Is it really important to have knowledge of all the current Online Accounting Software?

Before you start your business, or if you are an owner of a SMEs, you are expected to know how to keep score (basic accounting), and how to maintain cash in your bank account (cash flow control). You need to know the basics. And after kick starting your business, if you decide to subscribe to any online accounting software, then it is also required from your to get familiar with computer software that is used to support your particular business. You can have the most advanced accounting software available, but if you feed garbage information in you are going to get garbage information out.  If the people who set up, maintain and use the software don't understand the information they are using it will be just that-garbage.

If your accounting fundamentals of online softwares are clears then you can talk intelligently about your accounting needs with employees, bankers, your own accountant and in that case any stakeholder.

But there are so many online accounting softwares available today. Is it necessary for you to know everything about all online softwares? The answer is a resounding NO. Because, as an owner, as an entrepreneur you are running a business, not an accounting firm, isn’t it? Beyond basics or fundamental knowledge, it would be like you are deviating yourself from your business objectives and concentrating more on accounting and book keeping. The professional accountants or accounting firms endeavour to continually horn their skills for continued relevance in the profession. No doubt you should keep yourself abreast with all latest news and trends. Indeed, now you have a option to outsource your bookkeeping software management to accounting preparation firms, as they have a team to handle all your account management requirements. In doing so you off load your burden of training your staff or to hire extra staff for managing it .

We at Corient, has been advising our SMEs clients the same, it helps them to save a great deal of money and time.

Author: Sachin Lohade is a Chartered Accountant and works with Accounting Firms to improve practice and reduce costs. He can be reached out at sachin@corientbs.com or you can visit www.corientbs.co.uk