The Benefits of Moving to the Cloud
“Should I go to the cloud?” is the question clients who are not in the cloud are asking. The question clients who have already transitioned have forgotten about.
If you were to weigh this question up with the good old-fashioned pros and cons list, the pros far outweigh the cons. But why?
The biggest and best reason to move to the cloud is that (if it is kept up to date) both the client and accountant are looking at real-time data. Business decisions need to be made from real-time data, not results from possibly five, six, nine or 12 months ago in this fast pace changing society. Being in the cloud allows decision makers and users (such as bankers, financial planners and shareholders) to look at the most recent and accurate set of figures. From an accounting point of view, we can now query transactions as they happen rather than 12 months down the track which creates both a better communication channel and relationship between the accountant and client.
Other benefits include:
- Never manually enter bank statements again – get access to bank feeds which will automatically code many of your bank statements and process your reconciliation for you. This will provide significant time savings in your bookkeeping especially for clients with significant transactions in their bank accounts;
- Quick access for PKF Adelaide when you need assistance or have questions – this will enable us to conduct reviews in real time, simplify end of year processes and provide better support when you have trouble processing your accounts;
- Eliminate data transfer – you will never need to send us a USB stick, CD or email with your data file, excel spreadsheet, bank statements to us or anyone else ever again;
- Security – store data securely online – equivalent to your online internet banking security;
- Multiple users – multiple approved users can access your ‘cloud’ data file at any one time including PKF Adelaide as your accountants;
- Automatic updates and support – for a monthly subscription amount you have access to all the latest payroll, super and compliance updates upon release as well as unlimited support with the cloud provider; and
- Super Stream Compatibility – using cloud software eliminates the need to use external clearing accounts as all superannuation matters are dealt with within the software of whom deals directly with your superannuation fund.
PKF Adelaide has reviewed the numerous online packages available and can recommend MYOB, Xero and QuickBooks. If the software is purchased through PKF Adelaide, we are passing on a 10% discount on the subscription RRP to our clients.