Understanding Cloud Accounting

What is cloud/online accounting?

Defining cloud computing can prove to be complicated as different people have different explanations.

Technically, cloud computing refers to the delivery of IT Infrastructure, applications and services to organisations and end users, on an on-demand basis –remotely, via the Internet.

In layman’s terms, the cloud is simply a platform to make data and software accessible online anytime, anywhere, from any device. You are simply working online via a platform to share data and information.

Below you will find a few cloud accounting analogies to help grasp the concept and the benefits that cloud accounting offers:

  • Traditional banking vs Internet Banking
  • Postage vs Web email such as gmail accounts
  • Filing cabinets for CD Storage vs Cloud Storage i.e. Apple iTunes

As you can see from the above, many small businesses often use cloud services without even knowing it!

Benefits of Cloud Accounting

There are several of benefits when working with an online accounting software package. Both the client and bookkeeper will have access to everything the cloud has to offer.

  1. Go Mobile – Create a quote, email an invoice and record an expense – anytime, anywhere. Using just an Internet connection and a browser, colleagues on different continents and in different time zones can work together on the same project.
  2. Reduced capital expenditure – System upgrades are a thing of the past! In the cloud, software automatically upgrades so your clients are always up to date and using the newest version.
  3. Improved Agility & Productivity – Cloud technology will allow your clients to spend more time on the business and less time dealing with administration and data entry.
  4. Real time collaboration – Collaborate in real time with clients and team members to speed up the rate of work and make smarter and faster decisions. Plus, cloud computing saves time on file sharing.
  5. Always backed up and secure – Perhaps the most significant aspect of cloud is the assurance that your clients’ company data is always secure and always backed up.

We have created a useful cloud readiness worksheet to help you decide whether cloud accounting is a good choice for your business.

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For more information call the Pro-Advisor 0420 797 313

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