Accounting and finance have evolved to much over the past 20+ years.
Where accounting records used to be kept in written cashbooks, SARS submissions done on written forms and payments done with cheques – we have moved to automated accounting software that integrates with payroll software, storage solutions and email, online and real-time submissions to SARS and EFT, credit card and online payment services.
Yet, there are still people who are using written cashbooks, Rotarim box for filing slips and the occasional usage of an outdated, desktop version of Pastel or Quickbooks. This is a major headache for us as accountants, as this slows down the efficiency of our services, pro-active decisions by management to maximise profitability as they are not even sure what is going on in their business.
That is why we are offering, and promoting cloud-based accounting!
Cloud accounting refers to performing basic accounting tasks, like quotes, invoices, monthly bookkeeping, et cetera using software that resides in the cloud
Benefits of cloud accounting include:
· Always using the latest version of the software that includes updates to new tax and company legislation
· The cost is lower than a desktop version since you are only paying for the features that you use, not the entire package
· Access to your accounts from anywhere with an internet connection, so management can have a daily insight in the performance of their business
There are many applications or software available, but the top three are:
· Xero – advanced software with integration to multiple other software, and the ideal package for large corporate businesses
· Sage One – more functionalities than Quickbooks for established businesses with customers, suppliers, multiple inventory items
· Quickbooks – small start-up business, and the most affordable
Specific benefits of Xero:
· Cloud storage – Hubdoc.
Hubdoc is platform where you can save electronic copies of your slips. These slips are then linked to Xero accounting software so you can be assured all transactions are accounted for. And it is a free add-on to Xero
Quickbooks also has a function built in to store expense slips, but it has limited functionality compared to Hubdoc
· Integration with bank institutions where all bank transactions were automatically imported to the accounting software, offering daily control over cashflow and client payments
· Seamless integration with Simplepay (cloud-based payroll system) to import all salary transactions to ensure accurate processing and capturing of payroll financial data
If you want more information on how
to switch to cloud account – please contact us for more information at info@everestprof.co.za, 076 352 3848 or 083
288 5098