Beginning of The End – The Rise of Cloud Accounting

By September 18, 2018Articles

Cloud-Based Accounting and It’s Benefits

In late August, accounting software provider MYOB announced that as of September 2019, the AccountRight Classic desktop software will no longer be updated, and support services will cease. One of their original products, AccountRight Classic has been on the market since the 1980s. This is their first step towards phasing out their desktop programs and becoming a cloud-based accounting provider.

What Is “The Cloud”?

“The cloud” is just another name for the internet. In turn, cloud accounting is basically accounting on the internet or online accounting. There are a few types of cloud services, but online accounting programs fall into the Software as a Service (SaaS). This means, rather than paying for the actual software, you’ll be paying for a subscription to the online accounting platform.

How Will Cloud Accounting Benefit My Business?

With a general move to cloud-based software and a clear win SaaS, cloud accounting will save your business money on software and updates – as this is included as part of the subscription. The provider also stores your data files, meaning you don’t need to pay for extra data storage or better processors for your computers. Other benefits of cloud accounting over a desktop-based accounting software are:

  • It can be accessed 24/7 with an internet connection.
  • It doesn’t need to be closed down to run updates or upgrades.
  • It’s a faster way to share files as you can give secure access to who needs it instead of needing to email a file.
  • Unlike desktop software, more than one user can have access at any one time.
  • Data is backed up automatically and because it’s centralised, only one data file is needed rather than several back-up files.
  • Save time on entering data manually as most data will be updated automatically.
  • It offers real time data so you can make the best decisions with the most up to date information. With real time information, you can keep your finger on the pulse of your business.

How Can Advivo Help?

Advivo’s Business Pulse Report™ will make use of the real-time data available and give your business an additional tool to make better informed decisions.

Watch a short detailed video about how it works – Click Here.

Our monthly packages for the Business Pulse Report™ are:

Package Inclusions Package
  Bronze Silver Gold
Supply of monthly Business Pulse Report for your business x x x
Online 24/7 access to dynamic current and historic analysis tools and reporting   X X
FREE additional reporting suite delivering current and historic performance analysis, and variance reports for your business on demand   X X
15 minute telephone discussion per month with an accountant regarding the report     x

We can also help make the transition more manageable for your business. We offer training for cloud accounting software, and can assist with conversions between different software programs.

If you would like to activate your custom monthly Business Pulse Report™ so you can take your business to the next level, or have any queries about cloud accounting, please contact your usual accountant at Advivo on (07) 3226 1800.

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