Cloud Based Accounting

What is It?

Luckily, cloud based accounting is an easy concept to wrap your mind around. Cloud based accounting programs utilise accounting software that’s hosted on remote servers. If you work with cloud based accounting software, you’ll be accessing applications remotely through the Internet utilising a cloud application service software. This is different from traditional software that, say, comes on discs.

All of the data that you work with is sent to the cloud. This “cloud” is really just a platform that’s intended to make data, software, etc. available at any time and from any location. It’s like a hard drive that you don’t need to worry about taking responsibility for.

Once information reaches its destination (in this case the cloud), it’s processed before being returned to you to continue work. Application functions occur off-site rather than directly from your own personal computer.

What are the Benefits?

When you use cloud based accounting software, you free up your business from the burden of having to install and maintain software on your actual computers. Cloud based software also allows employees who work remotely or who are employed by different branches of a business to collaborate and access the same data. This is especially beneficial for companies with several branches who already know they’ll need to be sharing information between each other. 

Individuals on the go can benefit from cloud based software, too. Most accounting software hosted on the cloud offers app options to let you quickly and easily access information no matter where you are.

There are a host of other benefits to using a cloud based accounting program; some of these include:

  • Security– You no longer need to worry about information being compromised or stolen. If you keep data on your computer, this could happen in a number of ways. Theft and natural disaster could easily take your computers away from you; and, let’s face it, some office disasters have wound up resulting in lost and deleted data as well. Data on the cloud is always stored securely when you go through trustworthy channels and software; measures like encryption are in place to ensure that your information remains yours.
  • Constant Monitoring– With data in the cloud, you and anybody else that you want to have access to your company’s information can always pop onto a computer or smartphone to monitor your current financial position. This is especially helpful for those like accountants and bookkeepers who need to access information like this regularly.
  • Lower Upfront Costs– Your cloud service provider will handle the nitty gritty details like maintenance, system admin fees, and version upgrades; you’re no longer responsible for worrying about these things. 

Available Cloud Based Accounting Programs

XERO and QuickBooks both offer strong accounting capabilities to their users. While they have their differences, there are certain features that can be found in either software option:

  • Double-entry accounting
  • Cash-basis and accrual accounting support
  • Bank reconciliation
  • Accounts payable and receivable modules
  • Charts and infographics concerning accounts

XERO

XERO utilises a simple, user-friendly interface and an all-encompassing dashboard to display just about everything you need to know. Whether you’re looking for bills, bank balances, or invoices, you can access whatever you need with ease. Setting up recurring invoices and bills is a cinch and syncing up with bank accounts has never been simpler.

Ease of use isn’t the only thing that XERO has in its favour, though. There are several other pros to going with the service:

  • The ability to manage accounts payable regardless of pricing plan
  • Give unlimited numbers of users access to your data for free
  • Excellent self-help options for troubleshooting like the Xero Business Help Center and Xero University 

General feedback surrounding Xero is markedly positive; one huge benefit that’s brought up consistently is the inclusion of payroll processing for up to ten employees at no charge. Some struggle with the lack of live support offered by the company.

QuickBooks Intuit

One of the best things about QuickBooks is the level of support that’s offered to the companies that use it. The company has a wealth of certified ProAdvisors worldwide; this means that you can feel comfortable setting up QuickBooks on your own– you’ll never have problems finding a local expert who can help you through hiccoughs. 

QuickBooks offers a few other features that XERO users go without:

  • Budgeting/forecasting for those in top-tier plans
  • Live customer support via phone and online live chat 
  • Tax support

QuickBooks users say time and time again that they love how easy it is to access their data from the mobile app; many say that they feel the features and resources offered by the program exceed their expectations going into the process.

Our Partnerships

QuickBooks Elite Partner

We’re proud to be an Elite Partner in the ProAdvisor Program– and for good reason! This program affords accounting professionals like us the opportunity to grow not just our firm, but our skills and QuickBooks expertise. Elite Partners receive special training and customer care that set us above the rest of the crowd; we’re able to offer support on a level that not every firm can.

QuickBooks’ points system centers around rewarding connection with smaller firms through increased support and learning activities and discounted software options. We’re able to pass on these discounts of QuickBooks subscriptions and apps to our clients to ensure that you can worry less about pricing and more about what really matters to your business.

XERO GOLD Partner

Xero partner firms are classified within Xero’s partner program based on a points system that reflects the amount of customer files that partner has access to through Xero. Points are awarded based on a myriad of factors– Xero understands the complex nature of a file. The points are weighted based on things like the Edition a client uses; and the system is in place to help small businesses identify and connect with advisors that suit their needs. 

As a Xero Gold Partner, we have the opportunity to pass on significant discounts of Xero subscription costs to our clients. Xero’s partnership programs are tailored to recognise advisors who scale within the network; as Gold Partners, we have the experience it takes to help you successfully implement and work with Xero software within your business.

Working with a Xero partner ensures that you’re able to obtain the full benefits of the software– we can ensure that you don’t miss a beat when you’re looking for perks to utilise in elevating your business to the next level. As a Xero Gold Partner, we are able to help with Xero setup, offer training in how to utilise the software, and consult with you regarding any add-ons that might benefit your business.

Source – Canstar Blue

Contact us to discuss which cloud based accounting system will be right for you needs and requirements.