BOOKKEEPING IN THE CLOUD
Cloud bookkeeping is a term used to describe a process whereby bookkeeping is conducted remotely from where the business is located by utilising a cloud-based accounting/bookkeeping software package.
Generally, this software is browser-based. In other words access to the software is achieved by opening a web-based browser and selecting the program you want.
There are many advantages such as
- multiple users can access software e.g. your bookkeeper or accountant
- in many cases access can be from almost any device e.g. tablet, smartphone, PC
- your data is regularly backed up
- the software is continually being updated without any input needed from the client.
- security is generally of a standard utilised by the banks
Typical software packages that fall into this category include Xero, MYOB Essentials, Reckon One, Quickbooks and Sassu.
Other software packages that can be considered as being cloud-based include MYOB Account Right Live and Reckon Hosted although these are not access through a web browser but rather, directly through a specific login on the Internet.
What this software gives you is the flexibility to run your business from work, home, or where you might be. Even when you are on holiday. You can have an up-to-date picture of how your business is doing, no matter where you are.
Software suppliers can develop updates and deliver updates faster and more easily. This means you don’t need to worry about installing the latest version and you’ll get access to new features instantly.