Why we switched to cloud accounting

Every so often a new technology comes along which changes the way we do business. The cloud computing industry is one such example and is growing and evolving exponentially. As cloud accounting applications become more mainstream, perhaps you’re considering the benefits of switching to the cloud? Having recently made the switch ourselves, we believe that a shift to a cloud based accounting program can save you time, simplify your record keeping, and increase the accuracy of your records.

 

Cloud accounting 101

Traditionally businesses have owned and maintained their accounting software and stored their data on site. Cloud accounting serves the same function as your traditional accounting software except it runs on a remote server that you access using your web browser over the Internet. You don’t own your software – you lease it. Your data is stored in the provider’s offsite storage facility meaning that, as long as you have an internet connection, you are able to access your business financials from anywhere and using any device.

 

Time savings

The most impressive aspect of cloud accounting is the ability of cloud services to pull data directly from financial institutions. When properly set up, your accounting software service can automatically include your bank transaction records in your accounts. This significantly cuts the amount of time your business must devote to data entry and bank reconciliations.

 

Reduced cost

Cloud accounting eliminates the need to purchase hardware, accounting software, user licenses and requires no costly updates. You pay a monthly fee depending on the level of services you require and the product you are using. There are no extra costs for upgrading the software – upgrades are simply done at the provider’s end and you’ll receive notice of the extra features and functions are they are added. With accounts from just $50 a month, cloud accounting is an excellent option for start-ups and small businesses.

 

Anytime, anywhere

All of your financial information can be securely accessed 24 hours a day, 7 days a week. You can access your accounts from anywhere there is an internet connection – from your PC in the traditional way, from someone else’s pc or perhaps while travelling or on the road via your mobile device and tablet.

 

Improved teamwork

With your permission, remote access can be set up for Marsh & Partners to review your accounts and give real time advice. This puts you in a better position to take advantage of opportunities or to address financial issues faster and more efficiently. Multiple users can access your data at the same time regardless of where they’re located – allowing for greater flexibility with staffing.

 

Always up to date

Upgrades for tax and legislative changes are taken care of by the software provider. These are usually at no cost to you and are generally done late at night. Your data is always being treated correctly and the need to purchase and install software updates is eliminated – a major cost and time saving.

 

Real time data and reporting

Banks generally are very impressed with users of this type of accounting software as they are able to produce current year figures quite easily and don’t have to rely on historical figures. At a minimum you can view and share interactive reports and budgets in real-time, all prepared with a single click – no need to wait for month end. Management accounts can be completed in minutes and all reports link through to the source transactions.

 

Increased security

We believe your data is more secure on the cloud than on your desktop PC. This is because reputable software providers use remote servers – the same as those used by banks and international companies. Your data is continually backed up so that you don’t have to worry about problems with your server or internal back-ups not working. Online password access means there is no local data to be lost through improper use of office PCs. The system automatically logs out any user who leaves a login idle. The system will also track user activity so you can see which of your accounts is using or amending information.

Further help:

Depending on your unique business circumstances one software package may be more useful to you than another therefore it’s important to start with the right advice.

Marsh & Partners Bookkeepers are able to assist with your selection and help you transition from your current software package.

If you’d like to discuss cloud solutions with one our bookkeepers, please contact us on 07 3023 4800 or at mail@marshpartners.com.au

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