Cloud accounting has changed the game and we’re on board

There is no denying we are facing an online revolution. All aspects of our lives and businesses are becoming more ‘digitalised’. Advances in technology are changing our social and business interactions.

A topical example of this is the exponential adoption of cloud-based accounting software in Australia.

What are the benefits?

Online accounting software may not be for everyone but we believe that everyone should consider how cloud accounting could help them. In many cases, significant benefits can be gained. Some typical benefits are:

• Allows for timely analysis of business performance as financials can be kept up to date more easily
• Financial information can be accessed from anywhere, anytime online and securely viewed by advisers
• Add-ons can provide up to date KPIs to help business owners focus on what they do best such as driving sales and getting new customers
• Customer invoices can be sent electronically allowing for fast receipt and payment online
• Bookkeeping costs can be reduced using bank feeds and easier bank reconciliations; software can be ‘taught’ to automate the recording of recurring transactions based on rules
• Employee payroll can be processed online with electronic payments
• Add-ons can scan supplier invoices and largely automate the recording of invoices
• Automatic backup of financial data, automatic software updates and strong security

What is Xero?

A market leader in the cloud-based accounting market is Xero. It was established in 2006 and currently has over 1 million subscribers globally. With over 1,400 employees in 20 locations globally, Xero was identified by Forbes as the world’s most innovative growth company in 2014 and 2015.

At Allworths, we support progress and innovation where it will assist our clients and business. For this reason, we have partnered with Xero to provide online solutions to our clients. Last year we trained all our accounting staff in Xero and, by the end of the year, all staff had passed their exams and become certified Xero advisers.

Because of this training and the increasing number our clients using Xero, Allworths has reached ‘Silver Partner’ status. This means we can provide a 20% discount on Xero subscriptions for our clients.

Xero works in a simple and user-friendly manner. To access their financial records, a business owner needs only an internet connection and any internet browser. Their financial information is saved in a secure database and can be seen by the business and its advisers simultaneously. Xero functionality includes: downloading bank transactions, sharing source documents, reporting tax information, discussion of transactions in real time and much more. These online services can save businesses substantial time and money while also enabling better business management.

I’m interested in cloud accounting, what’s next?

In addition to Xero, we also have clients using other online software packages such as MYOB AccountRight and QuickBooks Online. Each package has different functionality and pricing, which needs to be considered by business owners considering a new cloud accounting service. We are happy to assist with this process.

Please contact us if you have any questions about cloud accounting packages and how they can help your business.