Why move to the cloud?
When it comes to cloud-based computing, the advantages of the technology are clear. Cloud-based accounting programs can provide small businesses with powerful insights and they are easy to use. A cloud accounting system delivers the following benefits:
1. Ease of online access from any device
With cloud-based accounting programs, there is no need for a dedicated computer which has the software installed. Online programs allows for convenient access at all times and products, such as Xero, can also be downloaded as a mobile app for iOS and Android.
2. Real-time insights for strategic decision-making
Access to live data allows you to see your business in real time from anywhere allowing you to make more informed decisions. It also allows your accountant to help you with day-to-day functions like coding transactions and provide big picture advice for the growth and strategy of your business.
3. Automated processes saving you time
A great feature of cloud accounting systems is the capability to link your business bank account to the accounting system. This “bank feed” saves time spent on bank account reconciliations. The bank transactions are already in the system and most transactions can be automatically matched to invoices and bills.
4. Compliance with Single Touch Payroll reporting
From 1 July 2019, Single Touch Payroll (STP) is mandatory for all employers. Your accounting software needs to be able to connect to the ATO to report data each time you pay your employees. STP has been enabled in most cloud-based programs.
5. Secure data
Storing accounting data in the cloud is very secure with multiple layers of security including data encryption and secure data centres. Importantly, in the event of a power outage, fire, flood or equipment failure, your data remains safe and accessible.
If you would like to learn more about cloud-based accounting solutions, please contact your Pilot advisor on 07 3023 1300.