What Is Cloud-Based Accounting?

WHAT IS THIS THING CALL 'THE CLOUD'?

Firstly, we need to understand what is “The Cloud” and what does it mean?

Let’s use internet banking as an example. Every time you access data, you’re using “The Cloud”. The cloud is a platform that makes data and software accessible online anytime, anywhere, from any device. Your hard drive is no longer the central hub.

CLOUD-BASED ACCOUNTING

Now that the “The Cloud” concept is more familiar, “cloud-based accounting” is accounting software that can be accessed remotely from any device or computer with internet connection. Effectively, you are not restricted to the one desktop computer. Also, most cloud accounting software offer multiple levels of security to protect the software and your data. (Nice!)

Basically, if you want your business to work smarter and faster, accounting online is a wise investment.

Cloud-based accounting has changed the way data is collected and stored. It can reduce repetitive tasks and enable better collaboration between accountants and their clients. With the ability to examine and interpret data in real time, pro-active and timely advice can be provided. (Real-time data is vital when business owners need to make important decisions about tax obligations and business growth.)

HOW DOES CLOUD-BASED ACCOUNTING BENEFIT YOUR BUSINESS?

Cloud-based accounting software offers a number of benefits:

  • A clear overview of your current financial postion is accessible in real-time.
  • Online collaboration with multi-user access. Allowing business owners the ability to interact with their accountant in real time rather than manually sending data files or business records each quarter or year end.
  • Automatic updates. Downloading software updates (e.g new tax rates where a payroll module is used) is no longer required.
  • Say goodbye to data file back ups and remotely access your data from anywhere in the word! (Reconciling accounts from a remote tropical island IS possible!)
  • Reduced upfront business costs. A monthly access fee is paid, rather than the cost of buying the software and paying for annual subscriptions.

CLOUD-BASED COMPUTING IS HERE TO STAY

As more and more businesses adopt cloud computing, we are all affected in some way. Researching the benefits of cloud-based accounting software will help you find the best fit for your business.

In conclusion, there are many cloud accounting solutions available for business owners to use, our speciality being MYOB and Xero. Contact our office at Bosco Nowra, Sanctuary Point or Sussex Inlet to discuss the right secure cloud-based accounting software for your business.

Moving to the cloud could drive your business to a new level of success!