Nitschke Nancarrow’s accountant Kym Nitschke writes about whether you should join the migration to the cloud.

You may have recently set up a new business, or are looking to improve efficiencies with an existing business. What is the best way to manage financial records?

Your options are desktop software or cloud-based accounting software.

What is cloud accounting?

Accounting in the cloud, using platforms such as Xero, is seen by many as the future of accounting.

These platforms allow data and software to be accessible anytime, anywhere, online.

Generally, the platforms offer a pay-as-you-go monthly subscription or an annual recurring payment.

What are the benefits of cloud accounting?

Increased productivity.

Cloud accounting enables businesses more opportunity to automate processes, saving time and money.

Even more time savings are gained with less data entry, and reduced risk of double entries and errors.

Cloud accounting platforms also offer automatic back ups of your account, robust security and automatic software upgrades.

24/7 access

Using cloud accounting, you can check your financial information via your mobile device whenever you like.

Bank account records are synced automatically (if you have set up your account correctly), making it easy to track cash flow.

You can also send invoices from where ever you are, on the road or while still on the job. This improves efficiency, you’re less likely to forget important details and you may get paid faster!

Reduced costs

With cloud accounting, you won’t need your own server or any hardware, meaning no online hosting or ongoing hardware costs.

You won’t have to pay for software upgrades (which happen daily) and the continuous development of the platform.

Automatic data backup

If your personal computer goes missing or is damaged, all is not lost. Just login on your new device to access your data that has automatically been backed up and stored in the cloud. It’s a system that cannot be compared to unreliable in-house servers.

Multiple users

You can open up access to your account, to trusted collborators such as your accountant and other financial and management staff. All users can access your account at the same time.

No more backing up your files, saving to a USB drive and sending it to your accountant at tax time!

Scalability

A cloud based platform easily grows with your business. Most platforms offer multi-level plans to support growth. There will be no need to purchase and configure a new software system.

It is easy to get started

Cloud accounting has enormous benefits, if you have set up the platform correctly. At Nitschke Nancarrow, we work with our clients to get their businesses working effectively in the cloud.

Xero is the cloud accounting software of choice for Nitschke Nancarrow, and I am a Xero Certified Adviser.

xero-certified-advisor-logo-hires-RGB

For more information about cloud accounting for your business, contact me.  

– Kym Nitschke

Tags: , , , , , , , ,