Change Can Be Good
It is highly likely you would have heard of the term ‘the cloud’, and possibly ‘cloud computing’. But what is it really? A pie in the sky, ‘cloud nine’! How could it possibly have anything to do with bookkeeping and accounting?
The accounting software industry has recently undergone one of the greatest changes since desk top programs like MYOB andQuickbooks were introduced twenty years ago.
These changes have been a good thing! Cloud accounting has dramatically simplified the business management and accounting processes and in turn provided greatly improved efficiency. It means more meaningful information is readily available to everyone who needs it.
Once our clients have had a free demonstration of how cloud accounting can benefit their business, they are quickly converted.
The main reasons business owners chang to a cloud based package is for -
Instant access from any computer, tablet and phone.
Data is now stored in secure offsite servers maintained by a reputable third party. To access your accounting information all you need is an internet connection. You don’t need to store or download any programs or data to your device or risk losing it because of a virus, it’s just like internet banking.
Is it safe? Remember ten years ago, we were asking the same questions about internet banking … now we can't live without it. Cloud accounting has implemented the same security levels as the big banks to ensure that your data is secured at the highest levels.
You can invite your accountant and other advisors to see the same information as you to help you instantaneously with your transactions, GST and offer real time business performance advice. There are no delays or miscommunications sending data files back and forth.
Multiple users can see the same data
There are no limits to the amounts of people that you can allow to logon to your information. For instance, a business with three partners can all log on at the same time from different locations to do invoicing and bank reconciliations. No need to wait for access to the computer or send data files back and forth.
Data entry drastically reduced
Data entry is so last century. Online systems automatically import your bank transactions each day which saves you significant data entry and reconciliation time. Cloud accounting users claim that their data entry time is reduced by 50% or more, this means they can spend more time working on their business or being with their family.
Transactions are streamlined, once you have told the program what a particular transaction is, the program will start to recognise that transaction as it learns about your business. The program will soon suggest how that transaction should be entered and all you need to do is select and click OK, it’s so easy and, best of all, it’s quick! Much quicker than Quick books.
Software is updated automatically
The software is automatically updated each time a release is issued meaning that everyone is on the same version, payroll tables are automatically updated without you having to do anything.
No more backups
Well for those of you who were doing them! During a recent heavy rain in Adelaide a friend’s roof leaked onto their computer wrecking the computer and causing them to lose eight years of accounting records. They had been diligent in taking backups onto a portable hard drive which was kept next to the computer ... guess what that also got wet and was destroyed?
Visit our Technology Partners page to find out more about who we partner with to deliver the right accounting solution for your business.