Cloud-based accouting and how it helps your business
Cloud-based accounting represents the web-based programme with the accounting software you need, without any need to physically install the programme on your computer.
You'll be able to use it by going to the website and login using with your username and unique password and start capturing or processing online.
Note that the service provider you use is completely up to you but that you'll want to make the best choice since any latter change will be difficult.
Here's what to look for....
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Specialistis in the field believe it's a good idea to involve your accountant and/or auditor at this stage because not only can they provide valuable advice before you choose, they'll also more than likely use the solution and its outputs for their work later. If you can get their buy-in earlier you'll save accounting and auditing costs later.
Keep in mind that there are so many cloud-based accounting packages and storage facilities available. The costs vary between the different service providers.
What you need and want will affect your decision on which cloud-based accounting service provider to use.
1. Conduct research and compare prices.
2. Decide what you need. This will affect the service provider you choose.
3. Draft a budget and determine how much your current accounting package and storage/back-up systems cost. This will help identify how much you can afford. Use the template below to see how much your current accounting package is costing you. Then, determine how much you can afford per month on a cloud-based accounting solution.
Here's a template to help:
Description Package name Amount
Accounting package per year
Package support per year
Training on the accounting package
for the first year
Cost for the year
Cost per month (cost for the year/12)
And as a final tip, note that if you've already paid or upgraded your accounting package on your desktop, you can also decide to move your desktop to the cloud if your package allows for this. The cloud will then host all your data, software packages and information. Also, you can access 'your computer' via the cloud from any device. The benefit is you'll then have access to your entire computer in 'the cloud' and you'll always have an offsite backup.