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E-accounting

What is e-accounting or online accounting?

Many successful companies have understood that anything beyond their main activities should be outsourced from professional service providers, to ensure maximum efficiency. The same applies to accounting as well. The need for accounting services varies, depending on the main activity and the size of the company. Sometimes it is impossible to provide a full-time job for an accountant and therefore it would be more sensible to outsource the service. It is even more convenient to use an accounting service along with accounting software that provides an overview of the current status of the company’s finances in real time. This is made possible by using e-accounting.

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E-accounting – why and for whom?

Online raamatupidamineAlong with its main activities, a company also has to manage the processing of a huge amount of data, prepare statements and submit them. For example, a salesman needs a list of quote requests waiting for offers, an assistant needs information about outstanding invoices to deal with late payments, and the manager needs a list of next month’s orders for an analysis. Processing large amounts of data without suitable software is unthinkable in the present day, as it would be much too time-consuming.

Professional business software allows you to enter and process data without any unnecessary activities, as many of the processes run automatically and quickly. Well planned accounting saves time and resources, and leaves more time to focus on the main operations.

E-accounting is meant for general financial accounting, inventory, payroll processing, and personnel administration. The service is suitable for smaller or larger enterprises that need constant and direct access to their accounting data. Online accounting services are especially convenient for e-residents who run their business in Estonia but reside themselves abroad.

How does e-accounting work?

For e-accounting, the same software needs to be running simultaneously in the customer’s computer and in the accounting office. The customer would log in to the accounting programme running on the server of the accounting service provider. The programme allows you to submit queries about the financial status of your company, print reports, view and change any data, prepare, change, view and enter invoices into the system 24 hours a day. The customer can work side by side with the accountant, discussing any issues or asking for explanations.

Well implemented accounting supports the collection and processing of management information. A proper information management system enables you to add and process data that are not included in the accounts, ensuring the availability of all necessary information.

What are the merits of e-accounting?

  • Flexible – quickly customizable, according to the needs of companies operating in different sectors and with different requirements.
  • Functional – software modules for general financial accounting, inventory, payroll or personnel administration can be used together or independently.
  • User friendly – simple and efficient to use.
  • Current – provides direct access to accounting data 24 hours a day.
  • Automatic – repetitive processes have been streamlined and automated.
  • Trustworthy – simple to avoid and find any faults caused by human errors.
  • Secure – the database is located in a reliable and secure server.
  • Convenient – clear and easy to divide various tasks among several people, both within the company and between the customer company and the accounting office.

Online accounting is a convenient bookkeeping method for companies that need constant access to their financial details and reporting facilities. The software is easy to use and it helps save time and resources by making any repetitive operations redundant, since many of the processes have been automated.

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