data if your accountant is out of the office? Or are you still using a server and large team to manage your financial affairs? If these ring true to you, then you’re definitely old school and missing out on a massive opportunity. Let us show you how accounting software has quickly improved and what the future holds!

What is Real-Time Accounting?

Today’s 21st-century accounting is cloud-based and in real-time. This means that it’s stored and accessible online, so you can use it anytime, anywhere, and from any device – even your mobile phone. You can send invoices, track expenses, and pull up your cashflow from halfway around the world. Plus, the accounting systems are fully automated, reducing time-consuming tasks and saving businesses more money. 

One of the major benefits of real-time accounting systems is that you don’t have to pay to have the software upgraded. It’s all part of the plan that you pay for. It also reduces the overall cost of having to pay for IT infrastructure, hardware, software, security, and maintenance. You don’t even have to hire a full accounting team. The advantage of cloud-based accounting is that they are often backed by an on-demand accounting team. They’ll take the bookkeeping and accounting completely off your hands so that you can focus on your priorities. Your business pays one low price or subscription and you get thousands of dollars worth of software and expertise at your fingertips.

How do you get access to real-time accounting for your business? By reaching out to the leading firm in cloud-based accounting. 

At Envolta, we help to transform businesses by implementing modern, cloud-based accounting into their business practices. For just one price you get access to thousands of dollars in software that will solve all of your accounting woes. We target solutions for your accounting needs, put the apps and software in place, and then add a dedicated team on to your account.  We’ll even teach you how to use the software to work seamlessly with your business. It’s as easy as that. You get automated accounting solutions that will allow you to spend more time on your business and less time on your books. To learn more about our services and process, contact us today for a free consult!

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