Over the past decade, technology has improved rapidly and changed the way a business operates. Cloud accounting has been a major contributor to improved business productivity, with software providers such as MYOB, Quicken, Reckon Accounts, Xero and Sassu continually releasing software upgrades that can save your business time and money.
So if you are still not using cloud accounting software, here are 10 reasons your business should switch today.
1. Access worldwide at any time – if you can access the Internet, then you can access your file. Gone are the days of your file being tied to one desktop computer. You can use any type of web browser across all platforms such as a laptop, tablet or mobile phone will enable you to access your file.
2. Multiple Users – owners, bookkeepers, employees, and accountants can all be authorised to access your accounting data. More than one operator can be using the live file at one time. If guidance is required, an accountant can be assisting an operator while being in the file at the same time.
3. Bank Feeds – the days of manually entering a bank statement into a package are over. Automatic bank feeds mean that it is simply a matter on allocation or confirmation. Transactions are automatically linked; for example receipts to invoices, and bills to payments. It is just a matter of confirming the suggested and memorised auto-matches.
4. Memorised transactions – set up rules based on numerous prompts for repetitive transactions. This is commonly created based on bank statement descriptions. For example Bank fees will be automatically allocated to the bank fee expense account, whenever they appear. The time savings here is significant.
5. Accuracy – it follows that with bank feeds and memorised transactions there is less opportunity for human error. No longer is there the need to search for the ‘current file’ sitting on the desktop or hard drive.
6. Automatic updates – Updates are fed into the cloud package without constant upgrades. For example there is no need to update when tax rates alter affecting items such as PAYG Withholding. Any compliance adjustments are adhered too automatically such as Superstream.
7. Instant access to current financial position – current financial reports are just a click of a button away. Management accounts become instantaneous enabling strategy sessions. An Accountant with access provides a far simpler process when it comes to tax planning.
8. No more Closing Journals – many cloud packages sync with Accountants software systems. This enables simple matching of tax agent files with that of the clients.
9. Improved Back-Up solutions – automatic back-ups provide simple storage. The chance of a mix up as to which back-up is the ‘live file’ is gone.
10. Mobility – invoice from the mobile phone after completing a job while still on-site. Invoicing efficiency is improved which has a positive effect on cashflow.
If you are ready to move to the cloud or would like more information contact your Accru Accountant. We can assist you in finding the right cloud based solution for your needs and will ensure a smooth migration.