What is Cloud Accounting?
All available products have similar basic features, choosing what’s right will depend on your business needs: Xero – Inventory – Live bank feeds – Cash flow reporting – Multiple currencies Intuit Quickbooks Online – Multiple users – Import data from PC data file – Basic inventory MYOB Essentials – MYOB Essentials is well supported with live support included in the subscription – It has real live feeds from bank accounts – LiveAccounts looks quite close to MYOB.
If you are currently running a PC version of your accounting software, and are satisfied with it, you may choose to simply migrate this to the cloud based version. If you are looking to move to a program that better suits your particular business needs it would be beneficial to talk to your Proactive Business Services about which product would best suit your business today and into the future. Like most PC based accounting programs, cloud accounting programs have add on modules and therefore you will need to choose the best option for your business i.e. inventory, job costing, multiple credit terms.
Cloud accounting is a better system that will make managing your business less time consuming. At Proactive Business Services, we get a lot of calls from businesses wishing move to cloud accounting. The move is generally prompted by the business owner, not the bookkeeper or accountant. The reason for this is that the business owner wants and needs to have access to accurate up to date financial information and by storing it in the cloud they have that confidence.