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Why make the switch to cloud accounting?

Why make the switch to cloud accounting?

What is the cloud?

“The cloud” is one of those tech-y terms people tend to throw around but can’t clearly define. But what is it? And how can it be a benefit to your business?

The cloud is made up of a network of servers, each serving a different function, providing you an online capability. Some provide you with an online service, like MYOB or Xero, while some provide a storage function, such as Dropbox or Google Drive.

What is cloud software?

Many software companies are switching from the traditional licensing model to cloud-based applications MYOB as an example, used to be purchased as a software product you would install on your computer, and was limited to a number of installations per purchase, however they have no moved to the cloud, allowing users to access it from any device simply using their login details.

When you purchase a subscription, it will allow you to download and install the desktop application, much like traditional software, however it is also available through a web browser-based application as well.

This means the data is not limited to one device, or to one user, allowing organisations to access their information from anywhere, or allow multiple users to work on the same files.

For those businesses interested in cloud accounting here’s some of the benefits:

  • It can save a huge amount of time. You don’t need to maintain software on individual computers, and updates will automatically apply themselves.
  • The cloud will automatically create back-ups, stored on numerous servers, keeping your data secure and always accessible.
  • It enables more efficient remote working, allowing users to log in and apply from anywhere or any device.
  • It greatly improves visibility within the organisation, opening up greater mobility and collaboration.
  • It will automatically update your financial information and report in real time. This means fewer reporting errors and greater overall accuracy.
  • Cloud-accounting software allows you to add any number of add-on apps, like Timelio, in order to make running your business easier.

Is data in the cloud secure?

Using cloud accounting software is just as secure as using a banking app on your phone, or using internet banking. Traditional accounting software stores information locally on your PC, and is only protected by your password. Cloud accounting software stores your financial information on encrypted servers, leaving no trace of your financial information on the computer or laptop.

Cloud providers also have multiple back up servers in a number of locations, meaning even if one server goes down, your data remains secure and accessible from a number of others. This also keeps the information safe if your laptop or PC were to be stolen or damaged.

There are a number of great cloud accounting software’s available to Australian customers, the largest and most popular being XeroMYOB and Quickbooks.

If you want to know more about how Xero or MYOB can link with Timelio, contact our Growth Manager David Webster on 0490 228 953 or at dwebster@timelio.com.au.

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