Cloud accounting means using cloud-based software accessed through the internet, which lets you enter and track all types of financial data in real time, from anywhere in the world.
Benefits of cloud accounting include:
- Real-time view of your business – view up-to-date financials at any time
- Easy access and sharing – get access via the Internet and share data with others
- Invoicing – see instantly who owes you money and simplify your invoicing
- Banking – connect to your bank accounts for easy bookkeeping and reconciliations
- Reporting – create interactive reports that can be generated immediately
We made a decision in 2010 to move our entire practice to cloud-accounting software so we could more easily manage our clients’ financial operations including expense, purchase orders, invoices, financial reporting and payroll. The cloud-accounting software we use is Xero.
Xero was built specifically to work in the cloud and is perfect for mobile devices. This is ideal for many of our clients who want to monitor real-time cash flow, keeping track of transactions while on the move. Xero also stands out amongst other cloud accounting software in terms of matching invoicing and receipts with account transactions, helping you to find not only errors but also potentially fraudulent charges.
Above all, the main benefit of using Xero over other software programs is the wide variety of add-ons. With over 400 apps to choose from, Xero becomes incredibly powerful when combined with other software.
For example, you can combine Xero with your point-of-sale system, photograph receipts, quote more efficiently, manage your customers better, and track the performance of non-financial data.
Visit our Partners page to see our favourite software add-ons.