Why Should You Care About Real-Time Accounting?
By: Rachel Raupp
Many people believe that having everything right at our fingertips at a moment’s notice is a bad thing. However, when it comes to your accounting records, it is the best thing. Real-time accounting allows you to access and check your records at any time from any device, 24 hours a day, day or night.
You may be wondering how this could benefit you. Our question is: how could it not? You’re able to check your business’ Income Statement and Balance Sheet any time of day, assessing the profitability, cash flow, assets and liabilities of your company. Your account balances, revenue and profit will be up-to-date with your latest information.
Why wait until the end of the month, or even longer, when your records are finally compiled to see how you’re doing? Beyond seeing your company’s numbers instantly, you can have some peace of mind knowing that the newest and latest information has been added. There will be a faster correction of any errors, versus letting those errors snowball into something bigger and messier when found at the end of the month, or quarter, or whenever you typically get your books done.
Being able to catch identity theft or fraud right away is also a big benefit of real-time accounting. If something doesn’t seem right and you become a victim of either of these unfortunate events, you will be informed and aware much, much sooner. In result, you can act faster and fix the issue before it worsens.
Real-time accounting will increase your accountant’s role. They will be able to give you better advice based on your latest numbers, while also trying to spot any recent issues that may arise and work with you to avoid them.
Why pass up the chance to take advantage of an opportunity this convenient, efficient, and productive?