Online Accounting Tools Help SMEs To See Clearly In Muddy Economic Waters - Business - Small Business

During a recession, businesses that are very well organised and adaptive will stand the best chance of surviving and prospering. New tools such as web-based accounting software can help SMEs prepare for uncertain times.

The recession will hit many SMEs hard. The risks to business are many, chief among them falling sales and revenue. Smart businesses scan the environment in steady economic times, for signs of rough water ahead. They are then in a strong position to find new opportunities, and leverage those opportunities, during the downturn.

Robust accounting systems are an essential requirement for any business hoping to predict when a tight time is around the corner. If your books are in perfect order, you will be able to access highly accurate, up-to-the-minute information on your financial status, and spot trends early. For SMEs with limited resource - often with no in-house accountant - this is easier said than done. However, the growth of Software as a Service, and specifically online accounting systems, could change all that.

Web-based accounting software is becoming increasing popular with businesses of all sizes looking to improve analysis and reporting, or facilitate remote working. With online accounting systems, all a businesss financial records are securely stored remotely, and so can be accessed by anyone with authority, wherever and whenever they are needed.

A leading web based accounting system like Xero, for example, not only lets businesspeople view their accounts online, but can also produce sophisticated reports which allow even non-specialists to quickly get an understanding of the position of the business.

It is this kind of functionality that makes online accounting invaluable during uncertain economic times. Apart from lowering your IT operating costs, web-based accounting software will also facilitate remote and collaborative working, allowing businesses to find new, more efficient ways to work. And of course, a good online accounting package will make it easier for you to conduct accurate analysis of your financial situation, so next time the cycle wont take you by surprise.

Xeros web-based accounting software is easy for business owners to use while still providing enough detail for accountants. By managing their accounts online, businesses create a single set of up-to-date accounts and financial information accessible from any web browser. To learn more about moving to Xero online accounting visit

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