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E-accountant. How SMEs can save on reporting.

18.02.2014

Lately small business owners have been offered an opportunity to cut on accounting expenses. Online accounting services, which are widely used around the globe, become just as popular in Russia. They facilitate small businesses and sole proprietors to keep basic books and perform financial reporting.

Online accounting users only have to correctly enter the payment data into the system. The system will then automatically generate the required reporting and send it over to state tax department and government funds. The system generates all the necessary codes and other details, so that the user no longer needs to spend time searching for the right digits to be filled in the right boxes.

If something is not clear, a user can always contact a consultant and get the necessary assistance. This option is one of the crucial things about e-accounting system. SDM-Bank has recently conducted a survey among small business owners on banking matters. A great number of respondents said they lack financial advisory, sometimes most basic one – what details to use in payment orders, what codes and references to put in. Therefore online advisory service is quite a useful option for those missing a sound financial background.

Annual service fee is close to a monthly average salary of a regular accountant in a small company. This proves the efficiency, and is just as important.

Another benefit that comes with e-accountant is that it saves the trouble of keeping up to date on all the changes in legislation and keeping all the reporting dates in mind. All the software update process is centralized, and it is set to remind the dates through special tax calendar, which is also very convenient.

Now e-accounting services integrate their systems with online banking systems. Data exchange between the two systems is performed automatically, and businesses can do both e-banking and e-accounting in the same window. All the information is automatically uploaded from one system to another, and based on this information the system then generates reports, computes taxes, and sends documents to tax authorities and state funds. Accounting process therefore is all automated.

Well-functioning accounting is essential in building a qualitative partnership with a bank, and online services provide a cost-effective, yet adequate way to do that.

Supposedly even though an e-accounting service is fairly inexpensive and easy to use, not all small enterprises will switch to it. But it still provides another option when choosing between hiring an accountant and outsourcing their functions.

E-accounting would clearly be a good option for individual entrepreneurs, as well as for small businesses running cutoff accounting, having very limited or no staff, or running standard operations with insignificant turnovers. E-accounting based reporting would save them the trouble of learning all the accounting specifics or hiring a professional. Once the turnover or company office grows, then it would make more sense to switch to either an on-board professional or outsourcing.

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