a group of people in suits - Online Bookkeeping
As the COVID-19 pandemic continues to evolve in the UK and Ireland, accountants across the countries are preparing measures to adapt and prepare for the months ahead. When the coronavirus hit the UK, it was difficult to manage the staff asking them to practice hygiene, avoid unnecessary travel, and seek out virtual solutions. But the pandemic has hit deep within which has forced accountants and accounting firms to adapt to the new normal. And in their struggle to overcome the restrictions imposed due to the pandemic, cloud technologies including online bookkeeping has seen a rise.

Accountants have switched to cloud-based software such as Xero and QuickBooks that can sync with their existing applications, and meet clients over the internet or phone instead of in-person. The current pandemic situation has proved to the world that working from remote locations is the future and leveraging technology is how this future is being shaped. 

Many accountants are also choosing outsourced bookkeeping services for low-yield tasks. If you are finding it difficult to manage bookkeeping in-house, you may also think about outsourcing bookkeeping and accounting services in the current situation where many outsourcing companies are helping UK accountants and practices to stay afloat by offloading their mundane yet important task while they focus on other core competencies of their practice that will help their clients to grow. Outsourced bookkeeping services is a viable option to be considered in these unprecedented times. Bookkeeping is experiencing a shift in the form of acceleration to digital transformation and automation of processes. 

Benefits of Online Bookkeeping services during the pandemic: 

New Working Paradigms:

As we all continue to face the coronavirus pandemic, more and more businesses, especially accounting professionals are working remotely. This is something new for the industry and requires more dynamic and remote access to business financial records and systems and access to accurate and timely information to make sound financial decisions, especially at tough times. Communication has also seen a major shift towards digital channels such as email, video conferencing, and online messaging apps and so on. 

Acceleration of digital transformation:

Online accounting software offer users secure and increased access to financial reporting and management systems for remotely working locations. Online bookkeeping software has helped accountants to enable real-time information to be shared with third parties, such as accountants with authorised permissions only. This means you’ll be able to receive more timely, accurate information, relevant support, and advice which is essential at this current situation anytime and anywhere. 

Increased adoption of cloud-based bookkeeping software is helping bookkeepers and accountants to drive business continuity for their clients and businesses. Bookkeepers and accountants are using cloud-based bookkeeping subscription services to connect into bank account and credit card transactions to track cash flow and expenses, providing a clear picture of financial performance to help the clients they serve to make more informed strategic decisions. This is an affordable way to help your clients and businesses to improve business operations, gain the flexibility to scale up or down the business, and save on infrastructure costs. 

Automation of processes:

Bookkeeping is related to some of the most mundane, time-consuming, and monotonous tasks, and those who deal with it get fed up with everyday billing, invoicing, and transaction reconciliation. Automated cloud-based bookkeeping software gives relief from all these and ensures it is done with perfect accuracy and efficiency. 

Accountants looking to stay abreast with the changing laws and regulations in current tough times may refer to websites for accountants that will provide them knowledge, tips, and news of the accounting industry. It is integral to keep learning new things in your profession to help solve client queries. Subscribe to Outbooks, Accountex, The Economist, Accountancy Age to keep yourself updated in the industry. 

There are long term benefits of outsourcing bookkeeping services. Some of them include:

  1. Reduction of costs
  2. Outsourcing technology
  3. Security and efficiency in a virtual environment
  4. Access to scalable technology

This pandemic has taught us many things and every industry has adapted themselves according to it. The decision to outsource bookkeeping services is the first step towards making life easier and processes safer. Outsourcing bookkeeping and other day-to-day accounting activities have also seen a rise as Accountants are trying to help their clients avail the benefits of the government aid packages.