When running a business, access to the most up-to-date financial data is vital so you can make well-informed strategic decisions. Cloud accounting can provide this.
Traditional desktop accounting software doesn’t show you the whole picture. Lack of access to real-time data can have serious consequences when making decisions about the future direction of your business. It can also have implications for the professional advice you receive. If your accountant only sees your records at tax time, it may be too late to remedy problems or suggest alternative strategies.
What is cloud accounting?
Cloud-based software is accessed through the internet and lets you enter and track all types of financial data in real time, from anywhere in the world.
You can control what information other people in your organisation can access, and share access with your accountant. Your accountant will be able to collaborate with you to manage all of your financial operations including expenses, payroll, purchase orders, invoices, financial reporting.
Benefits include:
- Banking – connects with your bank accounts, making reconciliations and bookkeeping simple, accurate and always up to date
- Invoicing – see at a glance who owes you money to customise, create, send and receive invoices
- Real-time view of your business – including your bank balances and money coming in and going out
- Reporting – easily generate and view interactive reports
- Extra support from your accountant – who can access the same bookkeeping records to:
- assist with day-to-day accounting if you fall behind
- identify areas that could save you money or benefit your business, such as payroll tax rebates and government grants
- help prepare your business activity statement (BAS)
- provide ongoing tax planning.
Contact us to learn how cloud software like Xero, MYOB and QuickBooks will give you a greater insight into how your business is performing.