Why Most Business Owners are Taking up Cloud Accounting

Over the last 18 months, you may have heard the word ‘cloud accounting’. So why is there such a buzz right now. Well, clouding accounting offers so many great tools and reports that it is helping make running a business that little bit easier and less stressful.

Currently, most lots of business owners would use either an Excel spread sheet or an accounting systems set up on their computers such as MYOB to help track the financial performance of their business. If it is MYOB, there is generally a file that must be transferred to the accountant on a regular basis.

Clouding Accounting offers many advantages:

•                 Makes it easier to manage cash flow as you can access reports and information at your finger tips

•                 Save time on invoicing clients

•                 Save time reconciling your bank statement due to automatic bank feeds

•                 Reducing debtors

•                 Creates better relationship with suppliers as you can manage cash flow better and pay with your current terms

•                 Reduces bookkeeping fees especially if you are using mobile friendly applications to scan and collect receipts information and bills

•                 Reduces time to pay employees and superannuation contributions

For some business owners, clouding accounting may seem to be a daunting task. In fact, the process to convert from MYOB to Cloud Accounting software is really easy straight forward. There initial time spent setting up the systems could save you thousands of dollars every year.

If you want to save money, gain more time in your day and reduce stress when it comes to bookkeeping, then consider cloud accounting. At Hall & Chadwick, we have made the process easier by forming a strategic alliance with a bookkeeping firm using the latest cloud accounting having an in-house bookkeeping department. Give Tim Hoop mann a call today and he can assist with helping you move into the cloud for your bookkeeping.

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