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What Is Cloud Accounting?

What Is Cloud Accounting?

13 April 2018

If you want your business to work smarter and faster, cloud accounting software is a wise investment.

So what is this thing called 'The Cloud'?

Think about when you use internet banking. Every time you access 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.

What is 'Cloud Accounting'?

Cloud accounting is online accounting software that can be remotely accessed from any device or computer with an internet connection. Which effectively means you don't have to be tied to the one desktop computer. Most cloud accounting software also offer multiple levels of security to protect the software and your data. (Nice!)

How Cloud Accounting benefits your business

Cloud-based accounting software offers a number of benefits for businesses:

  • A clear overview of your current financial postion is readily available in real-time.
  • Multi-user access makes it easy to collaborate online, providing business owners the ability to interact with their accountant in real time rather than manually sending a data file or business records each quarter or at end of year.
  • Automatic updates are implemented which means you no longer need to download updates such as new tax rates where a payroll module is used.
  • You'll never have to worry about data file back ups and you can remotely access your data from anywhere in the word! (Reconciling accounts from a remote tropical island IS possible!) 
  • Upfront business costs can be reduced - a monthly access fee is paid which usually works out less than the cost of buying the software and then paying for annual subscriptions.

In summary, cloud accounting has transformed the way data is collected and stored, it can reduce repetitive tasks, enables better collaboration between ourselves and our clients and with the ability to examine and interpret data in real time we are able to give proactive and timely advice. (Which is vital when business owners need to make important decisions about tax obligations and business growth.)

Cloud computing is here to stay. As more and more businesses adopt it we are all affected in some way. As business owners, continuing to educate yourself about cloud accounting software will help you decide if it's best for your business at this point.

There are many online cloud accounting solutions available for business owners to use. At Bosco Accounting Nowra our speciality is MYOB and Xero. Contact our office on (02) 4421 6500 so that we help implement the best choice of secure cloud accounting software for your business.

Moving to the cloud could drive your business to a new level of success!


Find us at 5/39 Berry Street, Nowra