Cloud Accounting is challenging the way business is done, and doing it for the better. In a period where digital disruption and change is the hot topic, time as a business owner should be spent considering and challenging the ‘old’ or ‘normal’ ways of doing things. We have seen first hand as advisers and users of cloud accounting how it reduces or eliminates the time-consuming, data entry side of the business to create huge efficiencies and time savings, allowing you to focus on the more important aspects of your business.

What is Cloud Accounting?

Cloud accounting is effectively the use of accounting software over the internet. No longer do businesses have to invest capital in expensive servers or hardware, and gone are the days of having clunky accounting software installed on your personal computer. Cloud accounting software (depending on the provider) is run as a SaaS – ‘Software-as-a-Service’ solution that is delivered over the internet, usually on a subscription basis to meet your business requirements. Your data is stored and processed on the software provider’s secure servers, which means no more backups or lost data if your computer crashes! Cloud accounting via the internet means you can have access to your data anywhere, anytime on any device as long as you are connected to the internet.

Why Cloud Accounting?

There are a number of reasons why Cloud Accounting is changing the way business is done. Here are a few reasons that we believe provide efficiency and provide your business with a competitive edge:

1. Access to your data anywhere, anytime on any device – 24/7 access via internet anywhere in the world;
2. Single Ledger – you and your accountant can work on the same live data file, no backups, no software installations, no updates or support costs;
3. Real-time live view of cash flow and bank balances;
4. Automated bank feeds – no more time consuming data-entry;
5. Connect to Add-On Partners – Inventory, Point-of-Sale, CRM and many more;
6. Free On-Line Support - 24/7;
7. Full Payroll functionality with Employee Portal and Automated Superannuation Payments;
8. Real-Time business decisions and collaboration with Adviser – no more data lag or working on past results;
9. Low cost subscription – no more cost for support or software updates;
10. A better way of doing business.

Where to from here?

Cloud Accounting solutions are revolutionising the way organisations do business and will continue to do so as the cloud evolves. We at Power Tynan are proud to be recognised as Toowoomba’s first and only Xero Gold Partner. Xero is one of the possible Cloud Accounting Solutions that we use and recommend, so if you would like to take charge and challenge the way you do business, please contact our office to discuss a possible solution that may suit your business needs.

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