• Cloud Accounting

    Frequently asked questions about cloud accounting for businesses.

FAQs: Cloud accounting for businesses

What is cloud accounting?

Cloud accounting, or 'online accounting', is simply using the internet to access your accounting software.

Who provides cloud accounting software?

Cloud accounting software providers - such as Xero and QBO - provide accounting software functionality to you via a web browser. They take care of everything from server management and software upgrades to data security and more.

If you are looking for quality accounting software but don't want the hassle of dealing with 'techie' stuff, cloud accounting could suit you. All you need is a good internet connection and to pay a monthly subscription fee.

Why is cloud accounting important for business?

More and more companies are recognising the value of cloud accounting software, because it is:

Easy Access

Easy to access

You can access cloud accounting software anytime and from anywhere that has an internet connection - whether on your smartphone, tablet, laptop or desktop.

Up-to-date

Up-to-date

You always have the most up-to-date version. The software is automatically updated to reflect changes in tax rates and provide you with new features

Secure

Secure

Cloud accounting software providers use internet banking level security to store your data online. Online backup ensures you won't lose your data.

Collaborative

Collaborative

You and your accountant can look at the same information at the same time – helping you to work together to make informed business decisions.

Save time

Saves time

Automated links to your bank account, credit cards and PayPal and automated handling of receipts and invoices enable you to spend time growing your business.

Add-ons

Add-ons

Business applications that can help you to manage inventory, track timesheets, and manage payroll and HR matters.

Helpful

Helpful

There is extensive online help, forums and email-based support.

Which cloud accounting solution should I choose?

Different accounting solutions suit different businesses. Speak with BDO about your accounting needs, and we will help you decide on a suitable cloud accounting solution.

What cloud accounting software solutions does BDO work with?

Our business clients use Xero and QBO. Larger business clients may use Microsoft DynamicsNAV, NetSuite, Pronto, SAP and other well-known accounting software vendors. We work with all accounting software applications.

What cloud accounting services does BDO provide?

We are accountants and business advisers, and help our clients to grow businesses, resolve cash flow and financing issues, and protect family wealth. We can package our services so that you have the combination of compliance and advisory services that best suit your circumstances. Options include:

Business advisory work

  • Budgets and forecasting
  • Cash flow management
  • Board and management reporting
  • Monthly or quarterly advisory meetings, covering various business and management issues
  • Outsourced accounting and finance services.

Compliance work

  • Annual tax planning
  • Creation of annual budgets
  • Cash flow management
  • Preparation of financial accounts.

Tax advisory work

  • Specialist tax advisory - FBT, GST, superannuation planning, CGT concessions
  • Tax estate planning
  • Wealth transfer from generation to generation
  • Family business advisory.