Archive for the ‘Cloud’ Category

Cloud Computing Technology is revolutionising how accountants work

Wednesday, January 28th, 2015

Cloud Computing Technology is revolutionising how accountants work according to a  report published by  Deloitte Private.

Technology is revolutionising how accountants work. The major driver of this change is cloud computing which is enabling not only companies, but their accountants with better and faster access to business intelligence that they can then use to advise clients. Cloud computing allows a company to access applications from an offsite provider via the internet, rather than from company-owned and maintained hardware and software. This provides software as a service, which in turn allows businesses to pick and choose best of breed software, bringing together online accounting, inventory, business intelligence, CRM, payroll and many other packages.
Not only is this software now more accessible it is also more affordable. Cloud computing has driven a proliferation of high quality software packages available on a monthly subscription basis. This is particularly beneficial for businesses in the SME sector. Previously, the world class functionality available with some of this software was too expensive to be economic for SME’s, whereas now the entry cost is very low.
With the introduction of online accounting software (  especially Xero) you can now access the client information on-line in real time. This has made the accounts preparation process more timely and efficient, as well as opening up access to more up-to-date and detailed business information.
The benefits of having your financial statements prepared sooner are many. Whether it is meeting banking covenants, quickly understanding how your business has truly traded or assisting with forecast preparation
Less time taken preparing accounts also leaves your accountant able to spend more time on understanding your business and providing insightful advice. Access to the information online also means that this advice is based on real-time information. On-line access has the added benefit of encouraging greater collaboration between businesses and their advisors which in turn leads to better governance. The key drivers for your business can be highlighted and tracked on a dashboard. Tracking these key performance indicators drives better business management and can be viewed simultaneously by your advisors. Decisions can be based on current data and allow boards the flexibility to meet virtually. It is well documented that good governance is crucial to the SME sector. So while you will still need great people on your board that are willing to challenge and bring their experience to bear, technology is playing an increasingly important role in assisting more effective governance. Talk to your advisor about the Cloud Computing options that are available and most relevant for your business, and how you can maximise any investment you make in this new technology.
the Deloitte report concludes:
• Take a fresh look at how you and your business use technology

• Using the technology available will result in more efficient and timely preparation of financial information

• Your accountant can become a better business advisor with access to real time information

Why Cloud Accounting Software is good for business

Tuesday, August 19th, 2014

Why Cloud Accounting Software is good for business

If you want your business to work smarter and faster, cloud accounting software is a wise investment. Working in the cloud will give you a better overview of your finances, and improve collaboration with your team.

 Accounting software shouldn’t be a chore to use

Small business accounting software that’s not available via the cloud can be tedious. Traditionally, it can suck up far too much of your business’ time and effort. This doesn’t add value, and takes the fun out of being in business. Cloud software can save your business time and money.

So what is this thing called the cloud?

Think about when you use internet banking. Every time you access this data, you’re using the cloud. The cloud is a platform to make data and software accessible online anytime, anywhere, from any device. Your hard drive is no longer the central hub.

Problems with traditional accounting software

  • The data in the system isn’t up-to-date and neither is the software.
  • It only works on one computer and data bounces from place to place. For example, on a USB drive. This is not secure or reliable.
  • Only one person has user access. Key people can’t access financial and customer details.
  • It’s costly and complicated to keep backups (if done at all).
  • It’s expensive, difficult and time-consuming to upgrade the software.
  • Customer support is expensive and slow and out of date.

Why the cloud and accounting software are the perfect match

You can use cloud-based software from any device with an internet connection. Online accounting means small business owners stay connected to their data and their accountants. The software can integrate with a whole ecosystem of add-ons. It’s scalable, cost-effective and easy to use.

In the cloud, there’s no need to install and run applications over a desktop computer.

In the cloud, there’s no need to install and run applications over a desktop computer. Instead, you pay for the software by monthly subscription.

Cloud security is world class

As a small business owner, you might be concerned about a cloud service provider storing your data. But the cloud is one of the most secure ways to store information. For example, using cloud software, if your laptop is stolen, no one can access your data unless they have a login to the online account. With cloud software, this is where the data lives – as opposed to on your hard drive.

In the event of a natural disaster or fire, being in the cloud means business productivity doesn’t need to be affected because there’s no downtime. All of your information is safely and securely stored off site. As long as you have access to any computer or mobile device connected to the internet, you’re back up and running.

In addition to this, if you invite users to view your data, you can control the level of access. This is much more secure than the old-fashioned way of emailing your files or sending out a USB stick with your data on it.

Cloud-based software companies ensure that the security and privacy of data about you and your organisation is always airtight. If you use online banking, then you’re already primed to use cloud accounting.

Five ways 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.
  • Worry-free maintenance means 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.

Work smarter with accessible data in the cloud

The beauty of this software is the flexibility it gives you to run your business from work, home, or on the go. You can be confident that you have an up-to-date picture of how your business is doing, no matter where you are.

Software updates can be developed and delivered faster and more easily in the cloud. This means you don’t need to worry about installing the latest version and you’ll get access to new features instantly. With cloud accounting software, you have the option to run your business remotely, from anywhere in the world. When data is fluid and accessible, the possibilities are endless.

Xero reviews

Sunday, August 17th, 2014

 

  • Xero-Reviews: Beautiful accounting for both the business owner and accountant

    Cristina Garza, Chief Number Cruncher || Accountingprose 10.08.2014

    As a small business owner and accountant, I have tried many accounting softwares. I was a Quickbooks Pro Advisor for five years and relied heavily on an expensive and inconsistent server to share data with clients. A forward thinking, tech savvy client mentioned Xero to me a few years ago and I blew him off. I have seen accounting software try to compete with Quickbooks and many have failed. I was afraid of ditching the my current method of working with my clients, because I didn’t want to have to deal with the struggle of switching software, only to have to do it again after the business tanks or bugs in the code would cause me to become far too frustrated. After several more clients mentioned Xero, I thought I would give it a shot. I tested the software out, totally putting it through the ringer. I used a client as a beta tester and asked for feedback on it. We worked on the file together and tried our best to break the program. After a month of working on Xero, I was hooked! I took all of my clients off of the server and Quickbooks and moved them to Xero and I am so glad that I did. Highlights of Xero (from prospective of an accountant) – I can work with my clients in real time: Clients can leave us notes, can see what we are seeing, and can use Xero on smartphones and laptops- you aren’t tied to an operating system – I don’t have to waste time on data entry: Bank feeds are magical – I am able to achieve great results at a fraction of the cost: no software upgrades to pay for, no server costs – CPAs still get all of the data they need via Xero reports – Xero customer service is tops- Have an issue? They handle the issue quickly – Xero add ons are amazing and you accounting system can be tied with an SaaS application quickly and easily.

    Pros: – Ease of use: Understandable menus- navigation is a cinch – Cost: a fraction of the cost of Quickbooks Desktop + a server and on par with Quickbooks Online – SaaS integration- Have a software you need connected? There is likely an API for it

    Cons: No job costing, in depth inventory without using a third party app Reporting is limited Both of these cons will be addressed this year, likely and there are SaaS add on solutions present.

    Simply brilliant

    from a verified reviewer 10th of July 00:39

    Have been using Xero for a year now, after switching from MYOB. So easy, I no longer need to outsource bookkeeping services – and I am emphatically not an accounting adept. Deceptively simple and intuitive, with excellent built-in support access. Live bank feeds = fast easy reconciliations. Multiple options to monitor/manage invoices, stock control, cash flow, etc. Get it!

    Pros: One-click slick interactive P&L, Balance Sheet and multiple other reports that used to take me days (and days and days) to produce. Ditto easy peasy Budget Manager system. Easy bank reconciliations.

    Cons: Payroll not yet as smooth as other functionalities – but getting there!