The Benefits Of Cloud Computing And Cloud Accounting
Building upon a firm foundation of cloud computing, Xero and other providers have now developed services that allow small and medium sized businesses to take advantage of the speed, security, portability and cost savings that were once only available to larger groups. Here is a list of benefits that cloud computing and cloud accounting can provide you. 1. A Reduction in Cost. Keeping up with your books in the cloud allows you to save money in several ways. First, you no longer have to buy an expensive program and annual license fees for each copy of accounting software that you would have used. Cloud accounting allows you to pay a small monthly fee to access and store your information online. You also no longer have the expense of having to upgrade your computer hardware in order to run the program, as most cloud accounting platforms will run in your browser window on a wide variety of platforms: from traditional desktops and laptops to tablets and smartphones. There is also additional savings from lower IT expenses, as you do not have to pay a specialist to download, upgrade and troubleshoot your accounting software. 2. Ease of Use. Cloud accounting services are simple for both...
Read MoreWelcome to the Cloud – An Introduction to Cloud Accounting
Has fear of the unknown prevented you from adopting cloud accounting? If so, you are not alone. Despite the promises of increased speed, cost savings and ease of use, some owners remain reluctant to trust their bookkeeping and finances to the cloud. This is largely due to a few misconceptions about what overall cloud computing and actual cloud accounting entails. Myths About Cloud Computing and Cloud Accounting The most persistent myths surrounding cloud accounting involve concerns that the technology is “new” and therefore unreliable. Others worry that the data cannot be secured, that performance is unstable, or that the owner will lose freedom of choice and other control over their information. The results experienced by organisations of all sizes that have adopted cloud services, however, shows each of these beliefs to be mostly false. Cloud computing actually isn’t a new service, as it has been around in some form since the 1950s. During this time period, governments, universities and other large organisations did not actually own their computer hardware but rented the use of time, in the form of “timeshares,” on mainframe computers. In the 1990s, cloud computing and accounting in the cloud really began to come into its...
Read More5 Simple And Quick Shortcuts In Xero To Make Your Life Easier
Xero is known for its ease of use and fast processing times, two benefits which make keeping up with the books less difficult for most small business owners. Despite these features, it’s likely that there are times that you long for a simpler way to complete some common tasks. The following five Xero shortcuts make using your accounting system even easier! 1. Dates and More Dates! Whether you are adding a date to manual transactions, entering your payables or creating invoices, there are a lot of dates to keep up with. Xero knows how frustrating this task can be, and so provides a host of date shortcuts that let you quickly enter a specific date without having to type out the full 10 digits. For example, if you don’t want to have to enter the 10 digit number for a specific date, just hit the tab key or enter the letter t in the date field to populate it with today’s date. Entering the “tom” in the same field will automatically populate it with tomorrow’s date, and “+[number]” will enter the date that is [number] from today’s date. Read Xero’s helpful guide on Date Entry Shortcuts to learn more...
Read More3 Most Common Mistakes People Make When Doing Their Books
If you are a small business owner and you’ve been doing your own books, you are not alone. It’s estimated by some that nearly half of all small business owners do their own books. According to an online article in Entrepreneur magazine, bookkeeping is also probably your least favorite activity as a small business owner. This is likely because bookkeeping doesn’t come naturally or automatically to anyone. Bookkeeping is an activity that requires specialised training and knowledge in order to be done in an accurate and competent manner. Keeping up with your accounts is also a time-consuming, and relatively dry and boring pursuit. If you make costly mistakes, there’s also the potential that you will destroy your ability to remain in business. The following are the top 3 most common errors that small business owners make when they do their own books, as well as some tips for how to avoid them. Failing to Reconcile the Books with the Bank Account or Doing the Books Infrequently Do you have any idea how much cash you have on hand in your bank account, or, have you been paying overdraft fees? If your answer is yes, you’ve likely not been reconciling...
Read MoreFrustrations With MYOB
Over 1 million businesses in Australia and New Zealand use some form of MYOB software, easily making it one of the most popular accounting systems for businesses of all sizes. Just because a system is popular, or widely adopted, however, doesn’t mean that it’s easy to use. Businesses that use MYOB frequently encounter challenges that affect their ability to keep up with their finances and record keeping requirements. Since so many businesses have been using MYOB for years, and even decades, there is a temptation to continue to try to work within this system. After all, recent MYOB upgrades over the past few years have attempted to offer better reporting options, and can now be cloud based. The biggest feature that MYOB has going for it is that the upgrades are usually compatible with previous versions and the upgrades to the interface are so similar to those used in the past that there is a short learning curve to master the newer addition. All of these features come in handy if you have several years of existing sales data and other financial documents that you wish to import into a new system. Despite these benefits, MYOB is also well...
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