What is Cloud Based Software?
- Cloud based software generally runs on remote servers and is accessed via a web browser.
- Your data is saved in a secure data centre.
- The main players in cloud based accounting software are MYOB, Xero and Quickbooks.
Benefits of Cloud Based Software
- Depending on the type of cloud based software you choose, access to the software may be available from any device.
- Access to bank feeds reduces time on data entry and provides greater accuracy of entries by reducing the amount of data that is required to be manually entered.
- Data entry ‘rules’ can be set up to allow for transactions to be automatically coded.
- Multiple user access – your file can be accessed by both your accountant and yourself at the same time allowing us to efficiently assist you with queries.
- Increased data storage. Most cloud based accounting packages provide you with the ability to scan and save invoices and attach these to the transaction. Not only does this help you to create a paperless office, it provides more detail for your accountant thus reducing queries at year end.
MYOB Account Right
MYOB have announced that from 30 September 2019, it will no longer provide updates or product support for its Account Right Classic desktop software. This relates to MYOB Account Right and MYOB Premier versions 19 or earlier.
As such, clients using these versions should consider upgrading their software. Upgrading will be essential if you pay wages as these desktop versions will not have Single Touch Payroll reporting capability which is required from 1 July 2019.
How do I make the change?
MRG Redshaw staff can assist you with the implementation of new software and can obtain discounts from software suppliers that you can’t access directly.
Both MYOB and Xero have a number of versions of their software available and we can help you determine which version would best suit your business. Please contact one of our team to discuss the options available to you and associated prices.
We strongly support cloud based accounting, you’d be surprised at how much time it saves in relation to data entry!