What is Cloud Accounting?
Cloud accounting is best described as ‘online accounting’. Instead of installing and running your accounting software on your local computer you access the software and your data files over the internet. Your data is securely stored ‘in the cloud’ rather than on your local hard drive or server which means you have access to your financial data from anywhere, at any time, using any device including your mobile phone or tablet. All you need is an internet connection. Most people now use the cloud for applications like internet banking.
Is cloud accounting right for you?
Here at Hyde Cooper Wells we aim to help you unlock the financial potential of your business. One of the foundation stones in your business 'wall' is your accounting software and one size certainly doesn't fit all businesses. There are a number of software packages on the market and they vary in functionality and price. Before we recommend any accounting software package we always ask three key questions:
What does your business need? Payroll, inventory, debtors, creditors, invoicing or a full blown general ledger so you can produce your own financial statements?
What is your level of accounting skill?
Do you want a cloud based system or a conventional desktop solution?
As such, your choice of accounting software will depend on your business needs and level of accounting skill. For that reason we support a number of different programs including cloud based solutions like Xero. Increasingly our clients are opting for cloud based bookkeeping solutions because of the flexibility. You can run your business from home, work or on the go. The cloud also has the benefit of 24/7 access and all you need is an internet connection and your password.
You can access your financial data via the internet and invite your accountant or bookkeeper to view your accounts at the same time. This means you can get bookkeeping assistance and valuable advice in real-time. Log in online anytime, anywhere on your Mac, PC, tablet or smart phone to get a real-time view of your cashflow. Your data is completely secure, even if your computer is lost or stolen. Your data is automatically backed up and stored at various secure offsite locations.
All your invited users have access to the latest version of your financial data and you never need to worry about installing software or updates. Your data is never out-of-date and provided your subscription is current, software updates are automatically available when you login. Large upfront fees and switching costs are eliminated using cloud based solutions. These services run on a pay as you go basis so you only pay for what you use and the costs are 100% tax deductible.
We want to help business owners reduce the time, cost and frustration associated with bookkeeping. Ultimately the idea is to let you spend more time working ON your business and your marketing and less time on your record keeping. If you would like a demonstration of a cloud based software solution to assess the suitability for your business, contact us today.
Finally, if you're a committed and ambitious business owner looking to accelerate your business success we invite you to book a FREE, one hour introductory consultation to discuss your business needs. You can expect practical business, tax, marketing and financial advice designed to help you build your business and grow your wealth. To book a time, contact us today on (03) 5995 3466 or complete your details in the box at the top right hand side of this page. We look forward to working with you so your business is more proftable, valuable and saleable.