How Cloud Accounting Changed the Industry

Technology has moved with lightning speed in the past decade, and with this speed, has come ever-increasing changes and new trends in the world of accounting. The Association of Chartered Certified Accountants, a global organization, has noted that changes - from globalization to smart technology - are expected to not only continue, but to rise in the coming years. After some initial resistance, the digital realm is now solidly present in the world of accounting.

Cloud Accounting

Cloud accounting and cloud computing may just be some of the most pronounced changes when it comes to accounting and business ownership in the digital era. From MYOB to Xero, businesses have begun to embrace the flexibility and convenience of cloud accounting. While there was originally some concern about the security of using the cloud, the ability to store data remotely has been a major draw to cloud accounting.

 

In fact, this remote storage has, in many ways, proven to be safer than the past, traditional way of accounting. If something happens to a business owner’s computer, for instance, or receipts, all of that information is backed-up and easily accessible with cloud accounting. Not to mention that cloud accounting allows accountants to access needed information in real-time. Business owners can view all of their financial data anytime, and from any location, as long as an Internet connection is available. There’s no question that cloud accounting has revolutionized how business owners keep track of their finances, and how accountants approach accounting.

Less Time on Compliance, More Time on Advising

Automated software has highlighted the importance of accountants as business advisors. Cloud accounting allows accountants to focus less time on ATO compliance and data entry, and more time on the deeper financial analysis and planning needs of their clients. With the easy access to live data through automated software, accountants can also more readily advise their clients. In the past, accountants would have to contend with advising clients based on data that was several months old. This newfound automation and ease-of-use allows accountants to put more energy into assisting clients with building a successful business.

Selecting an Accounting Solution

Automation is new, and while its newness has led to a slow evolution from the traditional spreadsheets and desktop software programs, the benefit to business owners and accountants is a powerful one. That’s why TCA Darwin offers remote bookkeeping solutions and support. All of our staff are highly skilled in Xero, Quickbooks Online, and MYOB Essentials, three of the most prominent cloud accounting services available today.


We can help you choose the right service for your business, and provide support along the way. You can book a free, 30-minute consultation to discuss your business, our services, and our wealth of referral information, including grant funding. Contact us to learn more about how this new digital world will help grow your business.