Cloud accounting packages have changed my life. How do I know? Well, my accounting practice has been using the cloud for a number of years now, and we have shared this passion with many of our business clients. We have seen first hand how cloud accounting systems positively impact our business clients’ lives by eliminating, time-consuming redundant work that is the bane of most businesses.
Mostly, cloud accounting allows greater access to real-time data, which increases engagement with businesses financials and assists in making decisions. You have probably seen or heard yourself about all the various packages out there of which the two largest are MYOB AccountRight Live and Xero. So how will a cloud package improve your life?
Cloud accounting software
Multiple versions of data files are gone, and backup is automatic. No more sending your accountant a backup of your accounting system on a CD or memory stick. We both can now log in and see the same accounting information at the same time. The files remains in real time, all the time. Even when you are working on the file, your accountant or bookkeeper can be working on the file at the same time. This allows the accountant to interact with you in real time and assist you with any questions while looking at the same information.
Data entry is so yesterday. Cloud-based accounting systems allow you to upload or automatically bring “live feeds” of your bank account and credit card transaction data into your accounting stream. This not only saves you time having to manually enter in all those transactions but will save you money that you used to spend on your bookkeeper. This intuitive software allow you to spend less time on administration and more time focusing on your business.
It offers mobility, flexibility and a better lifestyle. You can see your business account balances, outstanding invoices, overall cash position and much more from anywhere 24/7 as long as you can access an internet connection. These days, you can run your business from an iPad or similar tablet device and mobile phone as most cloud accounting systems have apps you can download to the device. This translates into a more flexible lifestyle while running your business.
If you’re interested in flying into the cloud, the tech savvy accounting team at Altias is here to help.