Cloud Accounting, such as the service offered by XERO, has revolutionised the way businesses are keeping their financial records in order and doing business. We should know, as our practice has been using cloud accounting for years, and so have a majority of our clients.

In recent times, we have received numerous enquiries about what is cloud computing and XERO in particular. Put simply, cloud accounting is a lot like internet banking. Every time you access this data, you’re using the cloud. The cloud is a platform to make data and software accessible online anytime, anywhere, from any device. Your hard drive is no longer the central hub.

Some of the advantages of using cloud accounting are:

  • You have a clear overview of your current financial position, in real-time.
  • Multi-user access makes it easy to collaborate online with your team and advisor, such as ourselves as your accountant.
  • Everything is run online, so there’s nothing to install and everything is backed up automatically.
  • Upfront business costs are reduced – version upgrades, maintenance, system administration costs and server failures are no longer issues. Instead, they are managed by the cloud service provider.
  • Data entry is reduced as you are able to upload or automatically bring “live feeds” of your bank account and credit card transaction data into your accounting stream.
  • You are able to view all your financial information from any computer anywhere in the world.

If you would like more information about cloud accounting and XERO please call us on +61 3 8319 4076.