What is Cloud Accounting?
Cloud Accounting serves the same function as accounting software that you install on your desktop computer, except it runs on servers and you access it using your web browser, over the internet. 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 data from anywhere as long as you are connected to the internet.
Why move to the Cloud?
There are major benefits in moving your accounting software to a cloud based product including:
- Bank feeds – this functionality automatically imports your bank statements into your cloud based software, you are able to memorise repeating transactions and the software will automatically match customer receipts and supplier payments to invoices raised. This results in a significant time saving in data entry and in reconciliation of your bank accounts. The memorisation functionality also ensures the data is coded to the correct accounts.
- You are able to access your data from anywhere, anytime and on most devices. For example you can be onsite, raise an invoice for a client and email it to them, while also saving it in your cloud based data file.
- No more backing up files and sending them to your accountant. Third parties can access your data with your authorisation, which is then saving you time.
- Several users can access your file at once on most of the cloud based products. This means that your staff can work simultaneously or your accountant can access your file and assist you with a query you may be having all in real time.
- No need to run constant upgrades, your software provider looks after all this for you, also saving you time.
- Data security – data is encrypted and well secured in the cloud, it has the same level of security as internet banking. There are also data security advantages for example no more loss of data through computer hardware malfunctions and data is constantly backed up leading to minimal data loss.
- Most importantly with your data being up to date this allows for real time collaboration with your accountant to assist making business decisions based on current and reliable data.
What Cloud option is right for my business?
There are numerous cloud accounting products on the market, at WDF professional we will match your business with the most suitable cloud offering. Some examples of the packages available are:
- MYOB AccountRight Live
- Phoenix Live
- Accounts Hosted (Reckon/Quicken)
Note that even if you do not always have good internet service a cloud product still may be suited to your business as some of the offerings enable you to work offline as well as online. We recommend that if you are interested in a cloud based product that you get some assistance when setting up.
If you would like to gain efficiencies in your data processing and think cloud accounting product would be suited to your business or you just want more information please contact the team at WDF Professional on .