Cloud accounting (otherwise known as online accounting), enables small business owners to keep their finger on the financial pulse of their business in the same way a large corporation would – and better still, it’s available anytime, anywhere you’re online.
Cloud accounting effectively provides business owners with the same timely information that the CEO of a large corporation receives. Directly linked with real-time bank information, cloud accounting provides accurate monitoring of a business’ cash flow, electronic customer invoicing, facilitates BAS preparation and profit reporting. As cloud accounting utilises the internet, it can be fully accessed via an iPhone and other mobile technologies.
All business banking transactions are uploaded directly into the software, removing a significant amount of data entry time – saving business owners both time and money. Just as importantly, it means no transactions are missed and your bank always reconciles.
Another benefit is there’s no need to buy, install and maintain software as users simply log in online to use the system. The software is simple to master, very user friendly and well supported. Even better, there’s no ongoing IT maintenance or software upgrade costs as the IT and network management is performed by the provider.
As more and more small businesses and accounting practices embrace this new technology, one accounting firm, Abby Practice, is organising training and education for its clients.
“We see Xero as significantly enhancing the services we provide to clients. For example, we will both be able to view the same real time information at the same time – wherever either party is – when we discuss anything to do with your accounts. This can only allow Abby Practice to help its clients make better business decisions.”
Business owners interested to learn more are being invited to attend a free two hour demonstration of Xero on Tuesday 30 August 2011 at 6pm at the Hornsby RSL Club.
Interested parties are asked to call 02 9476 0399 to register, as numbers are limited.
According to Edwards, “it could be the best couple of hours you have spent on your business for some time!”