Busted! Don’t Believe These Online Bookkeeping Myths!

Bookkeeping is a key aspect for any business to manage and organize its financial data. It also helps them plan ahead and make smart decisions. With the advancement of bookkeeping technology, it is easy to prepare accounts and store them online. These accounts can be accessed from anywhere with a network connection, thereby benefiting businesses and their bookkeepers. Moreover, with online bookkeeping, companies don’t need to worry about data theft or destruction as they have a foolproof backup system that stores these records under high security.

Despite these advantages, people have concerns about online bookkeeping. This is mostly the result of misunderstandings and myths about the concept of bookkeeping online. To help businesses to steer clear of these misconceptions, Freestone Associates has debunked two of the most widely believed myths about online bookkeeping.

Myth 1: Online bookkeeping poses a security breach
It is common for business owners and individuals to have second thoughts or reservations about online bookkeeping services due to the sensitive nature of their financial records. But rest assured, this is clearly untrue! Know that a company like QuickBooks uses the same security with their software as a bank does. If anyone still has some questions or concerns about this, they can reach out to us for further details.

Myth 2: Online bookkeeping software is expensive
It won’t cost an arm or a leg! As online software provides a more efficient system through automation, it saves many hours of manual data entry while improving the quality of the data and freeing up time for value-added analysis.

Customers often believe these common bookkeeping myths as they try to save money. Hence the notion “Penny wise, pound foolish.” At Freestone Associates, we strive to be as accurate as possible while being cost-effective. We don’t spend $100 to chase one cent, but we add value by finding and saving money that compensates for our fees. At the same time, we relieve the business owner’s stress by being responsive and reliable.

So, if you’re looking to steer clear of more myths like these, reach out to Freestone Associates. As a leading bookkeeper and QuickBooks specialist in Toronto, Ontario, we offer years of multi-industry bookkeeping and office management experience to business owners and individuals. Our services are available to clients across Etobicoke, Toronto, Mississauga, North York, Oakville, Vaughan, and the surrounding areas.

For a complete list of our services, please click here. If you have any questions about accounting and bookkeeping, we’d love to hear from you. Please contact us here.