Have you considered cloud accounting?
- Does your business spend a lot of time on manual data entry?
- Are you or your team frequently chasing unpaid invoices?
- Would you like to spend less time on the books and administrative tasks, and more time on the business?
- Does your business rely on spreadsheets?
- Are you unsure how your business is performing?
If you answered ‘yes’ to any of these, it’s likely a move to cloud accounting will modernise the way you run your business. But if the thought of switching your accounting systems seems daunting, or is hard to push to the top of the priority list, you’re not alone.
Accounting in the cloud, using platforms such as Xero and QuickBooks Online presents businesses with many benefits – but first, let’s address the three most common concerns our clients discuss with our advisers:
Will my data be secure?: Accounting in the cloud is more secure than a desktop computer - there’s no risk of lost data or interruption to your business if a computer crashes, because your data is secured and backed-up elsewhere - protected by the same encryption and data security as internet banking.
I’m happy with what I’m using – why would I want a new system?: Change is inevitable. Desktop-based accounting software is progressively being discontinued by many providers. Add to that the ATO’s new mandatory Single Touch Payroll Reporting, which requires your systems to be online for real-time reporting by June 2019 at the latest (or even sooner - by June 2018 - depending on the number of employees in your business). Your historical data can be transferred and these modern tools have award-winning support, making the switch easier.
I don’t have the time to make the switch: How much is your time worth? What else could you achieve if you had more hours to spend on your business each week? Cloud accounting systems can save up to 60% of your time spent each month on bills and expense transactions alone. Staying on a desktop system can also be a financial opportunity lost - what is your average debtor period, and how much time do you spend chasing debtors? Businesses using Xero, for example, collect within 32 days on average.
Are you starting to see the benefits?
Watch our cloud accounting webinar
Real-time information = better business decisions. Find out how to maximise your cloud accounting platform for fast and effective decision making in your business.
- Monitor your business’ health and cash flow
- Get paid faster and reduce debtors
- Collaborate with your accountant/business adviser to kick-start growth and profitability
In this webinar, BDO’s National Cloud and Advisory Specialist, Shaye Thyer, discusses the benefits of accounting on cloud-based platforms, and uses practical examples to highlight how to make the most of available features.
Whether you are already in the cloud or are thinking of switching to the cloud, this webinar is for you.
4 ways cloud accounting improves your business
Do you have a true picture of your cash flow, right now? Businesses using cloud accounting understand their cash flow better.
Register for the webinar to find out how to use cloud accounting to:
- Streamline your business operations, saving time and money
- Get paid faster and easier
- Increase your competitiveness with fast and effective decision making enabled by real-time data at your fingertips
Is your business prepared for Single Touch Payroll Reporting?
Accounting in the cloud makes it easier to stay compliant with changes made by the ATO – such as STPR.
Be compliant before the ATO deadline – use our 5 step STPR checklist.
Whether you’re looking for more spare time, family time, or time to spend on your business, moving to the cloud can help:
- Improve efficiency and accuracy through more streamlined and automated data entry
- Access your business’ financial data, anytime from any device, giving you the flexibility to work from anywhere.
Are there other areas of your business that could benefit from extra attention and additional efficiencies? Download the Business Process Improvement eBook as a guide to get started.
Cloud accounting enables you to work smarter, not harder. More reliable systems in place creates a lean, efficient and informed foundation to grow your business. It gives you the ability to focus.
Start your strategic thinking for the growth of your business - download BDO’s Business Planning Toolkit.