Cash flow management is one of the most important aspects in running a business. The right accounting system assists in cash flow management, however, many small business owners still use an Excel spreadsheet to monitor financial performance and don’t utilise the advantages of cloud accounting systems. At Quinns we have seen how the new cloud accounting softwares can change businesses for the better.
Here are some of the advantages:
Data entry becomes a thing of the past. Cloud-based accounting systems such as Xero, QuickBooks Online and MYOB Live Accounts allow you automatically upload the bank account and credit card transactions data into your accounting system. Applications such as Receipt Bank and Xpenditure are designed to extract the key information from your bills and receipts and then seamlessly post that data into your cloud accounting software.
Access your business financial information in real time from anywhere. Your accountant or bookkeeper, team member and you can be working on the file at the same time. This allows stronger collaboration and gives you better control of your business financial performance.
No more downloads, upgrades or filing. Cloud-based accounting means you are not required to download any software on your desktop computer. It eliminates the need for time-consuming updates and allows the storing of documents in electronic format.
Customise your accounting system. Your cloud-accounting software could be further enhanced with fully integrated add-on applications. For example, retail and hospitality businesses widely use point of sale (POS) add-ons to track what is being sold. A service business might benefit from time tracking and billing applications.
If you would like more information about the cloud accounting softwares and how we can help you to set up your accounting system in the clouds contact one of our accountants on 02 9223 9166 or submit an online enquiry.
By Julia Kharlamova