Cloud Accounting Equals Collaborative Accounting

Cloud accounting software is taking hold throughout the accounting sector, driving efficiency boosts and collaboration gains like nothing else and in so doing is proving a mighty success for many accounting and audit firm owners and key decision makers.

So what exactly are these collaboration and efficiency advantages cloud software has to offer and why should today’s accounting professionals embrace them?

Cloud Accounting Facilitates Collaborative Accounting

Cloud accounting opens the door to collaboration between systems using Webservices and between a system’s users by means of anywhere, anytime accessibility. Huge efficiency boosts just waiting to be seized by accounting professionals with foresight.

Cloud Boosts Collaboration between Customers & Firms

Customers can benefit from web access to an online portal where they can take a look at their invoices, statements and more. Companies also stand to benefit from a collaboration improvement: collaborating firms, or those in a group can take advantage of automated postings.

A Collaboration & Efficiency Boon for both Accountants & Clients

Cloud accounting software also offers a leg-up on those accountants who use traditional Desktop based software packages when outsourcing their professional services to clients.

These traditional accountants can’t get any work done on reconciliations, allocations, end-of-month Journal Postings and so on if the client is overseeing the prime books. The accountant must wait the month out before they can get the account system files off their client (usually via an electronic file transfer, email back-ups, or possibly discs).

Then, once in the accountant’s hands, the client must sit back and wait before resuming normal posting of new transactions until the accountant gives back the altered files.

Cloud Accounting is A Smarter Approach

On the other hand, by using cloud software these potential security risks are completely eliminated, as is the risk of inadvertently overwriting any fresh postings on the adjusted system files (after the last transfer was made) and neither party have to wait before continuing their work. Instead both client and accountant can collaborate and work simultaneously without halting the other person’s progress, nor hampering one another as work proceeds into next month.

Embrace the Cloud

Collaborative accounting is just one of the myriad of benefits cloud accounting offers accounting professionals. Cloud definitely looks here to stay so isn’t it time you seriously considered getting on board.

MYOB annouces Paycorp acquisition

Alongside strong full-year results, MYOB has announced $48m acquisition of Paycorp.

Deloitte and Bitcoin: How e-Currency Can Change an Industry

As one of the world’s big four invests in black market technology, we have a look at how it can be used to change the accounting industry as we know it today.

Customer Satisfaction: Small Banks On Par With Major Institutions

When it comes to service quality, Australian customers are enjoying the effort of smaller banks