Increasingly, many companies are choosing not to hire a single dedicated accountant who is based only within their company, and instead choose to outsource their requirements for accounting services. The use of online accounting software to enable such a decision might seem daunting for smaller start-up companies, or for those individuals who have spent their entire career used to a certain way of doing things. However, in this article we’ll be discussing the benefits of cloud-based accounting services, and how much easier life can be with just a few small changes.

So, what is cloud-based accounting software?

In short, it’s the use of the cloud to host software and information, which can then be accessed by all the computers with access to your company’s network. This means that, unlike traditional accounting software, important information and processing tools can be used by lots of people at your business, rather than just being downloaded onto a single computer. Upgrades and backups are automatic, which also takes the stress away in the case of an accident or natural disaster occurring, or if your business is the victim of theft.

With cloud-based accounting services, the automation of aspects of your business’s financial responsibilities such as reconciliation, bank transaction imports and payments to employees means that there’s far less valuable time spent on the manual organisation of such tasks. There’s also increased cohesion between employees, as everyone is able to access the same data all the time, rather than monotonous emails being sent back and forth simply trying to communicate certain financial in-goings and outgoings. Due to the fact the cloud automatically updates information across all computers on the network, there’s also no danger of out of date information being used at a sensitive time, for example during communication with an important client.

Software such as Xero carries out this automation element of cloud-based accounting particularly well. Xero is perfect for small businesses who need a user-friendly piece of software through which to access their accounting via the cloud. It’s also just one of the innovative software solutions offered by Propeller Advisory, a bookkeeping, accounting and virtual CFO firm in Melbourne. We’ve been in the accountancy business for quite some time now, and are passionate about helping young businesses to thrive with the help of new technology. To find out more about cloud-based accounting software, or about any of the services we offer, get in touch with a member of our friendly team today.