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.

 What is cloud accounting? 

Cloud-based accounting uses the same principles 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 on your smartphone, tablet, or computer.  

Cloud accounting software is designed to minimise your workload, reducing data entry and providing you access to all your information when you need it most.  

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, and Quickbooks
• 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
• Provide timely management reporting so that you can stay on top of your financial position throughout the year
• Track your income and expense items live against a set budget

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 expense accounts, instead of having to enter them one by one as traditionally desktop accounting versions need to.  This significantly reduces the hours of manual data entry required to get your bank accounts reconciled. 

Transaction Memorisation and Bank Rules

Transaction Memorisation and Bank Rules can be used in conjunction with the above bank feeds to efficiently allocate daily transactions:

• Transaction Memorisation: The software learns from your recurring transactions and suggests matches based on keywords, reducing manual entry.
• Bank Rules: Set rules to automatically allocate transactions to specific accounts, even splitting them if needed (e.g., business vs. personal expenses).

 Online Invoicing and Payments

You can invoice your customers straight from the accounting software. No more time wasted handwriting those invoices! Invoices can be created and sent straight from the software to your customer's email address. You can even set up automatic reminders to be sent to those a little slow to make payments. From here there is the ability to collect these payments from your customers online via options such as credit card, direct debit, and digital wallets.

Bank Rules 

As an alternative to transaction memorizations, you can create bank rules to avoid misallocation of transactions.  You can identify the keywords 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 employee's 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. 

Live Financial Data

Provided that you keep your records and reconciliations up to date cloud-based accounting software allows you to run reports with live data at any point in time. This includes vital information such as outstanding debtors (customers that have not yet paid you!), creditors (bills you are yet to pay), budget vs actual reports, and profit and loss reports for any given time period.

Other functionalities of cloud-based solutions 

Simplified BAS reporting 

Projects/timesheets 

Divisional tracking & reporting 

Cashflow forecasting

Access from anywhere anytime with an internet or mobile data connection 

Multiple mobile devices (tablets, phones, etc) 

Software that integrates and talks to each other ie POS, reporting, project management

Real-time collaboration with your accountant and/or bookkeeper, we can log into your file and assist whilst on the phone to you!

If you want to find out more…. 

We are Certified Advisors of Xero, MYOB, QuickBooks Online, and Reckon Accounts and have access to special preferred partner discounts on various cloud solutions.

One of our skilled team of accountants and bookkeepers can help you to maximise the benefits of an accounting cloud-based software and tailor them to your specific business needs. Call or email for an appointment to find out more.