Accounting And Bookkeeping Services

Cloud Accounting Advantages and Why We Recommend Xero
“QuickBooks, MYOB and Xero are all terms you would have come across if you are in search for cloud-based accounting software for your business. For traditional businesses many would only have come across these terms within the last decade or two, in line with globalization and the rapid emergence of digitalization. So what exactly is ‘cloud-based accounting’?
Cloud-based accounting in a nutshell offers an accounting model to businesses whereby information is sent into “The Cloud”, processed and retained for the user. Information that is uploaded to “The Cloud” runs off multiple centralized servers as opposed to being stored to a computing device (desktop). The convenience and practicality that the cloud offers is that the software can be accessed by any Internet enabled device such as a computer, tablet or smartphone.
Gone are the days where bookkeepers and accountants spend hours on end scanning individual invoices into their systems where-by they then have to analyze and interpret. Cloud-based accounting means that business owners and bookkeepers have full visibility, transparency and accessibility to documents. In addition, given that the users adopt the same interface there is limited opportunity for misinterpretation or processing errors which is highly probable in scenarios where businesses adopt ‘Method A’ and Accountants/Bookkeepers adopt ‘Method B’.
Cloud-Based Accounting is highly secured which offers peace of mind to users, as it is one of the most secure ways of storing information. Each user is assigned a login and cannot be accessed by another unless they hold this information. In addition, in the event of natural disasters or theft, there is limited to nil disruption to your business at all as the information is retained by the cloud and is accessible on any device that has Internet access.
Whether you are a small start-up company or the CFO of a major corporation, the practicality that Cloud-based Accounting offers is paramount. Traditional accounting software limits access to users meaning that key persons cannot access financial details. With Cloud-Based Accounting you are able to provide access to multiple users and customize each access level deepening on the level of responsibility required. Gone are the days of USB Drive transfers!
Lastly, businesses no longer need to worry about purchasing the latest versions of accounting software that used to be a thing of the past as Cloud-Based Accounting software updates in the background without the user knowing nor requiring any intervention. This mitigates the likelihood of any obsoleteness of the model and provides a platform for businesses and bookkeepers and accountants to upload, analyze and store data that is up to date and relevant in the ever-changing business environments.
We have illustrated exactly what ‘Cloud-based Accounting’ is and have highlighted the key components and features of this. Below is a summation of this, and in addition, precisely how it can benefit your business.
Six ways Xero cloud software benefits your business
You have a clear overview of your current financial position, in real-time.
Multi-user access makes it easy to collaborate online with your team
and advisors.
Automatic updates mean you can spend more time doing what you love.
Everything is run online, so there’s nothing to install and everything is backed up automatically. Updates are free and instantly available.
Upfront business costs are reduced – version upgrades, maintenance, system administration costs and server failures are no longer issues. Instead, they are managed by the cloud service provider.
Real-time interaction with clients and accountant.
(Some information were extracted from www.Xero.com. For Further details please refer to the following link https://www.xero.com/au/resources/small-business-guides/cloud-accounting/cloud-accounting-business/).
Tags: cloud accounting, cloud software, xero
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