The Rise of Cloud Accounting Technology
Given the rise of cloud accounting technology, the ability for accountants to interact and work more closely with clients has never been better.
Cloud software gives small businesses and their accountants access anywhere, anytime and on any device. All that is required is an internet connection! And with the numerous “add-on” software solutions (eg POS systems) that can bolt onto the accounting software (eg Xero), a business can achieve significant efficiencies. They can also realise substantial savings on their IT hardware and software costs.
From bookkeeping to a full virtual CFO service, accountants can now do the lot. This is particularly beneficial for those small business that have grown to the point that they need to consider setting up an internal finance team to take care of compliance and internal reporting – costings, monthly reports, projections, etc.
By partnering with the accountant, and using cloud software, small businesses can access superior know-how and experience at a fraction of the cost of an in-house finance team.
For example, we have many clients who now access our virtual CFO and finance team services. We do 80%-90% of the finance work, including:
- Transaction processing & bank reconciliations;
- Accounts payable (incl. paying suppliers);
- Accounts receivable;
- Managing inventory;
- BAS lodgements, WorkCover & Payroll Tax;
- Monthly management reports & performance monitoring;
- Budgets, forecasts and cashflow management;
- Ongoing tax planning & strategy; and
- Annual financial reporting and income tax.
When compared to those clients who see their accountant once a year and muddle through the rest of the time, small businesses that work closely with us have more control of their businesses and their financial future and really do see significant benefits.
It is a real privilege to be able to work closely with our small business clients to help them realise their goals and we simply could not do that effectively without cloud technology.
We love nothing more than showing small business how they can harness the power of new technology to improve their business and their lives. If you would like to know what options are available for your business, we encourage you to get in touch.
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