Cloud Accounting or online accounting has garnered a significant stake in today’s globalised market. It is very similar to your old accounting software, however your information is no longer stored on your personal computer, instead all data is securely stored and processed on offsite servers known as “the cloud”, enabling you access from any device as long as you are connected to the internet.
One of the great benefits of cloud accounting is its user-friendly functionality so users do not need to be tech-savvy. Cloud accounting also offers customisable user and access levels, with many also allowing their accountant access to company files through a direct login.
While it is advised that you contact your registered tax agent for specific advice on documentation, it is compliant with the ATO to store documents in the cloud and programs such as Xero will create and store your financial and tax documents within your online account. Additionally, to ensure safety of documents it is common for businesses to store files on a parallel cloud provider and Tradies Accountant can provide you with various options for the backup of your cloud documents.
As cloud accounting continues to grow and expand, businesses are offered a greater variety of options to cater to their needs. So even if your business runs on a tight budget you can take advantage of the creation of these affordable solutions and use the technology that big businesses use to forge efficiency, enhance growth and remain competitive.
If you’re considering a move to a cloud-based accounting system Tradies Accountant can provide different packages to assist you and your business with financial growth and business peace of mind. Contact us today.