Cloud-Based Accounting

WHAT IS CLOUD-BASED ACCOUNTING

No doubt you’ve heard the term ‘The Cloud’ bandied around conversations, articles, or the office, but what does it actually mean for the way you do business?

For us, cloud-based accounting software means we can perform real-time bookkeeping services without being in the same physical location as you, our clients. Everyone involved can access up-to-the-minute finance data in a secure online platform. It saves time that could be better spent elsewhere.

Before we go any further though, there’s something you should know.

THIS IS NOT A SALES PITCH

Clearly, we’re thrilled with the way cloud-based bookkeeping software is heading in, and want to explain where our enthusiasm is coming from, in this post.

We’re not trying to sell or push you towards anything you don’t want or need, but believe it’s important for you to have a thorough understanding of your options and how they may benefit the running of your business.

We genuinely believe cloud-based software, like the products we’ll describe below, are game changers, perfectly suited to today’s remote and busy workforce, particularly small to medium-sized businesses.

We’re passionate about supporting small-medium sized businesses – we are one – so if we can offer guidance, share an opinion, or help streamline your systems and procedures, then that’s what we’ll do, starting here.

So with that out of the way, let’s get into it!

THE BENEFITS OF WORKING IN THE CLOUD

There are many benefits of using cloud-based accounting software, including:

A complete, up-to-date overview of your finances
Single location for easy storage, collaboration and file sharing
Accessibility at any time, from anywhere, allowing for flexible work practices
Use on any device (desktop, mobile, tablet)
Greater security than a hard-drive and easy to backup
Cost effective (often charged by monthly subscription)
Automatic upgrades.

Cloud-based accounting software ensures connectivity and uniformity across your financial systems.

IT MAKES US MORE EFFICIENT BOOKKEEPERS

Cloud-based accounting has had a dramatic impact on our own business processes, so we know first-hand how much time, flexibility and freedom it offers our clients. Gone are the days of being tied to a desk, juggling paperwork and getting lost in spreadsheets – like you, we can work from anywhere, on any device, at any time – simultaneously.

OUR CLIENTS RECEIVE BETTER SERVICE

The introduction of new technology doesn’t mean the end of our service. It simply improves upon a good foundation, creating greater efficiency and faster solutions for your business. We’ve researched and used each of the software products we recommend to our clients, and because of this, we’re able to match the right platform with their business needs, with confidence.

IT’S EASY TO USE

You don’t have to be a tech genius to use cloud-based software — if you can send an email, you can handle these products. We’re here to educate and support our clients, end-to-end, and because everything is ‘in the cloud’ we can access their books and talk them through any issues over the phone.

IS CLOUD-BASED ACCOUNTING SOFTWARE SECURE?

We can’t comment on every piece of software on the market. However, we can confirm the products we use, MYOB, Quickbooks, Xero, and Receipt Bank are secure – we wouldn’t use or endorse them otherwise.

In fact, we’d go as far to say that data stored (and backed up) on these platforms is more secure than traditional methods.

You’re in complete control of who has access to your financial data.

WHICH PRODUCTS DO WE USE?

We use MYOB, Quickbooks, Xero, and Receipt Bank (a software solution used to automate data entry that can integrate with all three platforms). Each of these products has features that make running small to medium sized business financials as streamlined and easy as possible, and each comes with state-of-the-art security, support, and premium user experience. We can advise you on the best product for your business, and provide education and assistance on an ongoing basis.

CLOUD-BASED ACCOUNTING SOFTWARE AT A GLANCE

If you’re new to this type of software or thinking about introducing it into your financial management systems, here’s a brief overview of each of our preferred products:

XERO

Includes (but not limited to) automatic bank feeds, bill payments and invoicing, reporting, payroll, budgets and Activity Statements. Xero can integrate with over 500+ time-saving apps to suit all types of business types and needs.

QUICKBOOKS ONLINE

Quickbooks Online can manage everything from producing Activity Statements, transaction reconciling via automatic bank feeds, online invoicing to payroll. Like Xero, Quickbooks Online can now receive automated Receipt Bank data on the cloud.

MYOB

Suitable for PAYG, GST, and BAS reporting, payroll, and invoicing, MYOB is ideal for small and medium sized businesses.

RECEIPT BANK

Abolishes the need for manual data entry by extracting data from receipts and invoices and sending it to integrated software like Xero or Quickbooks Online.

WHERE CAN I FIND OUT MORE?

You can find out more about each of these products online, or by contacting us for a chat about your business requirements.

If you’re already using cloud-based software, we’d love to hear about your experience so we can assist you in getting the most out of your chosen product, and better advise our other clients.