When running a business, access to the most up-to-date financial data is vital so you can make well-informed strategic decisions. Cloud accounting can provide this.
Traditional desktop accounting software doesn't show you the whole picture. Lack of access to real-time data can have serious consequences when making decisions about the future direction of your business. It can also have implications for the professional advice you receive. If your accountant only sees your records at tax time, it may be too late to remedy problems or suggest alternative strategies.
Cloud accounting, also referred to as "online accounting", serves the same function as accounting software that you would install on your computer, except it runs on the provider's server and you access it using your web browser, over the Internet.
Your data is securely stored and processed on the provider's server-or "in the cloud". This means you are able to access your business financials from anywhere and using any device, as long as you are connected to the internet.
You can control what information other people in your organisation can access and share access with your accountant. Your accountant will be able to collaborate with you to manage all of your financial operations including expenses, payroll, purchase orders, invoices, financial reporting.
There are many benefits to using cloud accounting. In addition to the flexibility of accessing your data from anywhere, you never need to install software on any device and updates are automatic.
- Banking – connects with your bank accounts, making reconciliations and bookkeeping simple, accurate and always up to date
- Invoicing – see at a glance who owes you money to customise, create, send and receive invoices
- Real-time view of your business – including your bank balances and money coming in and going out
- Reporting – easily generate and view interactive reports
- Higher reliability – cloud solution providers usually operate systems that can be more reliable than in-house servers or stand alone desktops.
- Improved back-up and recovery – backing up in "the cloud" and recovering data from "the cloud" is considered easier (but not necessarily more reliable) than it is on physical, on-site devices.
- Easy to get extra support from Murray Nankivell by granting permission can access the same bookkeeping records for one-on-one training or show you how to correct records without you having to leave your office or home.
Murray Nankivell has experience with all the popular cloud accounting packages available on the market today and can help guide you to select the right software to suit your business and working preferences. Contact us to learn how cloud software like Xero, MYOB, Reckon and QuickBooks help make your life easier on the book-keeping front and give you greater insight into how your business is performing.
Can't wait then click on the Xero icon for short product videos of features and 'how to' for these popular cloud accounting software packages. These videos will give you a glimpse of the look and feel of the capabilities of the impressive power and flexibility of this technology.
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