You probably have now all heard of cloud computing, but how can it help you with your bookkeeping and accounting?

Presently the accounting software industry is going through one of the greatest changes that I have seen in 20 years since MYOB, Quickbooks and other desktop computer programs were introduced. 

 These changes are dramatically simplifying the process, providing greater efficiency and the ability to deliver more meaningful and timely information to everyone and once my clients have had a demo they are quickly converting.

The top reasons to consider changing to a cloud based package:

  • Instant access from any computer, tablet and even phone. As your data is now stored in offsite servers maintained by someone else all you need to access the accounting package is an internet connection. No programs or data are stored on your computer, it is just like internet banking.
  • Is it safe? We had the same questions about internet banking 10 years ago and now can’t live without it.  Cloud accounting has implemented the same security levels as the banks to ensure data security.
  • Better communication, 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 without having the delays of 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, hence a business with 3 partners can all log on at the same time from different locations to do invoicing, bank reconciliations etc without having to wait for access to the computer or send a 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.  Once setup users claim that it has reduced their data entry time by 50% or more enabling them to spend more time working on their business or with family.
  • All you need to do tell the program what the transaction was for, after time as the program learns about your business it will start to recognise the transaction, suggest how it is to be entered and all you need to do is click on OK … very easy and quick.
  • Software is updated automatically: The software is now 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.  In the recent heavy rain in Adelaide a friends roof leaked onto their computer wrecking the computer and they lost 8 years of accounting records!  They were diligent in taking backups onto a portable hard drive which was kept next to the computer … guess what also got wet and destroyed!
  • For those of us who have had computer stolen, hard drives break down and even floods, understand how valuable it is to have an upto date information.

One of the main programs I am recommending (and use myself) is Xero, see www.xero.com, which is a very easy to install and use system. 

For more information contact us for a free setup and 3 month trial.

Useful check for claiming your entitled deductions

Motor Vehicle Checklist

Are you claiming all you’re entitled to? RAA Membership, Parking, Car Insurance? Use this motor vehicle checklist as a guide to help maximise your vehicle related tax deductions.

DOWNLOAD CHECKLIST

Rental Property Checklist

Investment properties incur a number of expenses. Strata fees, insurance, interest and any repairs or maintenance just to name a few. Use this checklis to assist claiming all that you're entitled to.

DOWNLOAD CHECKLIST

Individual Tax Return Checklist

At the end of the financial year it can be a daunting tasks preparing your Individual Tax Return for lodgement. Use this checklist to assist with collecting all the information you'll need.

DOWNLOAD CHECKLIST

Rental Property Calculator

At the end of the financial year it can be a daunting tasks preparing your Individual Tax Return for lodgement. Use this calculator to assist with collecting all the information you'll need.

VIEW CALCULATOR