Cloud accounting has been around for quite a while now, but even still, the idea of taking our data to the cloud can be a little confronting for some. With these technological enhancements, there’s never been a better time to understand the opportunities to optimise and grow your business. If you’ve been meaning to brush up on the great benefits, this one’s for you.
With cloud accounting solutions, you don’t have to be tied to the one desktop computer (out the back of the store). For example, MYOB Essentials, our web browser-based accounting solution, you can log in anywhere you’ve got a web browser. Or with MYOB AccountRight, you can you can get the power of the desktop and convenience of the web; install MYOB AccountRight on any desktop and sync up with your data from the internet.
You can even use your smartphone with MYOB OnTheGo to get the critical information you need on iOS and Android from both Essentials and AccountRight.
You will only ever have one data file. Unless your software automatically goes into read-only mode when you do a backup or copy the file, it’s fairly common for business owners to have more than one data file. Last week one of my clients had no less four data files on her desktop. What is the likelihood of data being entered on the wrong file?
You can share the data with as many others as you like, whether it’s your accountant, your bookkeeper, your business coach or even your bank manager. No longer is it necessary to email selected reports or the data file or — even less convenient — backing up the file to a USB stick and delivering or sending it to whoever needs the data.
You’ll never have to back up your data file again. It’s always a surprise to me how many business owners do not back up their data — or think they have backed up their data but haven’t — only to lose weeks or months worth of work. Just think of the time you’ll save not messing around with the actual backups.
With a hybrid such as MYOB AccountRight, you can have the best of both worlds. When you are connected to the internet, you can enjoy all the benefits of online accounting such as centralised data, sharing with accountants, and MYOB managed backups. But you can also work offline, and your data will simply sync automatically the next time you connect to the internet. It is a real benefit during an internet outage or when you want to be productive on an aeroplane without paying extra for service!
You’ll notice I haven’t mentioned live bank feeds, and that’s because live bank feeds are available on non-cloud software. Nevertheless, since most non-cloud software didn’t (and some still don’t) offer live bank feeds, it’s true to say that cloud-based software has exponentially increased the overall availability of that fantastic time-saving and supremely accurate function that has revolutionised bookkeeping.