Is your head in the Cloud? Audit Tax Advisory Financial Advice

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Maria Fox
8 years ago
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1 Is your head in the Cloud?

2 Accounting in the Cloud Cloud accounting and cloud computing are not as mysterious as they may seem. Cloud computing is the delivery of computing services such as software, information and shared resources via computers and other devices over a network (usually the internet). End users access cloud based applications through a web browser or mobile applications while the software and data are stored on remotely located servers, often provided by a third party. The relationship between Cloud and Accounting Cloud accounting is taking the concept of cloud computing and applying it to an accounting context. Cloud accounting involves the access of accounting software and data via the internet. 2

End users access cloud based applications through a web browser or mobile applications while the software and data are stored on remotely located servers, often provided by a

3 Get your head in the Cloud Moving to the Cloud There are many ways of moving to the cloud, one way is to take your traditional offline applications and place them in the cloud. This offers one access point for all applications however it can be very cost restrictive, especially for individuals/small business. With this in mind a whole host of cloud applications have been developed d offering the advantages of the cloud but at a price individuals/small businesses can afford. Cloud accounting applications Within the accounting space, cloud accounting providers such as Xero, MYOB, Reckon and Saasu have developed their products so they are now, in terms of functionality, serious contenders to the traditional offline MYOB and Reckon products that many small business are currently using. 3

With this in mind a whole host of cloud applications have been developed d offering the advantages of the cloud but at a price individuals/small businesses can afford.

4 Every Cloud has a silver lining Here are some of the benefits of moving your accounting needs to the cloud: Cost effectiveness Cloud accounting products are paid on a monthly subscription basis, alleviating the upfront cost of traditional software. The subscription fee includes regular updates, so you do not have to pay for costly upgrades each year. Service providers such as Xero charge on a per organisation basis, rather than per user, so you can include all your staff, bookkeeper, accountant, banker, etc on the one subscription fee. Accessibility Because the data is stored in the cloud, multiple users can access the data at the same time, regardless of where they are located. All you need is an internet connection. As the data is available online there is no longer the requirement to transfer files to your accountant at the end of the year. 4

Service providers such as Xero charge on a per organisation basis, rather than per user, so you can include all your staff, bookkeeper, accountant, banker, etc on the one subscription fee.

5 Every Cloud has a silver lining Collaboration As your data is accessible online, it is easier for your accountant to work closer with you on improving the business. At any time your accountant can log into your account, view your accounting data (and provided it is kept up to date) provide you with real time advice about improving your business. Efficiency Many cloud accounting products have built-in time savers, such as automatic bank feeds. Automatic bank feeds are set up with your bank and once established electronically, will send bank transactions straight to your cloud accounting package each night. The system learns (and can be taught) how to code these transactions, meaning much of the bank transactions can be processed by the system, only requiring confirmation from you. We think this will be a great time saver for many businesses. 5

Efficiency Many cloud accounting products have built-in time savers, such as automatic bank feeds.

6 Security Cloud accounting providers place huge importance on security. Security levels are maintained to a similar standard to that of internet banking. With proper controls over account and password access, Cloud Accounting can be just as, or even more secure, than traditional accounting methods. Before signing up for any cloud accounting solution you should satisfy yourself of the security features of the individual package. 6

With proper controls over account and password access, Cloud Accounting can be just as, or even more

7 The future is in the Cloud There is no denying that Cloud is the future of accounting, and we are seeing these products developing and improving at a very fast pace. Whilst we can work with any of the major cloud accounting packages, we have been monitoring closely the progress Xero, MYOB and Reckon have been making. Leading the charge currently in the cloud accounting space is Xero, who is perhaps the most advanced when it comes to the delivery of highly intelligent online accounting solutions. For larger businesses whose requirements outgrow what these cloud accounting applications can offer, we also provide assistance and advice on larger accounting systems such as Attache. 7

Leading the charge currently in the cloud accounting space is Xero, who is perhaps the most advanced when it comes to the delivery of highly intelligent online accounting

8 Want to find out more? Contact your local advisor or our cloud specialist, Alex Mills on , Or see our events page for further information and to register for our free upcoming seminar in Launceston. 8

on 03 6323 1222, email alex.mills@crowehorwath.com.

9 Disclaimer This presentation is for general information only. Any advice in it has been prepared without taking into account your personal circumstances. You should seek professional advice before acting on any material. Liability limited by a scheme approved under Professional Standards Legislation other than for the acts or omissions of financial services licensees. While all reasonable care is taken in the preparation of this presentation, to the extent allowed by legislation Crowe Horwath (Aust) Ltd accepts no liability whatsoever for reliance on it. All opinions, conclusions, forecasts or recommendations are reasonably held at the time of compilation but are subject to change without notice by Crowe Horwath (Aust) Ltd. Crowe Horwath (Aust) Ltd assumes no obligation to update this presentation ti after it has been issued. Crowe Horwath (Aust) Ltd is a member of Crowe Horwath International, a Swiss verein. Each member firm of Crowe Horwath is a separate and independent legal entity. Crowe Horwath (Aust) Ltd and its affiliates are not responsible or liable for any acts or omissions of Crowe Horwath or any other member of Crowe Horwath and specifically disclaim any and all responsibility or liability for acts or omissions of Crowe Horwath or any other Crowe Horwath member. Crowe Horwath (Aust) Ltd ABN

Liability limited by a scheme approved under Professional Standards Legislation other than for the acts or omissions of financial services licensees.

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and Acquisitions Estate and Succession Planning Financial Advisory and Wealth Management Lending and Finance Risk and General Insurance Superannuation and SMSF Tel 03 6323 1222 62 Paterson Street,

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