Changing any processes can be complicated especially those that involve sensitive data and can be overwhelming with the number of choices on offer.

If you don’t know where to start or are unsure of what software your business needs to improve its efficiency, look no further than our certified team who would be happy to assist you in finding the right software.

Or if you are in need of a bookkeeper, our team can process all your bookkeeping needs in house to allow for a seamless transition between yearly processing to end of year tax time.

 

What is the Cloud

To put in simple terms, cloud computing refers to the sorting and accessing of data and programs over the Internet rather than on your computer’s hard drive. The cloud is simply a metaphor that has been used in presentations and flowcharts as a representation of the enormous infrastructure of the Internet. As nothing more than a puffy white cloud accepting information and releasing the information as it floats along.

The cloud has transformed and disrupted many industries over the years, allowing business to operate more efficiently, cut costs and amplify results.

Through cloud accounting businesses can easily manage their finances in a faster and more secure way, allowing for real-time reporting and visibility of your business. With many automation features on offer cloud accounting can eliminate tedious and time-consuming data entry tasks.

 

Benefits of Cloud Accounting for your Business

There are several benefits for businesses to use cloud accounting software, some include;

  • The cloud removes the need for businesses to store and manage data, or maintain expensive computer hardware
  • Businesses can access their software from any mobile device with internet connectivity, making it a cheaper option than desktop-based solutions
  • High flexibility with businesses being able to update and access their information from any computer in the world
  • There is only one ledge that is your file in the cloud, this improves the accuracy of the information and minimises errors at BAS and tax time.
  • Businesses can interact with their tax agent in real time instead of having to collate information and send the data file manually on a regular basis
  • The software is automatically kept up-to-date by the provider, meaning you don’t need to download updates such as tax rates where the payroll module is used.
  • Automation capabilities reduce time and increase efficiency, allowing business to spend more time on growing the business.
  • Through software integrations businesses can create a whole ecosystem with add-ons, allowing your software to be tailored to your business needs. Integration also allows your software to ‘speak’ to each other reducing your data entry.
  • Its scalable, cost effective and easy to use

Do you have security concerns with cloud accounting?

When cloud accounting is discussed concerns surrounding security and data privacy are raised. It is the software providers responsibility to provide businesses with secure networks, the providers spend significant time and resources to ensure their servers are maintained at the highest security level. Features such as two-factor authentication are used along with other security protocols to ensure your data is safe.

Cloud accounting is a very secure way to store sensitive information. For example, if you are using cloud software, and your laptop is stolen, no one can access your data unless they have a log in to your online account. With cloud software, your information is stored on a secure external server as opposed to on your hard drive.

If there is a natural disaster or fire, business productivity will not be affected because there’s no downtime. As long as you have access to a computer or mobile device connected to the internet, your business will be back up and running.

When inviting users to view your data, you can also control their level of access, ensuring higher security than emailing your files or sending your data out on a USB stick.

 

Pricing plans

There are many providers such as Xero and MYOB that offer several subscriptions based plans tailored to what your business needs. The monthly subscriptions assist in flattening your businesses cash flow expense.

 

 

 

The transition to cloud might seem daunting and difficult, however if the potential business benefits outweigh the cost then it is worth considering. Our team will be happy to answer any of your questions and help make the transition as easy as possible.

Do you have lots of receipts to process and constantly looking for that one receipt or invoice to process. Never miss an invoice or receipt again with Receipt Bank.

Receipt bank is a digital accounting platform that allows you to keep all your receipts, invoices and bank statements in one place. Offering connectivity to thousands of suppliers, and your email to pull all the data you need into a single digital dashboard.

 

Snap it, send it, sort it!

Receipt Bank allows you to snap a picture of your receipt of invoice on the go.

Every line, accurately – Receipt Bank extracts every line of data with market leading accuracy, sorting it by supplier and sorting it safely for your business.

Automatic matching – Real-time accounting through a live connection to your business bank account, matching costs with paperwork, ready to publish in one click.

Real-time, right now – accurate live data with bank feed connections, matching costs with paperwork to give richer spending and cash flow insights.