6 Reasons Why Your Business Needs to Move to Cloud Accounting

6 Reasons Why Your Business Needs to Move to Cloud Accounting
June 16, 2017 Toohey Reid

If you’re a growing business, the last thing you need is to be spending countless hours grappling with a complicated, outdated accounting software system. Luckily, these days we are spoilt for choice of online platforms that make staying on top of your finances a breeze!

Cloud-based accounting platforms such as XERO and MYOB Online are paving the way for the industry, with their easy-to-use interfaces and innovative features. Combined with a proactive accounting firm, these platforms allow business owners to save a significant amount of time and money. Here’s how:

1. Creates a collaborative online environment.

XERO and MYOB (as well as many others like them) allow users to grant certain people access to their accounts, through a secure invitation process. This means creating a collaborative environment where your accountant, business advisor and staff members can work with you on your business in real-time.

Chat to your accountant if you need any help or advice getting set up.

2. Fewer emails; more time.

If you were to add up the number of hours you spend on constructing finance-related emails each week, you’d probably find it is more than you’d like it to be. The collaborative environment of cloud accounting creates a much faster, more efficient workflow, giving you more time to focus on the day-to-day business tasks that usually get pushed to the bottom of your to-do list.

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3. More secure than a hard drive.

Some people have fears about the cloud being unsafe, as they don’t think they know where their data is going. However, there is no need to worry. Cloud-based accounting platforms have multiple layers of security protecting your assets, including industry-standard data encryption and secure data centres. Some even offer an additional layer of protection for your account, through a multiple-step authentication process.

In fact, storing important financial data on a cloud-based platform is a much safer alternative to storing it straight onto your computer’s hard drive, as a lost or stolen hard drive can be easily hacked into. It also eliminates the risks associated with sending highly sensitive financial information back and forth via email.

4. 24-hour accessibility.

Most business owners have a minimum of ten things running through their mind at any given time. So it’s safe to say that keeping on top of your finances can sometimes be a bit of a rollercoaster ride! Storing and protecting your accounts on the cloud, rather than a separate hard drive or paper-based system, is an incredibly useful asset for business owners. It gives you 24/7 access via your smartphone, tablet or computer.

So if you’ve woken up in the middle of the night realising you forgot to send off that urgent invoice, there’s no need to stress. You can simply roll over, grab your phone and send it off with the click of a button!

5. Automatically saves your invoices/receipts.

How many times have you reached the end of the financial year, only to realise you have invoices and receipts in ten or twelve different places? Scanning through old emails or your computer hard drive to find them all is a monotonous, time-consuming and sometimes quite frustrating task.

Using a cloud-based accounting system eliminates this task, as it automatically saves and stores your invoices in the one place.

6. Saves you wasting money on office supplies.

Constantly sending the intern off to Officeworks to buy more paper and ink? Switching to the cloud means less reliance on general office supplies, and you’ll be surprised at how much of a dent they were making in your weekly budget. Plus, you’re saving trees while you’re at it!

Toohey Reid has a highly skilled team of accountants and advisors who are savvy in all of the latest and best accounting software and platforms. We are happy to work with you and your business, and get you set up with cloud accounting. Give us a call on (07) 3221 1055 or send us an online enquiry today to find out how we can help you.

General Advice Disclaimer

General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.

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