Get Your Business up in the Cloud

|by Lara Sorrentino|Business Advisory

Welcome to the 21st century, where almost anything can be done with the click of a button! There are continual advances in technology, and software developers in the tech industry are always working on the next best thing. Luckily, this also extends to the accounting industry with multiple advances in the systems we use and the software available to our valued clients.

One of the most notable advances is the ‘Cloud.’ The cloud is essentially a network of virtual servers; all you need is an internet connection and you can access your data anytime and anywhere. Benefits of cloud-based accounting systems include:

• Access to real-time data that can be integrated with relevant systems. This may include the flow through of bank feeds into your software, or the ability to connect your POS system for sales reporting;

• Multi-user accessibility, which is great for when multiple levels of staff require access to the system, or even when you want to run through processes with your accountant;

• Automatic software upgrades to allow you to stay up to date with the latest technology as well as any changes in legislative and reporting requirements;

• Routine backups to the cloud, which eliminate the need for physical backups and the traditional methods of data storage; and

• Advanced file security through the implementation of two-step login authentication, and the ability to manage user access and visibility in each system.

If a cloud-based system appeals to you, most software providers offer a free 30-day trial so you can test out the usability and assess which system best suits your needs. The following are links to our clients’ most popular and user-friendly software systems:

• Xero: https://www.xero.com/au/;

• QuickBooks: https://www.intuit.com/; and

• MYOB: https://www.myob.com/au.

The links also include pricing options and the features of each system for your evaluation. Accounting firms are also privy to the discounts each software provider offers, so before you sign up check in with your accountant to see whether you are eligible for any deals.

If you are considering the changeover to cloud-based software or are generally looking to up-skill and improve your understanding of your current system, our team is always happy to help. You can contact our office on (07) 5504 5700 or book an appointment with your accountant.

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