The Benefits Of Cloud Computing And Cloud Accounting

by | Aug 12, 2015

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 novices and experts to use. Many cloud accounting programs allow users to automatically import their data from their banks, credit card companies and other financial institutions. They will even automatically complete their journal entries for them so that users are no longer spending hours recording and classifying individual transactions. If you’ve ever spent hours trying to gather all of your receipts and record all of your journal entries for the day or week, you  know that this savings in time alone is one of the best reasons to adopt cloud accounting.

Many cloud accounting programs are compatible with prior versions and will update automatically so that users don’t waste any time on the system being down for the upgrade. Some cloud accounting providers are even cross compatible with programs from other providers so that users can easily import their prior sales figures and other information from one cloud accounting provider to another.

Cloud accounting also makes it easy to share your information with collaborators that you authorise, wherever they happen to be in the world. From partners and associates to your accountant, you no longer have to be in the same room to get help doing your books.

3. Increased Speed and Efficiency. With traditional accounting software, you used to have to wait for your information to post in order to be available. In the past, this waiting period was normally overnight, but with cloud accounting, your information is up-to-date instantly.

If you have a high volume of sales or other transactions, with cloud accounting you also don’t have to worry about your system slowing down or “timing out” due to the volume, or possibly even losing sales and other data, since you no longer have to wait for it to download and process on your individual machine.

All of the reports that can give you an instant and thorough look at where you and your company stand at any given moment can also be easily and instantly produced, giving you greater control over your processes and enabling users to take faster action to correct or change the course of their business.

4. Increased Data Security. Since everything is in the cloud, you don’t have to wait for security patches to be released and applied to keep your information secure. If and when a data breach occurs, updates are automatic, which closes the window of opportunity on hackers and others with malicious intent.

Your data is also more secure since it is stored offsite and in the cloud rather than on an individual machine that could be lost or stolen. No matter how much encryption that you might deploy on an individual machine, if it is in the hands of a hacker it is only a matter of time before they defeat this measure. Storing information in the cloud, rather than on individual data sticks, desktops and other devices removes this threat.

5. Greater Freedom and Control. When someone leaves your organisation, or their roles change, you no longer have to worry about issuing new passwords to everyone on the team, cloud accounting allows you to remove or revoke a collaborator’s authorisation at any time, automatically.

Since you pay for your cloud accounting services on a monthly basis, you are not tied into any lengthy commitments. You are free to leave for another provider, or go back to using another method of accounting at any time.

Now that you know a bit more about the benefits, you are probably curious about how to get started. If you would like to learn more, why not get in touch today and let us welcome you to the cloud?

Want to find out more?

T: 02 9699 2880
E: admin@accountsstudio.com.au

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8 – 10 Hart St
Surry Hills NSW 2010

What our clients are saying...

I have had many a chat with Sophie on the networking circuit. Sophie has a strong profile and reputation within business circles and I wouldn’t hesitate to recommend her to any soho needing direction, support and encouragement. I have a passion for educating small business myself and wholeheartedly support Sophie in her endeavour to actively reduce costs for those who may be unintentionally making uninformed decisions relating to business management. Many business owners are unnecessarily outsourcing tasks which are misdirected or can be achieved inhouse.

Gai Hook
Virtual Sales Strategy

2017-10-13T09:32:05+00:00

Gai Hook
Virtual Sales Strategy

I have had many a chat with Sophie on the networking circuit. Sophie has a strong profile and reputation within business circles and I wouldn’t hesitate to recommend her to any soho needing direction, support and encouragement. I have a passion for educating small business myself and wholeheartedly support Sophie in her endeavour to actively reduce costs for those who may be unintentionally making uninformed decisions relating to business management. Many business owners are unnecessarily outsourcing tasks which are misdirected or can be achieved inhouse.
I’ve worked with Sophie as a contributor to Confessions of a Mumpreneur – a fantastic book that she dreamt up, edited and produced. Apart from producing fabulous books that help so many others realise their entrepreneurial dreams, Sophie is an astute business person who is making her mark on her own terms. Watch this space – I’m sure we’ll see and hear a lot more from Sophie Andrews in the years to come.

Jennifer Dalitz
Gender Diversity expert, Career Coach, Award winning blogger on women, work & leadership @ www.TheSheEOBlog.com

2017-10-13T09:50:01+00:00

Jennifer Dalitz
Gender Diversity expert, Career Coach, Award winning blogger on women, work & leadership @ www.TheSheEOBlog.com

I’ve worked with Sophie as a contributor to Confessions of a Mumpreneur – a fantastic book that she dreamt up, edited and produced. Apart from producing fabulous books that help so many others realise their entrepreneurial dreams, Sophie is an astute business person who is making her mark on her own terms. Watch this space – I’m sure we’ll see and hear a lot more from Sophie Andrews in the years to come.
I got to know Sophie through my previous employer where Sophie still handles the bookkeeping side of things. While we worked together I have found Sophie very accurate, punctual and very pleasant to work with. And recommend her highly.

Dianna Holwerda
Client Service Manager, John Sergeant Associates Pty Ltd

2017-10-13T09:55:05+00:00

Dianna Holwerda
Client Service Manager, John Sergeant Associates Pty Ltd

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I was recommended to The Accounts Studio at a networking event and have been working with them for the last 2 years. The team have all been very approachable and available – two things essential when it comes to understanding your accounts! I now no longer have the stress every three months of getting my BAS correct and even better I have a clear understanding of where my company is financially! Thanks Sophie and TAS team!

Eleni Mitakos
Galmatic Pty Ltd

2017-10-13T04:16:02+00:00

Eleni Mitakos
Galmatic Pty Ltd

I was recommended to The Accounts Studio at a networking event and have been working with them for the last 2 years. The team have all been very approachable and available – two things essential when it comes to understanding your accounts! I now no longer have the stress every three months of getting my BAS correct and even better I have a clear understanding of where my company is financially! Thanks Sophie and TAS team!
I have really enjoyed working with you guys and look forward to a successful 2013. From the moment we started with TAS I have seen value. The figures are accurate, you are accessible (and approachable!) and most of all – you are cool people!

Chris Du Plessis
Managing Director, Origin Meat Pty Ltd

2017-10-13T04:20:03+00:00

Chris Du Plessis
Managing Director, Origin Meat Pty Ltd

I have really enjoyed working with you guys and look forward to a successful 2013. From the moment we started with TAS I have seen value. The figures are accurate, you are accessible (and approachable!) and most of all – you are cool people!
"Sophie is so professional – careful, attentive and punctual – she has made managing my accounts not just easier, but a whole lot less stressful"

Fast Ed
TV Chef from Better Homes & Gardens

2017-10-13T04:23:15+00:00

Fast Ed
TV Chef from Better Homes & Gardens

"Sophie is so professional – careful, attentive and punctual – she has made managing my accounts not just easier, but a whole lot less stressful"
Sophie has been a tremendous support and guiding light for my business. I have continually succeeded when acting on her advice and by using her services. Her products are fantastic and her ideas and accuracy is out of this world. I would never hesitate to recommend Sophie’s services and I would invite anyone to contact me for a referral.

Belinda Grundy
GM, Property Styling Online and BG Property Styling

2017-10-13T09:21:50+00:00

Belinda Grundy
GM, Property Styling Online and BG Property Styling

Sophie has been a tremendous support and guiding light for my business. I have continually succeeded when acting on her advice and by using her services. Her products are fantastic and her ideas and accuracy is out of this world. I would never hesitate to recommend Sophie’s services and I would invite anyone to contact me for a referral.
Sophie has the spirit of the Entrepreneurial Business Owner! Whether she is running a successful single family website, creating a product for small business owners or running her own bookkeeping agency she is always right on track as to what small business needs. If you want to speak to someone who not only knows what business owners are going through-she also does something about it- then don’t miss out, connect with Sophie! She is someone who can not only think outside the square- she has true strategic thinking; which is often spoken about but is rarely truly placed into action.

Sue Heins
Councillor at Warringah Council

2017-10-13T09:25:16+00:00

Sue Heins
Councillor at Warringah Council

Sophie has the spirit of the Entrepreneurial Business Owner! Whether she is running a successful single family website, creating a product for small business owners or running her own bookkeeping agency she is always right on track as to what small business needs. If you want to speak to someone who not only knows what business owners are going through-she also does something about it- then don’t miss out, connect with Sophie! She is someone who can not only think outside the square- she has true strategic thinking; which is often spoken about but is rarely truly placed into action.
Sophie is an amazing business woman. She is able to take the complexities of business and break them into manageable pieces for small and home based business owners to work with. She’s clever, creative, supportive and very generous. She’s the reason that so many small businesses are doing so well. If yours is a small or home based business then Sophie is someone you need to know.

Anne Maybus
Writer and Content Creator, Clever Streak

2017-10-13T09:26:35+00:00

Anne Maybus
Writer and Content Creator, Clever Streak

Sophie is an amazing business woman. She is able to take the complexities of business and break them into manageable pieces for small and home based business owners to work with. She’s clever, creative, supportive and very generous. She’s the reason that so many small businesses are doing so well. If yours is a small or home based business then Sophie is someone you need to know.
Sophie is efficient, direct and gets the job done. She responds quickly, keeps me updated and has a way of simplifying things and making my life easier. She is all about efficiency and that’s what makes it great to work with her, I highly recommend her to anyone who wants someone to efficiently look after their books and she is great value for money too.

Adam Dobson
Strategic Resourcing Manager

2017-10-13T09:28:24+00:00

Adam Dobson
Strategic Resourcing Manager

Sophie is efficient, direct and gets the job done. She responds quickly, keeps me updated and has a way of simplifying things and making my life easier. She is all about efficiency and that’s what makes it great to work with her, I highly recommend her to anyone who wants someone to efficiently look after their books and she is great value for money too.