In today’s dynamic business landscape, where technology is rapidly evolving, cloud accounting has emerged as the go-to solution for managing finances effectively. Traditional accounting systems simply cannot keep up with the demands of the modern business world.
Why cloud accounting?
Cloud accounting refers to the delivery of accounting services through the internet, utilising the cloud infrastructure. Essentially, it means that all accounting records, including assets, income, expenses, and liabilities, are stored and accessed online. This contrasts with traditional methods where accounting data was housed on a single, physical system.
Cloud accounting goes beyond the capabilities of traditional desktop accounting software. Instead of relying on a single desktop application, users can access their accounts from anywhere, anytime, using any device with an internet connection. This ensures that all accounting data is securely stored on up-to-date cloud servers. The information stored within cloud accounting is encrypted, granting access only to authorised individuals with appropriate user permissions.
Cloud accounting software revolutionises bookkeeping and accounting practices by streamlining financial administration processes for maximum efficiency.
What are the benefits?
Cloud accounting offers several advantages, including:
Unrestricted access to financial data: Cloud accounting provides 24/7 access to financial information from any location with an internet connection, regardless of the device used.
Real-time reporting: Ditch outdated reports that are days, weeks, or even months old. Cloud accounting provides real-time data, as long as bookkeeping and reconciliations are kept up to date. Having a live view of finances is crucial for making informed business decisions.
Automated software updates: Cloud accounting ensures that users are always on the latest version of the software. There’s no need for manual updates or security patches, as these are handled automatically.
Multi-user access: Cloud accounting platforms allow granting access to accountants, bookkeepers, or other advisors, providing them with secure real-time access to financial data.
Customisable dashboards: Design dashboards to suit specific needs, displaying the most critical financial information, such as bills, debtors, and cash flow.
Why choose Xero?
At Keeping Company our cloud accounting platform of choice is Xero. In fact, we only work with Xero and were recognised as Accounting Partner of the Year in the prestigious 2023 Xero Awards.
Xero stands out as a leading cloud accounting platform, offering a range of benefits. Xero has been a pioneer in cloud accounting, paving the way for innovation and forcing competitors to catch up. Its user-friendly interface makes it accessible to anyone, regardless of accounting expertise. For those seeking to enhance their skills, Xero provides a wealth of user forums and guides.
Here are some of the benefits of Xero:
Intuitive and user-friendly: Xero is designed for ease of use, enabling users to access and interpret financial information independently. However, it’s recommended to have an accountant set up the account and reporting to maximise Xero’s capabilities.
Scalable: Xero can handle increasingly complex financial governance needs, eliminating the need to switch platforms as your business grows.
Cost-effective: Xero offers a strong return on investment, with a low barrier to entry and competitive monthly fees.
Extensive app marketplace: Xero’s vast marketplace offers thousands of integrated apps, allowing users to personalise their cloud accounting experience.
Comprehensive Features: Xero boasts a range of features and capabilities, including creating, sending, and tracking invoices and quotes, paying bills and receiving payments, reconciliations, payroll, reporting, inventory management, business activity statements (BAS), expense claims and contact management.
Ready to Embrace the Cloud? Let Keeping Company assist you in transitioning to Xero to adopt cloud accounting. Contact us today.
At Keeping Company, we’re not just accountants, we’re business people too. With our counsel, your business can reach its full potential.
We have a team of experts; Cloud Accountants, Business Advisors, Finance Specialists working together and ready to help, contact us today.
For all media enquires please contact Tracy Miller, CMO, Keeping Company 0414 898 452.
The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.