One of the most exciting changes in the accounting industry in recent times has been the introduction of cloud accounting. Cloud accounting simply puts your accounting system in a private space online so that it is fully accessible to you via an internet browser or a secure remote connection.
Cloud Computing is a way to access products & services securely through an internet connection anywhere in the world. It’s been around for years. Whether you are accessing Facebook, Hotmail, or YouTube, you are using cloud computing which involves tapping into huge banks of data located elsewhere, via the internet. Providers offer to host products in a central location and provide access to them through a secure internet connection. Huge buildings full of computer servers & other hardware (known as Data Centres) exist worldwide with masses of virtual and real-life security to ensure that no unauthorised people access their servers.
Features of a Cloud Accounting System include:
- Allows for more accurate and up to date financial reporting system thus allowing you to see what is happening in the business NOW rather than historical results of up to 12 months ago. This ensures more effective decision-making by owners.
- Saves time and money over the long-term through efficiencies gained in data input and reconciliations.
- Facilitates & promotes forward-thinking.
- Facilitates more effective tax planning and forecasting.
- Works well with other business advisory services.
- Allows you to do the processing in-house. We can also train your team on this which will free up your time allowing you to work ON the business.
- Minimises adjustments or corrections often required when annual financials are prepared.
If you would like to know more about how cloud accounting can improve the efficiency of your accounting system and the information you receive from it, call Tamsin on 9531-0922.