Have you heard about the cloud? Apparently it’s this mysterious no mans land style place where you send all of your information to be stored and retrieved at a later date. I’ve been hearing about the cloud for years; I’d go to a seminar and the speaker would declare “Cloud Accounting is coming – get ready!” I’d dutifully research and check out the cloud accounting options, speak to my clients and come to the realisation year after year that this was not something necessary right now.
Well – times change and as someone who hates change but tries very hard to embrace it, I need to tell you that Cloud Accounting is here and it’s something that should absolutely be investigated for your business. In very basic terms, cloud accounting allows you to do your bookkeeping online. There are many benefits from being able to access your data anywhere, anytime right through to cost and efficiency savings (my favourite!)
From an accountants viewpoint, cloud accounting offers us more direct access to your data and the ability to make changes to your file while you continue working on your live data file. In my opinion, this is good and helpful but not in the “I can’t live without this” status. I am more interested in the benefits that directly effect you. If you or your employees do some data entry that is then finalised by your bookkeeper, there’s no longer a reason for your bookkeeper to take your computer or file offsite – you can both simply work simultaneously. It’s also great if you need some assistance with just a few transactions on your data file, we can easily log in and help you out.
In the last 12 months both Quickbooks and Myob have come a really long way with their developments in this area. Quickbooks online is mac and pc compatible and there’s 3 difference editions, each with their own capabilities as far as GST, invoicing and expense tracking. This allows you to only pay for what you need and the fee is charged on a monthly basis. Quickbooks is offering a 30 day free trial to see you if you like it. Similarly Myob offers “Live Accounts” with the same free trial and monthly payment options.
Whether you currently use Quickbooks, Myob or are considering looking into Xero – I strongly recommend that you contact your software provider and ask about the options available to you. I’m happy to assist anyone thinking of changing over – just give me a call at the office on 07 5576 0011.