Cloud accounting solutions can boost your business, increase efficiency in your operations and provide you with more time to focus on what you do best. The products change regularly with various enhancements and it is important you have an advisor who can help you to navigate these.
As experts in cloud accounting solutions, and Certified Advisors of Xero, MYOB, QuickBooks and Reckon Accounts, we can help your business to extract the full potential from these products.
What is cloud accounting?
Cloud based accounting uses the same principals as traditional accounting but the data is hosted on remote servers – which means the data is stored ‘in the cloud’.
As a small to medium business, this means you don’t have to purchase and install expensive software programs that can quickly become obsolete. And perhaps more importantly, it means that you can access your business financial information from anywhere at any time – log in one your smart phone, tablet or computer.
Cloud accounting software is designed to minimise your work load, reducing data entry and providing you access to all your information when you need it most.
There are a number of suppliers for cloud accounting software packages – we are Certified Advisors of Xero, MYOB, Quickbooks and Reckon Accounts.
How can we assist you with cloud based solutions?
- Cloud File Health Check
- Set up and training of new files for cloud accounting platforms including Xero, MYOB, QuickBooks and Reckon Accounts
- Conversion of existing desktop files to any of the cloud accounting platforms
- Bookkeeping services
- Payroll and superannuation administration
- Continuing training and support
- Support with the different Add-Ons to maximise the efficiency of your operations
What are the main benefits and features of cloud accounting software?
Automated bank feeds
This feature is considered by some to be one of the greatest innovations in accounting. Automated bank feeds integrate the list of transactions in your bank accounts to your accounting software, allowing you to code transactions already in the system directly to revenue or expenses accounts, instead of having to enter one by one as traditionally desktop accounting versions needs to. This significantly reduces the hours of manual data entry required to get your bank accounts reconciled.
Once you have started coding your transactions from your bank feeds, most of the cloud accounting software programs create a database from recurring transactions you have entered and identified. This gives you transaction memorisations.
For example, in the beginning you will need to allocate your petrol bills to Motor Vehicle expenses, but eventually the software will suggest this match to any transactions containing keywords linked to that recurring transaction. The software will set up this coding for you and you just need to tick the confirmation button. It’s as simple as that, saving on data entry and time!
As an alternative to transaction memorizations, you can create bank rules to avoid misallocation of transactions. You can identify the key words that you want to allocate to certain accounts and even use multiple accounts when creating a bank rule.
How does this work? Let’s say you are a sole trader using your motor vehicle both for business and private use at a rate of 90% and 10% respectively. You will be able to create a bank rule so that every time that the keywords Caltex, BP or Fuel appear on your bank transactions the spend will be split with 90% to the business Motor Vehicle expenses and the remaining 10% to your private drawings account.
Automated superannuation payments
For those doing payroll you can easily set up your cloud accounting software to allow processing, lodging and paying your employees superannuation contributions in just one step. It is as simple as running the reports to make sure all figures are correct, and then selecting your automated super function and processing the super payments.
This functionality will lodge the information to the Superannuation Clearing House and each employee’s individual super fund. It will also direct debit the money from your nominated bank account, all with just one click.
Other functionalities of cloud based solutions
- Simplified BAS reporting
- Divisional tracking & reporting
- Access from anywhere anytime with an internet or mobile data connection
- Multiple mobile devices (tablets, phone, etc)
If you want to find out more….
One of our skilled team of accountants and bookkeepers can help you to maximise the benefits of an accounting cloud base software and tailored them to your specific business needs. Call or email for an appointment to find out more.