People say nothing is ever constant. But what about change? The world we live in is constantly changing, and we as human beings are continuously growing and adapting every day (most of the time, it’s happening without us even realising). One thing that has transformed our world at an unbelievably rapid pace, is technology. Over the last few decades, portable computers, smartphones, the internet, and social media have shaped a world that would be unrecognisable to someone from the 90’s.
Here’s the biggest technological change in business accounting, and its constantly updating, being clever with your numbers and algorithm updates to streamline your business… cloud accounting.
In case you have never heard of it, It’s simply just a way of keeping your business books online. This means, you can have live information and visibility of your income, expenses, assets and liabilities. All you need to do is subscribe to a cloud accounting software such as Xero or MYOB Essentials.
Some key features of cloud accounting include:
- Availability of live information
- Automated bank feeds
- Debtor management
- Creditors and batch payment setup
- Expense claims
- Stock systems
- Cost center tracking
- GST return preparation and filing
- Timesheet and workflow management
- A secure accounting platform with military level encryption
- Easy access to live accounting information – either through web or smartphone
- Many more add-on apps that can be linked to support your specific industry, which can all be linked to the cloud accounting software
Its crazy to think that we are now running our personal lives off one device – our smartphones. Whether it’s to upload our weekend getaway to Instagram, track down an old friend on Facebook, pay a bill, go shopping, or get in touch with family. So my question is, why not have your accounting and business functions inter-connected and working together through one ‘core’ software? Why not utilise cloud accounting for your business? (It’s really no different to our mobile devices, becoming the ‘core’ of our personal lives).
There is an age-old misconception that accounting is a chore. In 2021, with assistance from technology, gone are the days of T accounts and manual data entry, which can suck up a lot of valuable time and efforts from accountants, and money from clients acquiring these services. Embracing technology and increasing the efficiency and quality of your accounting information will not only allow your business to thrive, but will bring back the fun of running a business and understanding the numbers.
Feel free to get in touch with us so that our experts can help you with:
- Initial setup and transition into cloud accounting
- Follow up training – on reconciling bank feeds, invoicing, debtors, creditors, expense reimbursement and GST
If you are already using Xero or MYOB, give us a call if you need assistance with:
- Producing meaningful and timely reports
- Ongoing training and support
- Regular health checks to ensure that your software is running optimally
- Assistance with getting additional apps connected