Giving you the information you need to improve your business.
Cloud technology. You’ve heard about it; in fact you are probably already using it with web-based email such as Outlook.com or Gmail, or file storage services such as Dropbox and Google Docs. You may also be familiar with cloud offerings such as Evernote, SalesForce or Amazon Cloud Services.
Question: Can cloud technology benefit my business from an accounting and financial services standpoint?
Answer: A resounding yes. The benefits of cloud accounting are multiple:
Our Cloud Accounting Team
How many small businesses have a disaster recovery plan for their data? Or 24-hour security for their servers? Most cloud-accounting service providers offer this and a lot more, with encryption security levels comparable to those of online banking services you use. Internal security is also increased, with completely customisable access settings that allow you to say who gets to access what type of data.
Of course, it’s a good idea to check the Service Level of Agreement of the provider you decide to work with to ensure what’s offered meets your security requirements.
Increased Efficiency: Reduced Errors
With credit or debit cards, there is no reason to have to manually enter purchase information. Cloud accounting applications capture this already-existing data automatically. Paper receipts for cash transactions can be photographed and uploaded with a smart phone.
By the same token, any invoicing you do can be automatically captured online. By eliminating the necessity of manually re-entering data that has already been recorded, you reduce the risk of human error.
Anyplace anytime access = better decisions
Take advantage of available time wherever you may be check account balances, pay bills and get a real time picture of your company’s complete financial situation. With customizable dashboard tools that also include cash flow analysis as well sales and profitability trends, you can make timely, informed decisions with greater confidence. The system can alert you when bills need to be paid or when customer invoices are overdue. When key staff is traveling or spread across wide distances, the accessibility of a cloud-based solution really pays off.
Real time access for your accountant
By enabling us to share your data, we can help you deal with any tricky questions more efficiently. Need us to look over your GST return or do the filing for you? Want our input on a key financial decision. With cloud accounting, all this is made so much more efficient.
Less worries come tax time
As your transactions are automatically recorded throughout the year, the tax season workload is reduced substantially, along with your stress and worry. All the required financial data is already well organized. You then have the choice of having us use the cloud-accounting data to produce your financial statements or do it internally.
As the cloud-accounting application is constantly kept up to date, you don’t need to worry about updating software to account for new tax rules.
MMT’s cloud-accounting solutions
We are here to help you choose and implement your cloud accounting solution to make it work for your business. We work specifically with these three well-established cloud accounting providers:
- MYOB AccountRight Live and Essentials
- QuickBooks Online