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Welcome back everyone. In the sixth and final part of my blog series, I want to discuss something that affects all of our financial journeys: Superannuation. Perhaps you’re concerned about your retirement savings? Or maybe uncertain about how to make the most .....
Simply put, “cloud accounting” is a collection of accounting apps that you can access via the Internet. Since the physical locations of the programs don’t matter, they’re “in the cloud.” Most of us have been using “cloud” applications in our personal lives for quite some time, but business applications have taken longer to develop and achieve widespread usage.
Since your business depends on accurate accounting, you need to be cautious and wise regarding your accounting systems and programs. Perhaps that’s why people have been slow to move to cloud accounting systems. Many people just don’t know enough about cloud accounting to feel safe with it yet. It’s helpful to take a close look at the pros and cons of cloud accounting systems as you decide whether or not your own business is ready for the change.
If you’ve been through an accounting software update, you know how inconvenient it can be. With cloud accounting, however, you get to use the latest version whenever you log in, without all the hassle of updating the software yourself.
Your business may be able to save money by eliminating storage space for your accounting information. With cloud accounting systems, your data is automatically backed up, so computer crashes can’t destroy it.
The capital required for business accounting software can be prohibitive, but when you use a cloud-based accounting system, you don’t need to purchase software, and you may not even have to purchase new hardware. This can be especially useful for start-ups that would like to spend their capital elsewhere.
With multi-user access, cloud accounting systems can make collaboration easier, especially with your Altus Adviser. If you have people working in different locations at the same time, a cloud-based system can be very helpful.
Since all of your data is held on the Internet, it’s less secure than if it were all stored in one physical location. That said, most major cloud accounting software providers have world-class security. To find out about a program’s security, ask about their track record for reliability.
If the power goes out in your part of town, or if your Internet speed slows down, you may have trouble accessing your accounting software. If your internet service provider is unreliable, cloud accounting may not be the best choice for you.
As you evaluate these pros and cons, consider your unique business. Consider the size of your business, how much of your staff is in house, whether or not you need to manage inventory, and the current complexity of your finances. For more information about cloud accounting - or for any other financial reporting concern, reach out to us at Altus Financial. Our business experts are ready to help.
For insight into the current state of your business' health, try our Healthy Business App by clicking below:
Set your business on the right path with this simple guide.
Make sure you’re on the right track with this online checklist.
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Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).
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