No pun intended with the ‘click with the cloud’, however as small business owners, we need to be more efficient with our record keeping and have our finger on the pulse when it comes to our customers, suppliers and overall finances for our businesses.

Cloud accounting software creates automation with the day to day processing of the transactions in your business. With automation comes efficiencies, however having an understanding of what information your cloud accounting software can produce can allow you to make informed decision about your business.

Here are some of the benefits of using a cloud accounting package.

Accuracy – Using the old cashbook or keeping an Excel spreadsheet is prone to errors and risks of that formula going astray!

Collaboration – Traditional accounting software only allows access to a single user which means key people can’t access financial and customer details. Utilising cloud accounting with a laptop, PC, smartphones or any other handheld devices lets users edit financial data and view real-time accounting information anytime, anywhere with an internet connection. It makes it easy for your team (Staff, Management, Advisors such as your Accountants & Bookkeepers) to collaborate.

Easy updates and free up storage space – Having a cloud accounting package, everything is done online, which means you don’t need to install updates or worry about ‘old’ data, it is in real time!

Updates are done behind the scenes and are conducted regularly and automatically by the software providers.

Security – Cloud technology provides backup functionality to prevent the possibility of data loss. You can control the privacy access of confidential data through allocating rights to particular users of your file. So even if your computer is stolen, or is dropped in a swimming pool on holidays, your data is safe and backed up because it is stored elsewhere.

Integration – Most cloud accounting software can integrate with other cloud-based software, which makes for greater control and flexibility (and saves on a lot of data entry!). If you have specific needs, say a payroll system or a management tool, you can often integrate systems using add-ons.

Efficiency – It is important to create efficiencies in the record keeping process and if you don’t have this information readily available and in real time, then you are flying blind. Have your financial information working for you behind the scenes means as a business owner you can spend more time focusing on revenue-generating activities. Seeing your data streamlined gives you a clear overview of your finances at a glance.

There are a couple of main players when it comes to cloud accounting packages which are Xero and Intuit Quickbooks Online. We certainly don’t favour one over the other, unless it is specific to your circumstances and therefore we would tailor a particular package to your business based upon your business needs. We are Xero Certified Advisors and Intuit Quickbooks Online Advanced Certified.

So whether you are Team Green (Intuit Quickbooks Online) or Team Blue (Xero), there is a cloud based solution for you.

If this is an area that you would like to explore further in your business, contact our office to discuss which cloud accounting solution would be suitable for your business.

The post It’s time to Scrap those Spreadsheet and Click with the Cloud! appeared first on HBT Advisory.

The digital disruption is here.

Cloud technology is fast replacing the old servers making data accessible anywhere and anytime with an internet connection. A similar thing has happened with client accounting packages.

Using a cloud-based accounting package to keep your financial information will allow your business to free up more time to do the things you would rather be doing in your business such as meeting new customers, finalising ‘that’ project you really want to get done.

You may also find on a personal level you may be able to get out and take the dog for a walk or even catching up on those episodes of Game of Thrones you have missed!

Why the hype around cloud-based accounting solutions? Here are some points for your business to consider.

• Quite easily, they save you time. They automate the process of data entry using data feeds in order to save time and automate the process of record keeping.
• Automation creates efficiencies, allowing you to focus on growing your business or having that extra time to focus on you as a business owner.
• There are apps and programs that your business may be using that integrate with these cloud accounting solutions. Also, you can have these cloud accounting packages on your smart phone as you can download the app for iphone or Android.
• You can see your financial information in real-time (as long as you are up to date with your allocation of transactions!).
• You can allow your Advisor (Accountant and/or Bookkeeper) access to your ledger to provide you with real-time advice and support.
• They are Super Stream compliant which allows you to electronically lodge information with the ATO to ensure your payroll compliance obligations are met with the ATO.

By having your information in real-time, you can get real-time management reports for your business from your Advisors. It allows you to be on top of the paperwork (electronically) and allows you to have your finger on the pulse when it comes to the performance of your business.

Andrew Harper is an Intuit Quickbooks Online Advanced Certified ProAdvisor and a Xero Certified Advisor. He provides implementation, training and support when it comes to these cloud accounting solutions.

Feel free to contact Andrew today for a no obligation meeting to discuss your business and should you be looking to advance to the cloud he would be able to work with you on the most suitable client accounting package for your business.

The post Unlock Business Efficiency with Cloud-Based Accounting appeared first on HBT Advisory.