Making sure you have good systems to track money in-money out and GST obligations is critical for a business, and most businesses use some form of software to make this process easier.Traditionally this accounting software has been loaded on a PC in an office, and only one person could access it at a time.
With cloud accounting solutions you get one set of accounts and same time access for multiple users.You can collaborate and share files with colleagues, accountants and bookkeepers, whether they're sitting right alongside you or are half way around the world.
This gives business owners the freedom to set up new ways of working in the business.For example, if you need to travel interstate to meet with suppliers you can still keep an eye on key financial data or manage a payrun, while your staff enter sales and your accountant processes your quarterly BAS.You are all working on the same file, which eliminates the risk of having someone working in the wrong version of the file.
Businesses have the opportunity of being more efficient and reducing double handling of information by having staff enter information directly into their accounting system rather than having them complete paper forms which then need to then be keyed in.It also helps business owners work more effectively with their accountant, as they can both access real time data on how the business is performing.
Automatic bankfeeds are another great time saving feature of cloud accounting.You can elect to have your bank statement fed directly into your accounting software, and then set up auto coding rules.This eliminates manual keying errors, and greatly speeds up the process of doing a bank reconciliation.
For anyone looking to transition from paper or excel based systems to make it easier to comply with the new Reportable Payments legislation introduced in this year's budget, take a look at MYOB LiveAccounts.It's a browser based application for quick, simple invoicing, GST & payroll which does not require users to have any detailed accounting knowledge.
For AccountRight users who are interested in taking advantage of cloud accounting MYOB is releasing AccountRight Live later in 2012.It's unique because it lets you choose whether to work on your desktop, in the cloud or both.AccountRight Live is a subscription product which will allow you to "switch on" cloud functionality and easily start taking advantage of the new Live benefits; such as being able to access your file anywhere you have access to an internet connected PC and automated bankfeeds.You always have access to your data plus you can save it locally.