A journal in accounting is the book where business transaction entries are first made as they occur. With latest developments in e-commerce, online journal diary has emerged to tap the new businesses based on the internet. There are several advantages of online journals which are discussed below.
The web-based journals use automated sequences of instructions in such a way that any activity in the website of the online business automatically gets recorded. When a person logs into the website, a record is made, when someone tampers with information or data on the site a record is also made. This works to prevent errors of original entry and to prevent fraudulent activities.
An automatic billing capability which sends out charges to clients when bills are due is the other advantages of web-based journals. The workload associated with offline journals when you are using manpower to go through all entries and send bills each billing period is a forgotten case with this. Invoices are created and automatically send to all clients.
Group emailing can be enabled for automatic emails. All you need is to create emailing groups of clients and you memorize the reports to be send, they will be send on the schedule you have set. In offline journals, you have to create these schedules and send them manually which is prone to delays caused by human errors or emergencies which are unavoidable.
The location of the customers may be important to some businesses. With web-based journals, it is possible to locate your customers as when they log in, the system records where they are logging in from. This may come in handy for such things as marketing campaigns as you know where most of your clients are located. With manual journals, this may be hard to keep up with.
With most offline journals you are only able to record one accounts receivable entry and accounts payable entry. This is not the case with journals based online because they will allow for multiple accounts payable and receivable lines. When consolidating accounts payable at the end of a reporting period it is very easy to do that on multiple lines. This is the same for accounts receivable.
In web-based journals updates of transactions are done immediately as they happen unless there is technical error or server error on your site which happens very rarely. The bank transactions are updated immediately too error free. Sometimes hackers can get hold of your site and deface it losing all data in it but with the online journals which update in real time means all data that was in it and had been backed up will not be lost all you need is to use the backup to get back all the information you had.
All these advantage show just how online journal entries can be of help to your smooth running of business. It may also help in cutting down operational costs since you don't need many personnel to enter the entries. Care should be taken, however, because clients' information can be accessed by hackers.
The web-based journals use automated sequences of instructions in such a way that any activity in the website of the online business automatically gets recorded. When a person logs into the website, a record is made, when someone tampers with information or data on the site a record is also made. This works to prevent errors of original entry and to prevent fraudulent activities.
An automatic billing capability which sends out charges to clients when bills are due is the other advantages of web-based journals. The workload associated with offline journals when you are using manpower to go through all entries and send bills each billing period is a forgotten case with this. Invoices are created and automatically send to all clients.
Group emailing can be enabled for automatic emails. All you need is to create emailing groups of clients and you memorize the reports to be send, they will be send on the schedule you have set. In offline journals, you have to create these schedules and send them manually which is prone to delays caused by human errors or emergencies which are unavoidable.
The location of the customers may be important to some businesses. With web-based journals, it is possible to locate your customers as when they log in, the system records where they are logging in from. This may come in handy for such things as marketing campaigns as you know where most of your clients are located. With manual journals, this may be hard to keep up with.
With most offline journals you are only able to record one accounts receivable entry and accounts payable entry. This is not the case with journals based online because they will allow for multiple accounts payable and receivable lines. When consolidating accounts payable at the end of a reporting period it is very easy to do that on multiple lines. This is the same for accounts receivable.
In web-based journals updates of transactions are done immediately as they happen unless there is technical error or server error on your site which happens very rarely. The bank transactions are updated immediately too error free. Sometimes hackers can get hold of your site and deface it losing all data in it but with the online journals which update in real time means all data that was in it and had been backed up will not be lost all you need is to use the backup to get back all the information you had.
All these advantage show just how online journal entries can be of help to your smooth running of business. It may also help in cutting down operational costs since you don't need many personnel to enter the entries. Care should be taken, however, because clients' information can be accessed by hackers.
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