Every few years, a new technology emerges which changes the way we do business. Cloud computing and more specifically cloud accounting is such a technology.
The development of cloud based accounting software represents the next generation of record keeping technology and can be a more efficient and innovative way to monitor and follow the financial performance of your business.
As with most technologies implementation is just the beginning, it’s how you make use of the software that counts. Our experts have developed a systematic approach to using cloud accounting software.
By embracing a single ledger system we are able to offer far more than compliance services. No longer do you and your accountant have to transfer files back and forth; you both simply login to a secure online data file to view financial transactions as they happen.
We take full advantage of the ability to access our clients’ financial data in real time to make adjustments, prepare and lodge tax returns and actively provide support and recommendations throughout the year not just at year end. We can spot opportunities and threats before they arise and work alongside our clients to actively manage the growth of their businesses.
The benefits of cloud accounting
Improve teamwork with – A single ledger
Cloud accounting programs make use of one data file with multi user functionality allowing you, your team, and importantly your advisor to access the same data and work on it simultaneously. Spending less time on data management translates to less cost to your business. Moreover, it allows our advisors to deliver timely recommendations and real time planning.
Make decision making easy – Daily bank feeds and real time information
Your business’ bank transactions can be retrieved daily. Daily bank feeds allow you to access information about the performance of your business in real time. This puts you in a better position to take advantage of opportunities, and to address financial issues faster than ever before.
Additionally, by combining your accounting software with electronic banking, data entry becomes really simple. The software can recognise repeat transactions and prepare them automatically negating the need for multiple entries.
This removes the need to handle repetitive transactions multiple times.
Work anywhere, anytime – Flexibility
Cloud accounting enables users to access their data from any location as long as they have an internet connection. This provides the ability to work from home, while travelling, or from a second location.
Many of the large providers are configured to allow mobile invoices. An invoice can be generated and sent out from anywhere using a smartphone or tablet.
Never be caught out – Automation
Online software is regularly updated for changes in the accounting and taxation environment, such as new tax rates or legislative amendments. Not only will this ensure your data is being treated correctly, it also eliminates the need to purchase and install regular software updates, saving both time and money.
Choosing a service provider
Moving your financial data to the cloud demands a high level or trust between you and your provider.
William Buck has experts in each of Australia and New Zealand’s top cloud accounting providers and can help you to evaluate the systems available.
Our professionals are independent and not paid commissions. Our focus is on finding the right fit for your business.
Some of the most popular service providers include:
Each provider offers a range of scalable packages allowing you to find a system that best meets the needs of your business now, and in the future,
Following implementation, our advisors are available to you and your staff, providing ongoing support, training and system management.