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Cloud Accounting - The Myths and Benefits Revealed...

Why should my I move to cloud accounting?

Many small business owners are now enjoying the benefits of cloud accounting. As a result they are taking control of their business finances, saving time and money and making better business decisions.

We are all using " the cloud " in our day to day lives without even thinking about it . Facebook currently has 1.65 billion users and has changed the way we interact socially. On-line shopping and internet bank are other examples of how we use cloud technology on a daily basis.

How does it work? Why are so many businesses moving to cloud based software?

Traditionally, accounting software is installed on your computer's hard drive and your data is located on your physical computer. Using " cloud accounting " means there is no need to install software on your computer and your data is stored on a secured data server which can be accessed via the internet.

Let's look at the benefits of cloud accounting-

  1. Your data is accessible anywhere, anytime on any device- With cloud accounting your data is stored on-line and can be accessed anytime you are connected to the internet via your computer, tablet or phone. Cloud software will even let you collaborate with many users including your bookkeeper or accountant, and your staff.
  2. Save time- no more unnecessary manual data entry, your software connects to your bank account to bring in your bank transactions automatically so your data entry time is dramatically reduced.
  3. Save money- no more upfront costs for accounting software, most software companies know that there is no "one size fits all solution " in small business . Subscriptions are billed on a monthly basis with no lock in period , your software can grow with your business.
  4. Proactive not reactive- business owners are able to make better business decisions as their accounts are in real time and up to date.
  5. Improve cashflow- Invoicing can be done on the go using your phone which means you can get paid faster.

Myth busting " the cloud"


Before moving your business to the cloud it's best to get all the facts, let's help you bust some of the common myths.
  1. Is my data safe? -Your data may be safer on the cloud then on your desktop. Your computer can become corrupt or stolen easily, cloud software companies spend millions of dollars on ensuring the security of your data.
  2. Is the cloud a fad? -The cloud has been around for around 15 years and it's only getting bigger and better as technology improves.
  3. Is cloud accounting expensive?-As you only pay for what you use the cloud can be much cheaper than traditional options as you won't need to pay for hardware or software upgrades, worry about versions or updating files.
  4. Who owns the data? -You own the data and the software companies are required to keep your data safe ( even if you decide to leave).
  5. Can I Backup my data to my local device? Yes, although not required you can export your data in various formats at any time.
If you still have questions about cloud accounting please give The Business Organiser a call to book a free Xero Demo on 4981 0530 or check out our website at www.thebusinessorganiser.com.au.