CLOUD ACCOUNTING SOFTWAREDate: 30 Oct 2014
Choosing the best accounting software for your business, or switching from your existing software, can be an unnerving decision. 'Cloud accounting' and 'Xero' are hot phrases on many lips, but are they right for you?
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 SMEs over.
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 problems.
- Ability to accommodate 'live feeds' form multiple bank and credit card accounts, plus intuitively recognise recurring transactions and suggest coding to simplify the reconciliation process.
- 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 accounting system.
- 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.
Xero is 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 needs.
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