One of the quickest ways to improve business efficiency is through utilising technology.
With respect to this the last 12 months have seen major advancements in online accounting (cloud based) software and the benefits we have seen for our clients have been amazing with some businesses seeing a reduction in bookkeeping time of up to 75%.
Other benefits include:
- Cloud based software means that you (and your accountant) can access financial information from anywhere with an internet connection, including your smart phone. This allows you to issue invoices, track your bank balance, debtors and creditors all from your smart phone.
- The business bank accounts and credit cards can be linked to your data file meaning that your bank transactions are imported daily into your accounting system.
- Rules can be set to allow automatic coding of your bank transactions which can significantly reduce time spent entering data into your accounting system.
- Provides better connectivity to your customers as you can create and send professional invoices and get paid online.
- Has superior functionality as it allows you to administer your payroll, fixed asset register, expense claims and budgets all within the one system.
- You will never need to update your accounting package again as all updates occur automatically.
We are often asked by clients about their data security if they were to move to cloud based software which is a very reasonable question given recent data security breaches at big name companies such as Sony’s Playstation Network and Dropbox.
Our first response to this that most people and businesses already have a lot of data in the cloud. An example of this is internet banking – which in other terms is cloud banking. Secondly, the data security these cloud based businesses have in place to protect your data is far superior to the data security measures you have on your home or work harddrives.
Computer viruses are an ever present risk and have the potential to wipe your harddrives taking your accounting data with it. Cloud based software is immune from any issues you have with your harddrive, all you need to get going again is another computer with an internet connection.
If you’d like to learn more about how online accounting software can help your business please contact Dan McGrath in our office.