Cloud Bookkeeping
What is Cloud Bookkeeping?
Cloud bookkeeping is the encrypted, online storage of accounting information that can be centrally accessed by authorised parties with correct logins. It holds business records of income, assets, expenses, taxes, payroll, liabilities, invoices, and reports pertaining to the financial aspects of your company.
If you didn’t grow up with the technological version of The Cloud, it can seem abstract. Trust us, we understand. Think of it as the internet’s hard drive. Just as computers and laptops have hard drives to store information, online storage occurs in the cloud.
Exact BAS and Bookkeeping’s preferred cloud bookkeeping software is Xero. This is Xero’s analogy... “Think about when you use internet banking. Every time you access your bank data, you’re using the cloud. The cloud makes data and software accessible online anytime, anywhere, from any device. The hard drive on your computer or laptop is no longer the central hub.”
Benefits of Cloud Bookkeeping
Whether your employees operate from traditional office environments, are remote workers or need to follow work from home requirements, cloud bookkeeping offers the flexibility and agility to cater to all staff. Even if the entire team is virtual, company accounts can be accessed from a web browser or any device with the app installed, using current logins.
One of cloud bookkeeping’s greatest advantages is that the software connects directly to business bank accounts. This allows for seamless linking of banking transactions with accounting information. Unnecessary hours of data-entry are negated which minimises the chance of error or additional time repetitively transcribing the exact same details.
Also, cloud bookkeeping software providers typically update their platforms with new tax rules, rates, or regulations so the user is always operating with the latest information.
Here are just some of the cloud bookkeeping features that streamline the process:
1. Online invoices and receipts are fully automated
2. Data reconciliation keeps books accurate
3. Built-in ATO reporting ensures compliance
4. Instant access to all documents anywhere in the world
5. Current financial situations are immediately available
6. Collaborative online access for teams
7. Bespoke dashboards provide tailored financial snapshots
8. Automatic data backup
9. A single ledger improves accuracy, minimising errors at crucial lodgement times
10. Ledger owners can interact with their tax agent in real-time
Exact BAS and Bookkeeping Are Cloud-Based
Exact BAS and Bookkeeping agents are Bronze Partners and Certified Advisors of Xero cloud-based accounting software which means we have access to continued software, education and marketing support, benefiting our clients and their employees. We are at the forefront of online invoicing, bookkeeping and payroll management, tailoring services specifically to your business requirements.
We are also well versed with MYOB Essential accounting software, which is ATO compliant and also facilitates all cloud bookkeeping services optimising your cash flow.
