Cloud Accounting

(source Xero website)

Why Cloud Accounting is good for business?

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If you want your business to work smarter and faster, cloud accounting software is a wise investment. Working in the cloud will give you a better overview of your finances, and improve collaboration with your team.

Accounting software shouldn’t be a chore to use

Small business accounting software that’s not available via the cloud can be tedious. Traditionally, it can suck up far too much of your business’ time and effort. This doesn’t add value, and takes the fun out of being in business. Cloud software can save your company time and money.

So what is this thing called the cloud?

Think about when you use internet banking. Every time you access this data, you’re using the cloud. The cloud is a platform to make data and software accessible online anytime, anywhere, from any device. Your hard drive is no longer the central hub.

Problems with traditional accounting software

  • The data in the system isn’t up to date and neither is the software.
  • It only works on one computer and data bounces from place to place. For example, on a USB drive. This is not secure or reliable.
  • Only one person has user access. Key people can’t access financial and customer details.
  • It’s costly and complicated to keep backups (if done at all).
  • It’s expensive, difficult and time consuming to upgrade the software.
  • Customer support is expensive and slow.

Why the cloud and accounting software are the perfect match

You can use cloud-based software from any device with an internet connection. Online accounting means small business owners stay connected to their data and their accountants. The software can integrate with a whole ecosystem of add-ons. It’s scalable, cost-effective and easy to use.

Point to carefully consider are:

  • Select a well-known supplier of cloud bookkeeping software, one with a good track record of providing the service.
  • Find out about the providers’ support service should any problems arise.
  • Know where your data will be stored and if it is not in Australia ensure that it is governed by Australian privacy laws.
  • Check what internet speed is necessary to work easily and quickly with your data.
  • Know how accessible your data is to others – who and why (under what arrangements/authorisations) to ensure that your data is safe and secure.
  • What training is required (if any) in order to use the bookkeepers software.
  • How easy is it to convert existing data to the online version.
  • Find others who are using the product and discuss the service they have experienced.
Check if the accounting software is compatible and links with other products that you use (e.g. electronic banking, credit card payments, email, Point of Sale, Word, Excel etc)

In the cloud, there’s no need to install and run applications over a desktop computer.

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BAS Due Dates

  • 1st Quarter: 28 October 2016
  • 2nd Quarter: 28 February 2017
  • 3rd Quarter: 28 April 2017
  • 4th Quarter: 28 July 2017