Cloud accounting and your small business
Running a small business in itself can be a demanding task for all entrepreneurs out there, whether in the start-up stage or all the way through to maturity. There are, however a number of tools available on the market to assist in the process. In recent years, "The Cloud" has revitalised how we operate, communicate and ultimately increasing efficiencies within our businesses. Read on to find out how the cloud can help you save precious time and money!
Traditional business owners are typically caught under piles of paperwork, payroll reports, authorising, receipts, filing and the list goes on. Streamlined and automated processes begin with a good accounting platform, enhanced through a network of add-on apps.
Accounting platforms such as Xero provide features including; bank feeds, custom invoicing, debtor management, inventory management, payroll, Super Stream services (AutoSuper), GST reporting, business performance reporting and document storage. All these features can be accessed through a web browser for a monthly subscription fee at an average of $50 a month. Using these softwares to their full potential will allow you to spend less time on your books and more time strategically planning your next move.
The main providers we specialise in are, but not limited to:
- Quickbooks Online
- MYOB AccountRight Live
Note: if you are a Mac user, we would recommend either Xero or QBO as these are web browser based platforms.
So why switch to the cloud?
- Readily available data and reporting enables us as your accountants to give you feedback on demand, in turn helping you achieve your business goals much faster.
- Bank feed transactions are automatically imported each morning, so you will always have an up to date overview of your business.
- Multiple users can be logged in at any one time. This means you could give us a call and have a query or software issue resolved in minutes!
- Software updates for Xero and QBO are performed automatically, so you will always be up to date and do not need to install anything yourself.
- Browser based platforms: there is no need to back-up your data file as they are securely stored online in the cloud servers.
- End of financial year documents are already saved and available for access.
- Finance applications: these can be completed through Xero and QBO directly with banks.
Your accounting software is central to your business. If you are interested in taking the next step, we have specific software conversion and training packages for your needs. Please contact our office for more information.