Explaining Cloud Accounting

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ATO Flowchart re client to agent linking

While desktop software for accounting products still exist, the majority of accounting products are now hosted in the “cloud”.

This means that you can access your fully functional accounting software from anywhere using an internet browser and sometimes apps.

Some of the key benefits of using cloud accounting software are:

  1. Access your information from anywhere with an internet connection, this means a plumber could issue an invoice for an air conditioner install and get paid before leaving the customer’s premises. This also means your  bookkeeper or accountant could log in to assist you or retrieve information from your accounting package directly.
  2. Your software is always backed up and up to date. No more losing days of data if your computer crashes and you don’t have a recent backup. No downtime with installing software updates on all of your computers several times a year.
  3. The ability to automate your data entry. Most cloud accounting products allow you to connect a feed to your internet banking login and have your transactions delivered into your accounting software for you. Reducing time spent keying in data and less errors with data flowing directly from the banking source. Most packages also allow you to set “rules” for frequent transactions to create even more time savings. For example your monthly payment for telephone could be automated to be allocated to the Telephone expense in your package without you having to touch the transaction.
  4. The security of your data is greatly increased by using cloud based software. Cloud accounting products have layered security built in with encryption and access controls. Your home or office computer is vulnerable to cyber attack if you aren’t vigilant at keep proper controls in place and constantly up to date.

Tyrrell Partners use many cloud based accounting packages, we are not affiliated with any particular package but have a strong preference for Quickbooks Online (by Intuit) or Xero Accounting.

Many cloud accounting products offer a free trial period to test out their products before you commit. These trials are a great way to look around and see which one appeals to you the most.

Tyrrell’s can assist with advice on the most suitable package for your needs and help you to get up and running with training and support. Contact your nearest office for help.

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