We can only imagine some of your faces when we use the words “accounting” and “easy” in the same sentence. While we’re sure there a plenty who would disagree, we’re here to let you know that it is indeed possible.
It all boils down to the type of accounting software you’re using.
If you’re unfamiliar with the ease of advanced cloud-based accounting software, our accountants in Melbourne are here to tell you all about it.
Discover the cloud accounting software that accountants in Melbourne use for our own clients and learn how it truly can make business accounting simple and uncomplicated for all.
What is cloud accounting?
Cloud accounting is synonymous with online accounting: they both involve an accounting system that functions using a cloud-based data retention system.
It’s the ideal alternative to manual, old school accounting used in the past, and it does away with the traditional albeit tedious accounting practices that we are familiar with.
Why use cloud accounting?
There are a variety of reasons why you should make the switch and opt for a cloud accounting system instead.
In a nutshell, cloud-based accounting software provides you with:
- Flexibility and accuracy
- Convenience and easy access
- Data protection and security
- Cash flow improvement
- Integration with other systems and tools
It’s not hard to see why cloud accounting is not just the way of the future; it’s the way of the now. As its popularity has soared, so too have the number of services available for business and personal use.
Here at Bruce Edmunds & Associates, we choose to work with Australia’s most reliable and effective accounting software. We detail a few of our favourites below.
If you asked someone to name an online accounting service, chances are their first choice would be Xero.
If you’re not too familiar with Xero, we’ll preface this by saying you are one of the very few! It is one of the world’s leading cloud-based accounting software.
With its desire to help small businesses thrive by making accounting “beautiful” (yes, it really can be), Xero aims to help businesses and their accounting teams with an easy and user-friendly approach to accounting.
From its humble beginnings in New Zealand back in 2006, Xero has grown exponentially over the years. It is now estimated that Xero has more than 1 million global users!
In 2014 and 2015, Forbes ranked Xero as the number one Most Innovative Growth Company. This really doesn’t come as much of a surprise, as Xero has continuously shown its commitment to find innovative ways to grow and to strengthen its cloud accounting service for its partners and users.
Xero’s development growth has been nothing but amazing with over 1200 products and features released in the last year alone.
Xero boasts and more than 16,000 accounting and bookkeeping partners worldwide.
Xero is also very easy to customise, moulding perfectly to any business’s accounting needs, with more than 600+ add-on applications.
MYOB is another popular cloud-based accounting program that understands the pain points business owners face. “You didn’t start a business to do the books,” they sympathise with you. And boy, are they right.
In 2012, MYOB partnered with Banklink, an accounting service used by small businesses in Australia and New Zealand. In the following year, MYOB was able to acquire Banklink. This acquisition gave birth to a service we now know as MYOB Banklink.
MYOB Banklink aims to simplify and automate your accounting process by getting rid of manual data entry and the accumulation of bank statements and receipts.
It also provides you with timely financial reports (P&L, cash flow, etc.) to help you gain a clear insight into your business, consequently helping you foster important business decisions.
MYOB Backlink increases productivity and efficiency through its progressive and flexible system.
Thanks to its simpler nature, gone are the days of spending countless hours dealing with your accounting on systems that are often costly, cumbersome, and complicated.
Another cloud accounting software from Australia, Reckon is ideal for businesses no matter their size.
Reckon is one of the most flexible accounting software in the market today. Even when you decide to turn your subscription off for a certain period or season, you won’t lose any of your data once you decide to continue using it again.
With Reckon, you will have access to the different accounting functions available. The software allows you to work on your invoicing, payroll, projects, expenses, reports and many other important accounting tasks at very reasonable costs.
Australian servers store all Reckon user data. Reckon is trusted by 600,000 customers.
Searching for the right accountants in Melbourne? Find out more about cloud accounting with Edmunds!
Part of our pledge to commit to hassle free accounting means we offer and use some of the world’s most trusted cloud-based software.
With our customer-centred focus, we want to remove the burden of accounting. Instead, we make sure your accounts reflect the true nature of your personal or business financial health.