Cloud accounting Bega
At Kothes Accounting Group, we love cloud accounting.
Cloud accounting may be a bit of a buzz word, but it’s actually one of the best things to happen to business owners. At Kothes Accounting Group, more and more of our small business, medium-sized business and individual clients are changing their accounting systems to cloud-based. The major accounting programs for businesses such as MYOB and Reckon are improving their cloud accounting systems all the time, and another popular cloud accounting programs is Xero.
To explain cloud accounting, first of all let’s start with cloud computing, which simply means using the Internet to access software rather than physically installing it (via a compact disc for example) on your computer.
Did you know you’re already using cloud computing?
For example anyone with Hotmail or Gmail accounts are already in the cloud because the software and data is stored remotely and is accessible from any computer, not just your computer.
What is cloud accounting?
Cloud accounting, also known as “online accounting”, serves the same function as cloud computing. You might install the software on your computer but it runs on servers and you can access it using your Internet. In some instances, you won’t need to install the software on your computer and can access it via web browsers.
Why is cloud accounting good for your business?
Cloud based accounting software offers a number of benefits for businesses including:
- The cloud alleviates the need for businesses to store and manage data and maintain expensive computer hardware. You can operate the software from a single computer with a standard modem providing an internet connection, without being connected to a server or having specific software installed on the computer.
- The information can be updated and accessed from any computer anywhere in the world.
There is only one ledger kept and that is the file in the cloud, which improves the accuracy of the information and therefore minimises errors at BAS and tax time.
- It gives you the ability to interact with your chartered accountant in real time instead of having to send the data file each time.
- A monthly access fee is paid which usually works out less than the cost of buying the software and then paying for annual subscriptions.
- The software is automatically kept up-to-date by the provider meaning that you don’t need to download updates such as new tax rates where the payroll module is used.
Read more in one of our blogs, Why Kothes loves cloud accounting.