Most recent startup businesses have adopted cloud accounting software because it is trendy and easy to use, however more mature businesses have been holding off making the change from desktop to cloud accounting products because they have been comfortable with what they have and know.
The speed and the functionality of cloud accounting software have improved greatly and the argument for changing from desktop to cloud is now strong.
The big advantages are – daily bank feeds, auto data entry and auto coding of bank transactions (saving you heaps of time) makes it so easy to keep your accounts right up to date; your file is accessible to you, your bookkeeper and accountant provided that you have internet access (your accountant will love you for you will never have to send them a backup again); paying superannuation electronically takes a minute or two using Superstream compliant accounting software. While writing this newsletter I was able to look into a client’s data file on the cloud and to help them with a payroll transaction where the salary sacrifice had been incorrectly processed.
The next level of advantage is smart applications that can enter supplier invoices automatically with minimal interaction from you, such as Receipt Bank, Entryless, InvitBox, Shoeboxed. Entryless is free for less than 300 transactions per month; Receipt Bank also has a phone app that lets you photograph an expense receipt which can then be automatically entered and coded into your accounting software.
There are over 350 cloud based business applications that can be integrated with your cloud file ranging from payroll, CRM, business management, reporting, job tracking, POS. It’s a whole new world of business automation that has been enabled by cloud accounting products.
We use MYOB, Xero and Intuit Quickbooks Online which are the main cloud accounting softwares in Australia; there are plenty of others available too.
If you are interested in changing from desktop to cloud, ask us for a demonstration.
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The Teamrace Team hope you had a wonderful break over Christmas and New Year and we look forward to working with you in 2016.