Online Bookkeeping and It’s Advantages

Online bookkeeping and its advantages

Written by Supervision Group

Supervision Group has a highly experienced team of professionals with one goal, to improve how you interact with your Business, Super, Personal Finances and Investments to grow your wealth. We know what it takes to grow and thrive in today’s fast-paced economy.

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13 September 2021

Small business bookkeeping was once a world of handwritten ledgers and hard copy balance books. Fortunately, times have changed, and cloud accounting has brought an ever-growing suite of tools and technologies that can help reduce the headaches of managing invoices, receipts and bills.

You can now quickly and accurately manage, and access the software and data anytime you need, and from any location. Valuable financial data is always at your fingertips and can be used to grow your business while keeping your cash flow in check.

MYOB and Xero are the two most widely used top Australian platforms that allow for easy management and analysis of accounting, payroll and human resource functions. That includes records of income and expenses, and assets and liabilities. The information is also encrypted, much like a bank’s, so only people with the login can view the data.
Running your business accounts online has many advantages.
• You no longer have to spend hours transcribing data about your sales or income and purchases can flow straight from your bank to your books.
• You can see your current financial position at any time, from any device with an internet connection.
• Multi-user access, it easy to collaborate data and stay connected online with your team and advisors.
• Nothing to install or update, and all your data is backed up automatically.
• Showcase on a dashboard important financial information like who owes you money, what bills are due, and how your cash flow is looking.
• Cloud security is world class. For example, using cloud software, if your laptop is stolen, no one can access your data unless they have a login to the online account. With cloud software, your data lives online on secure servers – as opposed to on your hard drive.
• In addition to this, if you invite users to view your data, you can control the level of access. This is much more secure than the old-fashioned way of emailing your files or sending out a USB stick with your data on it.

MYOB has been the accounting software of choice for small and medium-sized enterprises since the 80’s. It started as a desktop-based software package-joining the bandwagon and releasing its cloud solution in 2014.

A single integrated platform, allows users to download account files and store them as backup on the computer. The software allows quick payment application against a lot of invoices at once. It also automatically applies discounts to customers who pay within certain terms.

Xero established its cloud-based accounting system in 2006 for sole traders and small business. Since then, it has led cloud accounting software market. The software encourages higher levels of collaboration between members of the team. This focuses on removing accounting processes inefficiencies through automation, multiple browser transaction processing, and fast loading time. All at a cheap price.

Trusting the cloud can be a big leap for those raised on Quickbooks and the like, but the latest technologies have a lot to offer, and an affordable monthly subscription to a good accounting service makes a lot of sense. Choosing the solution that meets your business’ needs and preferences is crucial for seamless integration
If you are looking for accounting software solutions anywhere across Australia, then please get in touch with us at Supervision.

We are accredited and experienced MYOB Partners and highly credentialled at Xero and under the leadership of Karen Houghton we have a dedicated team who are passionate about helping Australian businesses grow.

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