Cloud accounting has received a lot of attention in recent times, but what is it and is it right for your business?
Cloud accounting is a way of multiple users accessing one accounting data file that is saved and accessed by the Internet, or as it’s referred to, ‘the cloud’. There are basically two styles of cloud accounting:
1. Pure internet – This is where you are able to connect to your accounting file through most internet browsers.. There are no installations required and an unlimited amount of users can access the file.
2. Hybrid connection – Software is installed on your computer to access your accounting file in the cloud. This option allows you to choose to work online or ‘check-it-out’ to your computer to work offline. Backups can be taken at any point in time.
The benefits of cloud accounting include:
- Anywhere access – You can log-in to your file from various locations. Your accountant can also have real-time access.
- Multiple users – Many users can log-in to the accounting file simultaneously.
- Bank feeds – You can automatically import your bank statement entries to match with existing entries. This speeds up the bank reconciliation process
- Dashboards – This summarises key information in a graphic format.
Cloud accounting provider options:
Xero is an online accounting system designed for small businesses to work with their
accountants, book-keepers and staff in real-time. There’s no software to install or upgrade. Xero offers a full accrual accounting system, including invoicing, managing payables, payroll, automated daily bank feeds and advanced reporting. Pricing ranges from $19 to $68 per month.
MYOB LiveAccounts (Internet)
MYOB LiveAccounts is an easy‐to‐use online accounting solution, offering a wide range of features including invoicing, payroll and bank feeds. It is designed for sole traders and smaller businesses that want to do their own accounts,
Pricing – $29 per month.
MYOB AccountRight Live (Hybrid)
MYOB’s AccountRight Live range extends the fully featured AccountRight desktop software with Live Services. You can choose to work on your accounts on your desktop, in the cloud, or both. You can even choose to have transaction data from your bank delivered directly to your AccountRight company file. AccountRight Live lets you work with real time information, wherever you have an Internet connection. One set of accounts allows same time access for five people.
Pricing ranges from $29 to $65 per month depending on features required.
How can William Buck help?
William Buck have champions in the firm that are certified in both the Xero and MYOB products.
They can assist in:
- Selecting the correct program to suit your needs.
- Set-up the accounting file that is tailored to your business.
- Provide customised training in how to use the programs on a one-on-one basis.
- Assist with queries using accounting, IT and product experience.
For more information, contact Debbie Colebatch, Practice Systems Manager on (08) 8409 4333 or your accountant.