The IT world is constantly changing and how do we as business owners keep up with these changes? We look to improve our administrative departments that take the most resources of businesses and bring them into the 21st century. The cloud solution has reduced or eliminated redundant, time-consuming work that—let’s face it—is the bane of most businesses.
Mostly, cloud accounting allows greater access to real-time data, which increases engagement with businesses financials and assists in making decisions. You have probably seen or heard yourself about all the cloud accounting systems that are now available for you to utilise in your business. Kennerlys would like to share with you some of the reasons clients and accountants love working in the cloud:
Automatic Backups and data file cleanse. No more version-control of data files. No more time-consuming upgrades to that one computer that has the accounting software loaded on it, or large accounting data files taking up all that space. Plus, no more data backups required.
Real time. Even when you are working on the file, your accountant or bookkeeper can be working on the file at the same time. This allows the accountant to interact with you in real time and assist you with any questions about data entry or what the financials are reflecting. It encourages better communication and use of your accountant, who is your trusted adviser.
Data entry. Why in this information age, when all transaction data is readily available in your banking system, should you have to manually re-enter it into your accounting software? What a waste of time and money! Cloud-based accounting systems allow you to upload or automatically bring “live feeds” of your bank account and credit card transaction data into your accounting stream. Speedy download of real-time data and working smoothly in intuitive software allow you to spend less time on administration and more time focusing on business growth.
Better Decision-making. Old-fashioned software that requires you to manually do your own bookkeeping puts your business at a serious disadvantage because your accounting data is lagging behind reality. A modern business needs information that is real time and always up to date. How else can you make effective business decisions? Now you can access your live accounting data from anywhere, from any device with an internet connection—it’s totally mobile.
Flexibility. You can see your business account balances, outstanding invoices, overall cash position and much more from anywhere 24/7 as long as you can access an internet connection. These days, you can run your business from an iPad or similar tablet device and mobile phone as most cloud accounting systems have apps you can download to the device. This translates into a more flexible lifestyle while running your business. You can have certainty over the financials and banking even when you are not physically present in your business. What business owner wouldn’t want this?
So you may ask, well which software is right for me? Unfortunately there is no quick solution, it takes research and Kennerlys expertise in the software’s available to get the one for you. But we would like to share a couple that Kennerlys recommend to clients.
A recently new software provider that you may not have heard about but is becoming popular with a lot of business who use it. Similar to MYOB Essential it is purely online and allows automatic bank statement uploading. But the great thing about Xero is the software is flexible and by this I mean it is able to link to other software’s, such as POS system and dashboard functions. If you search on Xero’s website you will find hundreds of apps that will add onto your accounting software. It creates a whole business one-stop-shop. No more data entry from the POS machine, it simply integrates with Xero and records it for you. Saving time and money. Who wouldn’t want that?
Has recently released the MYOB Essentials software which is purely online. Meaning you can access it anywhere in the world on any device. It allows you to set up a ‘bank feed’, where you bank statements are automatically uploaded to the software to easily categorize in real-time. Saving time and money for any business owner. Also MYOB have released an app called MYOB Pay Direct which allows you to take credit card payments on your mobile, great for any industry on the run. MYOB AccountRight Live is also a new software which allows you to use the similar software as version 19 but with the advantages of online.
Reckon One a purely online software package designed for small business with flexible pricing. Allows bankdata and mobile apps for software on various devices. Has an inbuilt dashboard function which you can adjust to view what may be of importance to you and your decision making. Allows you to track projects within the software and has a GovConnect function which allows you to lodge your BAS directly from the software.
Another online software which allows for all the same time-saving functions with the opportunity to add apps and add-ons such as a customer relationship management software or a receipt coding app. Because the software is flexible it allows a range of other software to add on and create a one-stop-shop for your business needs. Why go anywhere else?
As you can see from the few software packages above, they all have slightly differing specialist functions. So it is important to do your research into which would benefit your business the most. Kennerlys are here to offer advice and assist you choose the right software for your business. After all we use this software just as much as you!
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