There seems to be no end to the number of things female entrepreneurs need to keep in mind: staff, branding, revenue and of course … accounting. Now, this last topic is one that people often seem to stress about. It conjures up images of hours spent squinting at a multiple column ledger, fingers growing callouses from jabbing at calculator buttons, and concerns about archiving all those records!
But happily, there have been significant advances in the accounting field, and many of them can take away some of the stressors of accounting. One of the primary tools that can do this is cloud accounting such as practice management software for accountants.
But what is cloud accounting, and what’s so great about it?
We all know accounting can be a dread in itself… number crunching, filing claims, looking for receipts and proof of purchase. It gets overwhelming. Then people start talking about numbers in the cloud and you don’t know what to believe!
As small business accountants that have been operating for over 50 years, we have worked manually, automatically and now, very happily in the cloud. We’re big advocates for cloud accounting, so we thought we’d break down what it is, and why we’re such big fans:
1. What does the cloud mean?
The cloud means using a network of remote servers hosted on the internet to store, process and manage data. This is different to using a local server i.e. an actual piece of equipment or computer. This means that all relevant information is accessible online.
2. Why is it better?
Cloud accounting provides a secure way to store your financial information – all the data is kept safe in password protected software.
If you were to still have a server holding your information, accessibility is purely a matter of physical access – and once it’s taken, it’s gone!
Cloud accounting also removes all trace of data on computers – so you have nothing to worry about there.
3. Wouldn’t it cost more?
Initial costs are also less, as you need less infrastructure to store data. It also means you don’t need IT staff on board to maintain or update systems. Software updates and installations will happen automatically and won’t require any additional purchases.
Undoubtedly, ease of access is the prime advantage of cloud accounting. Online accounting means just that – it is online! You, your employees or your accountants can access your businesses financial data from anywhere worldwide. All you need is an Internet connection!
4. What are the benefits to you as a business owner?
Taking care of your bookkeeping on the go means you’re not stuck in a static location when dealing with business admin. The advantage of this means you can spend more time travelling, gaining new clients and taking care of other important business matters without having to be in the office.
Price is always important and another advantage of cloud accounting is that it can be the cheapest way to go. There is no need to pay upfront as you would with a desktop accounting package – because you pay monthly. And unlike buying an accounting software package, it requires absolutely no updates, as they are automatically included in the price.
If business accounting is doing your heard in – or you just want to get a head-start on your finances and book keeping, get in touch with m.a.s.- the small business accountants.
Tips and Takeaways
- Small or large, your business deserves accurate accounting
- Research your cloud accounting options – MYOB or Xero?
- Always make time to speak with an accountant before making major decisions – even a consultation could save your from a lot of frustration later on
