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  • SP   Charles Gill

Smart Accounting

Smart Accounting

Cloud Overview

What is Cloud Accounting?

Cloud computing refers to transactions performed over the Internet. It's simply using the internet to access software rather than physically installing it on a computer. There are many advantages to switching to "the cloud". Below are some of the key advantages for business:

 

Why move to the Cloud?

There are major benefits in moving your accounting software to a cloud based product including:

  • Accessibility - You can operate the accounting software from a single computer with a standard modem providing an internet connection, without being connected to a server or having specific software installed on the computer. Your information can be updated and accessed from any computer anywhere in the world.

  • Collaboration - Business owners can interact with their accountant in real time instead of having to send the data file to the accountant each time. No more cumbersome transfer of data that can be corrupted or is out-of-date. We can both work on and view your accounting data at the same time! The result is real time collaboration enabling us to assist making business decisions based on current and reliable data.

  • Cost savings - A monthly access fee is paid to the software provider which usually works out less than the cost of buying the software and then paying for annual subscriptions or updates. The software is automatically kept up-to-date by the provider meaning that you don't need to download updates such as new tax rates where the payroll module is used. Further, it is expected that many software developers will move more towards only releasing and supporting their product in the cloud.

  • Data security - The privacy and security of your data is taken care of and is stored on secure servers, where it's backed up regularly. Your data is encrypted and it has the same level of security as internet banking. This means even if your computer is hacked or destroyed, your data is safe.

  • Real time data and time savings - The software imports your bank data so you can keep abreast of your cashflow daily. This data feed enables you to view your financial information in real-time and it gives you an up to date picture of the profitability and cashflow of your business. It also saves considerable time. 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.

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 contact your WDF team member for assitance.

 

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.

 

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If you have any queries regarding the above products or any other product please contact your WDF team member to discuss further.

Smart Accounting

Smart Accounting

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