The Rise of Cloud Accounting Technology

By Tim Goode

Given the rise of cloud accounting technology, the ability for accountants to interact and work more closely with clients has never been better.

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.

Cloud software also allows accountants to help clients in ways that were not possible in the recent past.  We can now deliver services that were previously too impractical and cost prohibitive.

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;
  • Payroll;
  • 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.


Sky Accountants Ballarat & Bookkeepers Ballarat Office

Phone: 1300 328 855
Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia
Postal Address: PO Box 2234, Bakery Hill, Victoria 3354

Sky Accountants Sunbury & Bookkeepers Sunbury (Melbourne) Office

Phone: 03 97444522
Fax: 03 97447004
Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia
Postal Address: PO Box 270 Gisborne Victoria 3340

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