This financial year, the Association of Accounting Technicians Australia (AAT) has advised small businesses to take advantage of the marketplace opportunity for cloud-based accounting software.
The AAT reports an increasingly competitive software market has led to falling prices. Given the small business tax concessions granted in last year’s federal budget, a window of opportunity has opened for businesses looking to upgrade their accounting systems at a low cost.
Besides the affordable pricing, several benefits of cloud-based accounting software are leading small businesses to make the switch. Almost half the accounting firms across Australia see a major shift to cloud software likely to happen in the coming months.
Here’s why you should consider cloud-based accounting and cash flow management software for your business.
1) One source of information
The first clear benefit of using cloud-based accounting software in favour of traditional methods is everyone involved in the bookkeeping at your business refers to a single source of information.
Rather than a bookkeeper sending a file or an Excel spreadsheet to an accountant where both parties make changes to two different copies, cloud software allows data to be accessed by multiple users at once. This system eliminates the risk of discrepancies between different versions, thereby reducing any chance of error in cash flow forecasts and budgets.
2) No need to back up
In traditional accounting systems, financial records need to be backed up in case of computer failure or file corruption. For many small businesses, this leads to data scattered across multiple hard drives, USBs and disks, with the occasional devastating loss and scramble to retrieve data.
In a cloud-based technology, the hassle of backing up is taken care of for you. Your data is automatically saved and stored with the highest priority on security.
3) Data security
In the past couple of years, public concerns over the security of cloud-based technology have been raised. By taking certain precautions, like using secure passwords and protecting against malware, cloud services are some of the most secure ways to store your information.
What’s more, if your laptop or tablet is stolen, or a natural disaster or fire occurs, the financial data of your small business won’t be compromised. Using cloud-based accounting helps keep your systems resilient, no matter what life throws your way.
4) Access systems wherever, whenever
Using cloud-based accounting software means you aren’t tied to your desk when it comes to financial management and record keeping. For example, if you’re a mobile worker, there’s no need to wait until you get back to your office to issue your clients an invoice. You can log in from a mobile device, send the invoice immediately and have them pay at the push of a button.
Additionally, if your staff members have flexible working arrangements or work from home, cloud-based accounting software allows them to update their data no matter their circumstances. This widespread access means your data can easily remain up to date and not clouded by hindsight.
5) Easily accessible customer support and upgrades
Remember having to pay a technician to come and troubleshoot the problems of your computer system? Or worse, waiting on hold to a customer support line for hours, only to be asked if you tried turning it off and on again?
With cloud-based computing, these issues are things of the past. Software upgrades occur automatically, and customer support is available at your fingertips. Cloud services notoriously prioritise customer service because they receive payment through subscription. If a customer finds the software difficult to use they can take their business elsewhere with very little notice.
Have you been thinking about making the move to cloud-based accounting software at your small business? Reep uses cloud technology to give you a live snapshot of your business’ cash flow forecast with the ability to explore potential for growth. You can plan for any business scenario from anywhere, at any time, on any device. What’s more, Reep currently integrates with MYOB, Xero and Agrimaster. Why not have a look at Reep today and start benefitting from the ease of cloud accounting software.