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xero cloud accounting Archives - Keeping Company

why small businesses need accounting software today

By | External CFO | No Comments

If you’re a small business owner and have the goal of being successful and making money, then you absolutely need to be using an accounting software. Regardless of the structure, sole trader, company, partnership or trust, accounting software will greatly help you run your business.

Accounting software has progressed in leaps and bounds in the past few years with fantastic technological advances for the end user. The software has also moved to the Cloud. “Cloud” accounting means that there is now no physical software to install and the file is stored in servers and located via the internet. Cloud providers such as MYOB have the same security as the major banks, so if you use internet banking you should not have any security concerns.

The advantages of using accounting software in the Cloud for small business owners are as follows:

Real time access to financial information – by being able to access your accounting software file any time you want you will be able to make informed and up to date decisions about your business.
Automatic bank feeds – one of the major advancements in Cloud accounting is “bank feeds”. Bank feeds is when your transactions are updated in your accounting software when they appear at the bank. This saves you time in data entry and possibly the additional hours of a hiring a bookkeeper to manually enter all transactions.
Multiple user access and no version control issues – with your file stored in the Cloud you are able to have multiple users logged into the data at the same time. This will allow you to keep working on your file while the accounting is working at the same time which means no version control issues.
Add-on solutions – there is a huge marketplace for add-on software that synchronizes with your cloud accounting file. The add-on software can assist the small business owner with debtor control, inventory, project management and payroll to name a few. A savvy small business owner will do some research of the software to see what will best improve the way business is conducted.
Improve cash flow – by being able to review your debtors in your accounting software you will be able to make decisions about collection and credit extension. The ability to issue online invoices via email will mean the invoice gets to the client faster, which means faster payment (hopefully).
Processing payroll – accounting software packages help the small business owner calculate the correct amount of superannuation payable as well as PAYG to withhold on wages, which means no more manual calculations and errors that may result in fines and penalties from the ATO.
Make a tax change for the better this end of financial year with MYOB AccountRight, it’s the power to manage business, your way. For further information or assistance with setting up or upgrading please contact Keeping Company on 1300 533 787.

The information provided here is of a general nature for Australia and should not be your only source of information. Please consult an experienced and registered tax agent as each small business’s circumstance will vary for end of financial year.
By Ryan Miller, published 1st June 2015 for MYOB “The Pulse”.

xero cloud accounting – moving your accounting online

By | Xero Training | No Comments

xero cloud accounting online

Moving to xero cloud accounting doesn’t have to be a daunting process. It’s easier and more cost effective than you think. The cloud has changed the world of accounting and it provides mutual benefits xero cloud accounting to business owners and their trusted advisors, as they access the same financial data and work together in the cloud in real-time. The most powerful benefit of working in the cloud, is the ability to access information anytime, anywhere. All you need is an internet connection.

Cloud computing is probably the most cost efficient method to use, maintain and upgrade. Traditional desktop software costs companies a lot. Adding up the licensing fees for multiple users, servers and backup storage facilities can prove to be very expensive to setup and maintain.

Run your entire business better & faster with online accounting software and access your accounts from work, home or on the go. Your data is completely secure even if your computer is lost or stolen.

The beauty of xero cloud accounting is that you are not restricted to one computer. Xero online accounting can work on any system – Mac, Windows or Linux. There’s also Xero Touch designed for smartphones like your iPhone, Android and even Blackberry. No longer will you have software version issues!

Here are some benefits of Xero online accounting software:

• Accounting and payroll in one – Xero is all you need to run your business efficiently
• Bank statement lines are automatically (and securely) fed into your Xero accounts
• No need to install software, update or keep backups – Xero cloud accounting automatically does this for you
• An ecosystem of 300+ Add-on applications to assist you with managing your business and improve efficiencies – inventory, invoicing, time tracking, expenses, and hundreds of other apps all seamlessly integrate with Xero to save your business precious time and money.
• Unlimited user access and your accountant / advisors can see real-time data

As Xero Certified Advisors, we can assist and manage the process of moving your accounting software to xero cloud accounting, including the transfer of historic data. One-on-one training is also provided to assist you with familiarising yourself with the new platform.

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