If you are still using traditional accounting software in your business, it might be time to consider cloud accounting. With more clients using cloud accounting each year, Edney Ryan has witnessed first-hand the time and productivity efficiencies it creates for business owners, their staff, bookkeepers and accountants.
The biggest problem with traditional accounting software is it limits you to one user at a time, hence failing to keep your bookkeeper or accountant in the loop. For them to access your financial data, they must rely on you to copy and send a file. Not only is this not secure, the information can be outdated before it reaches them.
From an accounting perspective, the cloud is a much smarter way to manage your business accounts, especially for those with more complex financial affairs. By partnering with a cloud accounting provider – such as MYOB, Xero or Reckon – you effectively offer your accountant, bookkeeper, staff, partner or advisor real-time access to your business data. This, in turn, provides them with a better overview of your current financial position, and allows you to make better decisions based on accurate and up-to-date business insights.
Some of the other advantages to moving to a cloud-based accounting system are outlined below:
- Access Information Anywhere, Anytime
One of the greatest advantages of cloud accounting is its accessibility. You can access real-time business data whenever, and wherever, you want. All you need is your device and an internet connection.
- Real-Time Data
Cloud accounting ensures you are always working with real-time data, a guarantee of the most current and accurate information.
- Collaborate with Your Financial Team
Cloud accounting’s multiuser capability makes it easy to collaborate with your financial team by sharing files with them instantly. It is as simple as inviting people to access the data online. You can even control their level of access.
Its multiple location capability allows the whole team to access and edit the information at the same time – no matter where you, or they, are.
- World-Class Security
The cloud is one of the most secure ways to store business information. As your data is stored remotely, your information will not be affected by theft, fire or business interruption at either your premises or those of your bookkeeper or accountant. Providers take significant measures to safeguard data by following industry best practice. Click here to read more about MYOB’s security commitment, which includes measures such as Two Factor Authentication.
- Automation
As cloud-based accounting is automated, it allows you to easily detect duplicated entries, fraud and other discrepancies, saving you, your bookkeeper and your accountant much valuable time.
- Integration
Cloud accounting will often integrate with your financial team’s other cloud-based software. Add-ons allow you to integrate payroll systems, Debtor and Sales software and lodge online Activity Statements and Payment Summaries. Also cloud accounting products are SuperStream ready, making it easier to adhere to new government compliance.
- Bank Feeds
Link your bank account to your cloud-based accounting system to ensure your financial records are accurate and up-to-date. Bank feeds automatically import and reconcile account transactions into your accounting system directly from your bank or financial institution.
- Invoicing, Payroll and Accounts
Cloud accounting has the ability to manage all your accounting needs including:
- Quotes and invoicing
- Payroll and timesheets
- Job tracking
- Stock management
- Accounts payable
- Real-time reporting
If you want your business to work smarter and faster, while staying connected to your accountant and bookkeeper, we recommend you invest in cloud accounting. With real-time access to your financial data, cloud accounting will not only provide a much clearer insight into your business’ health, it will also improve overall efficiencies for both you and your financial partners.
If you need assistance please contact us on (02) 9908 9888.