Cloud Based Accounting
Cloud-based accounting means you can access your financial data anytime, anywhere. It’s secure, up to date, and makes managing your business easier and more efficient.
How cloud-based accounting works
Cloud-based accounting software is hosted online rather than installed on your computer. You access it through the internet, which means you can log in and manage your finances from anywhere.
Unlike older software that had to be installed from a disc, cloud systems store your data securely off-site. Your information is processed in real time and sent back to you, so everything stays up to date without the need for manual updates or backups.
It works like having your accounting system stored securely online. You don’t have to manage any hardware, and you can access it anytime you need to.
What are the benefits?
Cloud-based accounting frees your business from installing and maintaining software. It’s easier to use, faster to access, and doesn’t tie you to a specific location.
Your team can log in from anywhere and see the same data in real time. This is especially helpful for businesses with multiple locations or remote staff who need to stay on the same page.
Most cloud platforms also offer mobile apps, so you can check your numbers on the go.
Here are a few key benefits:
Security
With cloud-based software, your data is stored securely off-site. You don’t have to worry about theft, fire or accidental loss. Encryption and other built-in protections keep your information safe.
Access Anytime
Your data is always available. You, your team and your accountant can log in from a phone, laptop or desktop whenever it’s needed. It’s a real-time view of your business.
Lower Maintenance
No manual updates. No version upgrades. Your cloud provider handles all of that, so you can get back to work without worrying about the tech.
Your cloud service provider will handle the nitty gritty details like maintenance, system admin fees, and version upgrades; you’re no longer responsible for worrying about these things.
Available Cloud Based Accounting Programs
XERO, QuickBooks and Myob all offer strong accounting capabilities to their users. While they have their differences, certain features can be found in either software option:
- Double-entry accounting
- Cash-basis and accrual accounting support
- Bank reconciliation
- Accounts payable and receivable modules
- Charts and infographics concerning accounts
XERO
Xero is known for its clean layout and easy-to-use dashboard. You can quickly access bills, bank balances and invoices, and setting up recurring transactions is straightforward. It also connects easily with your bank accounts for real-time updates.
Here’s what else you can expect from Xero:
- Manage accounts payable with any pricing plan
- Add unlimited users at no extra cost
- Access strong self-service support through the Xero Business Help Center and Xero Central
One standout feature is included payroll for up to ten employees. Some users mention the lack of live support as a drawback, but overall feedback is positive, especially from businesses that value simplicity and efficiency.
XERO PLATNIUM Partner
Xero ranks its partner firms using a points-based system. The more clients a firm manages through Xero, the higher the partner status. Points are awarded based on factors like the version of Xero clients use and how the software is implemented.
As a Xero Platinum Partner, FTA Accountants can pass on exclusive subscription discounts and offer more tailored support. Our status reflects the experience we’ve built helping businesses get the most out of Xero.
We’ll help you get set up, train your team, and recommend add-ons that suit your business. Working with a Xero partner means getting full access to everything the platform can do, without missing out on tools or features that can make a difference.
QuickBooks Intuit
QuickBooks stands out for its strong customer support and wide network of certified ProAdvisors around the world. This makes it easier for users to get help when setting up or troubleshooting the software.
Some features that set QuickBooks apart from Xero include:
- Budgeting and forecasting in premium plans
- Live phone and online chat support
- Built-in tax support
Many users find the mobile app especially useful, with real-time access to financial data and tools that exceed expectations. For businesses that value convenience and responsive help, QuickBooks is a strong choice.
MYOB Online
MYOB offers more plan options than most other accounting platforms, giving Australian businesses plenty of flexibility. It also includes high-end features suited to businesses that prefer offline access.
If you often work without Wi-Fi, MYOB may be a better fit than fully cloud-based systems.
Key features include payroll, client invoicing, budgeting and reporting tools, and support for tax time, inventory and cash flow. For businesses looking for a comprehensive solution with offline capability, MYOB is worth considering.
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