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Working in the Cloud – What does it mean for your Business?

As software and information technology continues to advance quickly, particularly in the business world, it can be overwhelming – and when legislation forces you to dive in head first, this is only enhanced. With the Australian Taxation Office (ATO) making Single Touch Payroll (STP) reporting mandatory as of 1 July 2019 for all employers, business owners who are set in their ways with outdated, desktop-based accounting packages have been forced to make a move that they perhaps didn’t want to make. But why? Transferring your accounting software to the cloud isn’t hard to do, and the process of doing so is as seamless as it’s ever been.

Getting Onto the Cloud

No need to fear – moving to the cloud is not only a simple switch these days, the vast amount of information and training available means it isn’t anywhere near as daunting as many would have you believe. The interruptions to your business are minimal, the migration doesn’t take ages, and before you know it your business will be ticking along more efficiently than you ever thought possible. What’s more – if you engage the CFO2GO team to migrate your accounting software to the cloud, you’ll receive training on how to use your new product so you’re fully up to speed on how everything works.

What will you get out of it?

The benefits of cloud accounting software doesn’t stop with keeping the ATO happy through STP reporting. The list grows as the relevant technology develops, so here’s an overview of some of the primary advantages available using the cloud.

• Automated bank feeds from your bank to your accounting file – no manual data entry required!
• Electronic lodgements of BAS, IAS and Single Touch Payroll
• Electronic payments
• Additional software integrations directly into your accounting file, further improving your business’ efficiency. Some great apps including:
  • Receipt Bank (cloud storage of all your expenses)
  • WorkflowMax (workflow management software)
  • Vend (Inventory & Point of Sale)
  • Stripe (Payments)
• Up to date data file on a day by day basis, ensuring accurate reporting when budgeting and reviewing cash flow
• No need for manual backups – everything is in the cloud
• Accessible from multiple devices, allowing you to use the product on the go.
• Multi-user capability, meaning there’s you don’t have to stop working on your data file whilst your accountant or bookkeeper is accessing it

What’s the Hurry?

It is only a matter of time until all software is going to be cloud based. For instance, MYOB recently announced that they are no longer supporting any of their Desktop products, and that their latest updates release will be their last. MYOB themselves have 2 different cloud software options, and share the market primarily with QuickBooks and Xero – both of which are cloud based only. There are many solutions that will assist in automating systems and processes that may already exist in your business, alleviating some time-related stress that just about every business owner feels at some point. Why wait to get your business running at full tilt? There are apps available to specific industries, such as:

• Automotive
• Building & Construction
• Franchises
• Health
• Hospitality
• Manufacturing
• Not for Profit
• Professional Services
• Property and & Real Estate
• Retail
• Tourism

If you feel like your business could do with a health check and a review from one of our specialists, we’ll look at how you can minimise the manual, mundane, day to day tasks. Don’t hesitate to contact us so we can arrange an appointment and accelerate your business growth, via our website or on 9233 9204.

written by:

Claire Ginbey

Heading up our CFO2GO team, Claire's skills as a SME Business Specialist and cloud accounting specialist have developed in line with advancements in technology and best practice; allowing her to maintain the highest service standards for clients.

Claire's passion for growing small businesses and helping them achieve sustained success is what motivates her to continuously develop her skills and knowledge. Her clients appreciate her considered and dedicated approach to working with them, and her personal oversight across their operations and financial performance.