Cloud accounting from the experts

Read why our accounting and business experts are fully embracing the cloud - and how you can too.

For many business owners, cloud accounting seems like a risk. Why trust your entire operation’s financial information on a server somewhere you can’t see? As it turns out, cloud accounting is the safest way to keep all of your records. Not only does it allow for flexibility – you can work on your files anywhere you have an internet connection – but it’s also more secure. Your information is kept in large data centres with more backup systems and redundancies that you most likely have in your own business.

At MYOB, we know that changing a technology strategy isn’t easy, and it can’t be done overnight. So we’ve brought together a collection of resources here to help and educate. Read up on why cloud accounting is such a powerful business tool – and how you can use cloud-based accounting to make your life, and the lives of your clients, even easier.

Cloud-based accounting can change your practice. Move to the cloud and give your business the flexibility to grow and succeed.

What is cloud accounting?

By John Kelab - AustralianBiz CEO

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Cloud accounting may be a big word to some, but it's actually one of the best things to happen to business owners. To help you understand cloud accounting software better, I'm going to answer a few common questions I usually get on this.

Cloud accounting, also known as 'online accounting', serves the same function as cloud computing. You might install the software on your computer but it runs on servers and you can access it using your Internet. In some instances, you won't need to install the software on your computer and can access it via web browsers. As a practicing chartered accountant, I find that it is more efficient to process my client's end of year adjustments.

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Why you need cloud accounting

By Colin Dunn - Chief Innovation Officer, PANALITIX

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If you read the business pages, you’ll notice the rise of cloud accounting systems, and perhaps you are wondering what the benefits might be to your business.

Imagine being able to enter sales quotes into your system in real time or raising sales invoices on the spot using a mobile device Similarly, perhaps you are on a plane, and you fancy checking your financial situation to see whether you are on budget for the quarter.

This way, you don’t have to carry your files in your USB drive or physically drop it off to your accountant or wait for his/her response.

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Five reasons cloud accounting will change your business (and life) for the better

By Tracy Sharah - Certified Practising Accountant and Tax Agent

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Cloud accounting systems are revolutionary. How do I know?Well, my accounting practice has been using the cloud for a number of years, and we have shared this passion with many of our business clients. 90% of our clients now use cloud accounting systems too.

Data entry is so yesterday. Why in this information age, when all transaction data is readily available in your banking system, should you have to manually re-enter it into your accounting software? What a waste of time and money!

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Why I advocate cloud accounting

By Pam Pitt - Director, 2 Peas Pty Ltd

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Late last year, a client came to me with an issue. The following are excerpts of real live conversations we had.

Client: “Pam, we need urgent help!  We have had a fire and lost our premises including all our computers.  We need to use MYOB software so that we can continue trading.  We face financial ruin if we can’t get it up and running again”

Me: “Where do you store your backups?”

Client: “On the main computer”

Silence gripped the air…

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Other resources

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Starting a business - Business Australia

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Set up a basic bookkeeping system - Business Australia

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Video about cloud computing - SalesForce

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From the ATO: How to choose an accounting method

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FRNK the dog explains cloud computing

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What every business owner should know about payroll

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It doesn't need to be spring for a business clean

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Of course, simply integrating your business with a cloud accounting system isn’t enough. Being on top of this type of technology is an ongoing responsibility for any tech-savvy business owner. If you want to boost your cloud accounting skills, check out some of the links above. You can check out some resources from Salesforce and the ATO about various accounting methods and technology. Here’s your main takeaway – learning about how to better your business with cloud accounting skills is a journey, not a destination. 

 

One of the main benefits of implanting cloud accounting is the flexibility it can bring to running a business. Maintaining a healthy work-life balance is important – and working in the cloud can give that to you. Haven’t got time to finish the books at the office? No problem – you’re able to reconcile your accounts wherever you are. And the best part is, you can get your accountant or bookkeeper to look over your accounts whenever you need, and you don’t need to be in the same place.

Explore our cloud accounting products

MYOB Essentials

PC phone and tablet screens with accounting software on them

Easy online accounting

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MYOB AccountRight

AccountRight accounting software image

Power to manage business, your way

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We’re glad you’ve taken the time to read up on our resources about cloud-based accounting. At MYOB we believe using new technology can help make your business life easier. Cloud accounting systems are one of the best ways to ensure that your data remains safe, and that your business is able to thrive.

Cloud-based accounting may seem difficult to set up, but in fact, it’s incredibly simple. If you’re interested in giving it a try, why not consider a trial of MYOB Essentials or AccountRight? Both feature the ability to store your files online.

 Sign up for a free 30-day trial today!