Accounting on a Cloud – Transitioning to Hosted Financial Solutions

With the widespread transition from traditional to Internet-based telecommunications services and significantly improved speeds, businesses both in Australia and overseas are moving rapidly toward cloud based accounting solutions. It’s little wonder why.

Using cloud-based software to manage business accounts creates significant opportunities for collaboration, integration and streamlining with an array of other services, at the same time saving on costs and enhancing security, back up and overall convenience.

Multi-user online access means staff across financial and other areas are able to work remotely, conveniently, and importantly, together. Integrating cloud-based accounting services with other online financial and other services creates crucial data available for analysis and the improvement of your business.

Using a remote server to back-up financial data can enhance security, whilst saving space and time spent searching for files and information. Any bugs in the software can be fixed quickly and in-house. Immediate access to upgrades and new products means businesses can add or improve their existing suite and stay up-to-date with the latest technologies without having to upgrade to an entirely new software package.

There are significant cost savings to be made from transitioning to cloud-based accounting. Small-medium businesses are able to select software online based on their actual needs and requirements, rather than accepting entire pre-made packages. Medium-large businesses have access to enterprise-level technology at a fraction of the price, again tailored to suit their actual needs.

The move to cloud-based accounting has paved the way for new as well as old providers offering online services. MYOB, the largest accounting software provider in Australia, now offers cloud-based solutions in addition to its traditional desktop server and even hybrid products. Xero is currently the fastest growing cloud-based accounting software in the country, whilst Quickbooks, Saasu, Outright and Freshbooks offer alternative solutions.

For more information on the different cloud-based accounting products available, see our article on choosing the right software for you.

Utilising cloud-based accounting and its many benefits requires adequate Internet speeds. Speak with one of our technicians to have your current Internet speed assessed and discuss the options available to you.