Many of you would have heard about cloud based accounting packages. Many of the names you will be familiar with are offering a form of cloud based accounting packages – MYOB, QuickBooks (Reckon) and Xero to name a few. Many people don’t understand the cloud system and its benefits. Essentially the ‘cloud’ is an alternative to hardware based computer packages. The cloud package stores data online and is completely internet based. This means that you can access and work on your file anywhere at anytime. Furthermore, this allows viewing access (with client’s permission) to us your accountant.

The most important thing with this is the flexibility and ability to access live data. As long as the file is reconciled, we can produce a report up to the reconciled date. We can help you fix problems whilst we are both on line looking at the same data. No more cd’s, thumb drives, emailing files or drop box required. No issues with versions, updating for changes and tax tables as you will always have access to the latest version of the software. Further this helps to save time and money as it is more efficient.

Security is an issue many clients think of. I’m not a technology expert but from my readings I understand that the cloud programs are more secure than most server systems and desktop computers. Many of the cloud accounting providers state that their security is up there with bank security. Furthermore, your data being on the cloud is not vulnerable to threats such as theft, fire or natural disaster. Your only risk is the internet connection.

Also, the offerings within the cloud based systems are advanced. Bank feeds for instance allow daily live feed of your bank transactions into your software and therefore require far less data entry and again is more efficient. There are many different add-ons being available also, allowing the software to be more tailored to your business.

Please contact your partner at Lambourne Partners to discuss your cloud based accounting solutions.