Cloud Accounting Saves Time

May 22, 2015 | Accounting, Accounting & Tax

Lauren Bromley

Many of our clients have taken the opportunity to move their accounting software to an Online cloud Accounting package. Particularly over the past 12 months as these online products become more popular and efficient for all users.

We have found that clients that are using Online products are finding that they are saving a lot of time in their business and are getting a lot more efficiency from their information.

There are currently several Cloud based products on the market including;MYOB AccountRight Live
QuickBooks Intuit Online
Reckon One Online

Prices of these products range from $5 – $70 per month depending on the particular software.

When using Cloud Accounting your data is securely stored and processed on servers—or “in the cloud”. This means you are able to access your business financials from anywhere and using any device, as long as you are connected to the internet.

In addition to the flexibility of accessing your data from anywhere, servers are actively monitored and maintained. They usually have a much higher level of security than many small business networks and staff laptops.

There are several benefits to moving your accounting software to an Online, Cloud Based product.

Time Saving

  • You can see at a glance your entire bank feeds, sales data and invoices.
  • You can set up the system so that your bank and credit card information is fed into some Cloud products on a daily basis. The effect of this is a significant time saving in data entry and bank reconciliation time. Now it is possible for many businesses to reconcile their bank account within 5 minutes on a daily basis and know that the figures are completely up to date at all times
  • No more backing up files and sending to the Accountant. They can access your Cloud Based data with your authorization.
  • No need to run constant upgrades, the supplier looks after all of that. You can be certain that you are always using the latest version.
  • You can be On-site, raise an invoice for a client and email it to them, while also saving it in your cloud based data file.

Data security

  • Data security concerns around cloud accounting are minimal, and there are significant data security benefits too.
  • Business owners should be more worried about losing their financial data through computer crashes, or natural disasters.
  • o Many business owners are guilty of forgetting to backup their desktop accounting system on a regular basis. Most Cloud based systems constantly back up the data entry so that loss of information is minimal.

User access 

  • You can access your accounting information anywhere, anytime on any device.
  • Several users can be using the file at once for some cloud based products
  • Your accountant/bookkeeper can access your data file (if authorised) in order to prepare accounts or answer your questions.
  • Allows for real time collaboration with your accountant and bookkeeper. There has never been a better time to utilise the skills and advice of a good accountant who has access to your accounting data every day of the year.

It is important that if you are interested in a Cloud Based accounting program that you get some help when setting up.

Sitting down with your accountant or bookkeeper now to install a system and get it set up correctly from the beginning will save you stress and time next financial year end.

Please note that QuickBooks Intuit is currently priced at $5 per month, this offer will finish on 30th June 2015. If you have an existing subscription for this price promotion, your subscription will continue at $5 per month for the life of your subscription.

Please contact our office if you would like some further information on Cloud Accounting.

Related insights

ATO – Important Information

ATO – Important Information

ATO - IMPORTANT INFORMATION Warning - ATO attack on professionals The ATO has finally released its final version of the ATO approach on allocation of professional firm profits (PCG 2021/4) just days before the Christmas break with a start date of 1 July 2022. ...

read more
Federal Budget 2021/2022

Federal Budget 2021/2022

The video features Troy Smith, IOOF Senior Technical and Regulatory Change Manager, and provides clients with a high-level overview of the proposed changes referring them to the Client Summary Fact Sheet for more information. Federal Budget 2021 Fact Sheet...

read more
Federal Budget 2020

Federal Budget 2020

The Treasurer Josh Frydenburg released his 2nd budget as Treasurer on Tuesday night (5 months late) with a mantra on JOBS, JOBS and more JOBS plus business spending which they hope will create even more JOBS.  We have JobKeeper and JobSeeker already – budget...

read more

Subscribe for the latest news + updates

Get in touch to explore your opportunities with an LBW expert and discover your journey to a better financial future.