CLOUD ACCOUNTING - THE WAY OF THE FUTURE
The internet has had a significant impact on how we bank, how we shop and how we communicate. It is only natural that the way we run our business follows.
At Andresen McCarthy Partners, we have monitored the progress of Accounting Software in the Cloud. Products such as MYOB AccountRight Live, QuickBooks Online and Xero can make a real difference to the way you manage your business.
We see this innovation as the future way for business. So what does Software in the Cloud mean to your business?
1. It's Accessible - Anywhere, Anytime!
Using an online accounting system is extremely accessible. It gives you the ability to access business information anywhere and at any time. A key feature is that some products are available to be run on mobile devices such as a tablet or on a smart phone - making it much easier for business operators who are constantly on the move.
2. It's a time-saver!
A lot of time can be saved when using an online accounting system by using the automatic import of bank statement data. The import is very simple to setup and it works with all sorts of accounts, including credit cards, savings accounts and overdrafts. Import rules can also be used to automatically allocate common or known transactions and this eliminates the need for some manual processing!
However, it is important to note that the bank statement data import only brings in the transaction details and does not allow your bank balance to be altered or money spent.
3. Up to date and reliable!
With data coming in from the bank on a daily or weekly basis and import rules reducing the manual data entry – online accounting systems allow you to make smarter business decisions with more timely information.
The days of saving a backup onto USB or a CD and sending a copy of MYOB into the accountant are going to END! At Andresen McCarthy Partners, an online accounting system allows us to login and assist you with a range of issues. This usually includes reviewing business performance, preparation of Activity Statements, assistance with significant transactions and year end adjusting journals.
A nice feature of cloud accounting systems is the automatic update when new features or yearly tax tables become available. You no longer need to buy the latest version, install the product, take a backup and upgrade.
4. Backup, Recovery and Security!
Accounting files are critical to any organisation as they hold all financial records of your company and those of others. Loss of data can be catastrophic and frustrating. We always advise clients to keep a backup of their own Company data and quality online accounting software can help you do that. Online accounting software such as Xero includes additional data backup, data recovery and security for your business!
5. Support, Costs and Updates
Most cloud accounting systems have no upfront fee and are charged on an affordable monthly basis. This monthly fee typically provides product support and in some cases 24/7 help desk to assist you whenever you need.
The annual updates charged by most vendors have been absorbed into the monthly fee.
6. Dashboard for the Business
A direct result of up to date information and bank feeds is the company dashboard which gives a quick snapshot on the important indicators for your business.
If you would like to discuss the various cloud accounting options, both offline and online, please give us a call.