How your business can benefit from cloud accounting

Many businesses are enjoying the benefits of cloud accounting and using software like XeroMYOBQuickbooks or Reckon.  But there are so many other advantages to moving to the Cloud, not least because of the myriad of complementary software additions now available.

It was only a few years ago that cloud-accounting software was a rarity. Nowadays, the impact of cloud computing on Australian businesses is huge. However, the transition to cloud accounting is still in progress and many companies still use desktop-based accounting software. If you’re still using desktop software, then you might want to take a look at Microsoft Power BI. Or if you’re considering cloud accounting or want to get more out of the cloud accounting software you’re already using, there are some great add-ons to consider. We provide an overview below.

Smart reporting

Before investing in new software, you first need to decide what reporting you need. In order to run your business better, you need to determine what information do you need, at a touch of a button?  If you’re a restaurant, that might mean knowing the gross profit margin of each menu item. If you have staff on the road, you’ll want to know where there is down-time, so you can allocate jobs more efficiently. If you run a sales team, you’ll want to track their performance. Cloud accounting software will only get you so far. There are many other software tools that can really make a difference to your business.

  • Microsoft Power BI– this is a suite of business analytics tools that can connect to hundreds of data sources, simplify and analyse the data, produce reports and help you to create a personalised dashboard with a unique 360-degree view of your business. You can use this software if you haven’t made the move to cloud accounting and can’t access the internet to use it. But for those of you who have moved it can also work on the cloud too. Either way, it can give you really meaningful insights into your financial data.
  • WorkflowMax– this software add-on is great for keeping track of things, helping you manage projects and jobs. You can track time better, quote more efficiently, understand your job costing more effectively, have better CRM and know how you’re tracking against quotes. This is probably the most powerful add-on we have come across for making a difference to our clients’ businesses.
  • Deputy– if you’re in the hospitality industry, for example and spending a lot of time scheduling employees, this add-on can schedule and reallocate shifts with just one click.  For staff communication it’s great because you can share messages, assign tasks and even reward employees. It even feeds into your payroll system.
  • ReceiptBank– anyone who wants to be paperless would benefit from ReceiptBank, as it gives you online storage of receipts and invoices. You simply take a photo of your receipt or document using your tablet or phone and publish to the cloud. But the real time-saving comes from extracting the data in those receipts and invoices.  At a click of a button you can extract information that would take your bookkeeper hours.
  • Kounta – retail and hospitality businesses benefit hugely from this Point of Sale (POS) system. It’s great for the checkout process, processing payments, store management, multi-site management, managing multiple products and inventory…and even for CRM.
  • Crunchboards– the real-time reporting provided in this software is fantastic.  Live data is accessed from your accounting software, which is used for budgeting, data comparison and KPI measurement.  Our clients also use it to track the performance of non-financial data, making planning and forecasting so much easier.

We’ve helped many clients totally automate their businesses and these tools are ideal for anyone who doesn’t like book-keeping, because you don’t even need any accounting knowledge!

If you would like help working out how you can make the most of some of these tools, please contact your local office and see how we can help your business. 

About the Author
Ainsley has a logical brain and likes things to balance. Coupled with a natural ability for maths (first evident early in school reports!) a career in accounting was always likely.
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