It would be fair to say that some small-to-medium sized
businesses are still trying to get their heads around cloud
accounting and why anyone would entrust an outside company with
their telling financial information.
Of course the irony is that with the number of hacking threats
today your financial data is probably in safer hands with a cloud
provider whose business model is reliant on security. For the most
part though it looks as though the benefits of tighter security,
greater flexibility and obvious future proofing are slowly winning
The benefits of cloud accounting software:
- Access to real-time financial information, which leads to
better informed and therefore more powerful decisions. Businesses
are able to deal with issues immediately before they become
- Ability to accommodate 'live feeds' form multiple bank and
credit card accounts, plus intuitively recognise recurring
transactions and suggest coding to simplify the reconciliation
- Eliminates the cost of buying, maintaining, backing-up and
upgrading a series of dedicated servers.
- Anytime access from anywhere there is internet access.
Smartphones have applications that offer useful extensions of the
- One file, multiple user access capability. Unique permissions
can be assigned to each user and file can be accesses by multiple
users at any one time. This means your accountant can logon at the
same time as you, see what you are seeing and, if they are any
good, resolve any issues twice as fast.
certainly the forerunner in the cloud accounting software space,
but MYOB, Quicken and others now have cloud-based packages.
Bellingham Wallace is a Xero Gold Partner and can help tailor the
system (and Xero's 200+ add-on applications!) to meet your specific