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The revolution of CLOUD accounting has brought so much value to the world of business.

The market offerings are getting better by the day. Cloud brings enormous flexibility for business as well as collaboration between business owners, bookkeepers and the accountants. The introduction of live bank feeds by software providers also improves accuracy of data which bring further efficiencies.

Flexibility

You now have the flexibility to work anywhere anytime from the local coffee shop, car, van, bush or even overseas. It takes away inefficiencies you may have had by being restricted to a computer residing in one place or having to wait until you were back in the office to enter your data. Business can now have their staff invoice clients immediately from where ever they are anytime of the day or night.

Accounting software providers are continually improving their software to include various efficiencies to allow business to grow. A couple of examples of efficiencies are the introduction from MYOB in quarter 2-2014 of PayDirect. This will bring immediate cashflow by allowing business owners/salespeople a quick and easy way to take credit card payments using a smartphone, on the spot. You simply raise your invoice from your smartphone then swipe the credit card and your MYOB file will update this information soon after.

Xero’s Online Invoicing also allows you to get paid faster by providing the recipient with easy payment options once they receive the invoice. You’ll also receive an update once the invoice is opened which avoids the old “lost invoice” excuse. Your customers simply click the payment link on their invoices and make direct payment using their credit card or PayPal account.

The move to cloud has spawned a huge growth in third party products too, so that businesses requiring specialty software as well as their accounting software are now in a position to satisfy their business needs by getting the combination of systems for their specific situation.

Collaboration

The cloud has encouraged business owners, their bookkeepers and accountants to work closer together to deliver positive outcomes for the business owner. Through collaboration bookkeepers and accountants can update, review, resolve and identify issues before they become major problems.

Traditionally businesses had their data reviewed by their accountant at the end of the financial year. Now, advisors are able to access live data at any time. Your accountant can review the files and give timely advice that delivers more value to the business, before problems arise. Collaboration will strengthen these relationships and enable the business owner to understand the value that comes from such regular interaction.

Accuracy of data

The introduction of live banks feeds are a key tool with cloud accounting solutions. They are a key driver of lowering operational costs of a business because it reduces the need for manual data entry. They provide a real-time data feeds directly from your bank whereby business owners, bookkeepers and accountants reap the benefits of live information with little manual intervention.

Re-work becomes a thing of the past.

Automated coding through reliable, secure and accurate systems will aid in driving business success. Bookkeepers become more involved in providing accurate reporting, assisting with reconciliations, budgeting, cash flow forecasts – more valuable inputs than simple coding of transactions.

Accountants become more involved in driving business success. Business owners have the time to focus on developing the business.

Hardware

Many business owners are relieved to no longer need to buy and maintain their own servers and networks. Cloud computing means that the data is stored on and accessed from secure, reliable servers that are maintained elsewhere. And the cloud servers are constantly backed up, giving businesses the assurance that their data can never be lost.

So overall, the business world is in a revolution with the adoption of cloud. It is bringing in new ways to do business more efficiently while relying on information that is totally up to date and more reliable. With collaboration between business and advisors, the ability to make the most of new opportunities is there for business owners to grasp.