It is inevitable that the future of business IT is in the cloud. Major players such as Xero, Myob and QuickBooks are actively promoting their online accounting systems. Many business owners are making move to cloud accounting.
This new cloud accounting is changing service relationships with accountants. Anyone with access authority can access accounting files on online. Rather than working with backwards-looking data you can work with your accountant with more up-to-date basis with a focus on decisions and information.
Advantages for going cloud accounting are: -
It’s cheaper. No Window Server with networked workstations needed
Easier to use and more productive
Easier to collaborate
No backup required
No need to upgrade to newer system as cloud accounting automatically updates their system
Issues you may have before converting to cloud accounting
Security concern – How secure is our financial data? Where is the server kept? Is it in Australia or overseas?
What happens when you terminate your cloud subscription?
Major cloud accounting system players
Xero – Biggest new player in cloud accounting. New Zealand based. Game changer for Australian cloud accounting. They brought genuine competition on accounting software market dominated by Myob. Offers very good accounting package
Myob – Relaunched their products online to compete with Xero. Dominated Australian small business offline software for long time.
Saasu – Less known cloud accounting Australian company compared to Myob and Xero
QuickBooks – Been around for long time as traditional QuickBooks competing with Myob.
If you are considering to move to cloud accounting, we recommend you compare their prices and features. You could try free trial period they offer. If you are already familiar with old Myob or QuickBooks moving onto same brand will be a less of hassle because you are already familiar with functionalities of the software.