Transitioning from a desktop product to a cloud accounting package is one of the best decisions you could make for your business this year.
Single touch payroll is fast approaching all employers. If you haven’t made the switch already, now is the time to consider transitioning to a cloud accounting system.
Here’s what you need to know about the switch.
Put simply, ‘the cloud’ doesn’t really describe an actual 'thing', it is simply a term used to describe the process of using a device to access data and applications that are hosted remotely. Providing you have a reliable internet connection, cloud technology allows you to access your business data from any device, at any time from anywhere around the world.
Advantages of switching to a cloud accounting package
All the cloud software providers offer a single sign-on with your nominated bank, meaning you can automatically pull over your transaction history from your bank accounts. Not only will this mean you no longer have to manually enter data, but your data will be consistent across the board.
COLLABORATION AND ACCESS LEVELS
Cloud accounting enables to you collaborate efficiently with your team, your bookkeeper and your accountant. Every user will get their own unique user access and you can tailor the access to suit their needs.
Cloud accounting packages pull live data from your system which means your accounts can be fully reconciled and up to date every single day. This allows very accurate reporting and forecasting to be achieved.
The ability to access your accounting data anywhere in the world allows business owners to be totally mobile. Now there is no need for you to be in your office when you want to invoice clients, check your cash flow situation or process your employee’s payroll.
Third party applications (apps) are additional cloud software programs that perform specific tasks. Apps can take your cloud accounting system to the next level of efficiency. Inventory management, human resource management, point-of sale and job costing are just a few of the hundreds of Apps available that can seamlessly integrate with cloud accounting packages.
Where to next?
Every business is different and not all cloud accounting packages are cut from the same cloth.