Cloud Accounting….What Is It??

Whether you realize it or not, you are probably already using cloud technology every day.

Whenever you use Dropbox, Google Drive, Google Docs, Microsoft Office 365 or any application that allows you to access it from anywhere, meaning remotely, you are using a cloud based program.

Cloud based accounting software such as Xero or Quickbooks Online, works in just this way.  It’s just like normal accounting software except your files are not stored on anyone else’s computer, they are stored instead on highly secure, remote servers.  This lowers the risk for your information to be lost, stolen or deleted by mistake.

One major advantage of cloud based systems is that you have the ability to access it from anywhere at any time via smartphones, laptops, tablets or computers.  Another advantage is the fact that you are always using the most secure and updated version of the software.

As your bookkeeper, cloud based applications allow me to not only manage and fix data errors and prepare your financial statements, this allows me to become a virtual CFO for your company.  I am able to then explain what your financial statements actually mean, help you create your road map to success, look at bench marking and where you stand against your competitors as well as identify errors and problems.  My goal is to become your most trusted business advisor and this type of platform allows me to be just that!

Setting Up Your Accounting System

No matter what accounting software you use, Quickbooks Online or Xero, it is vital that your chart of accounts is set up properly so that you have a solid structure for both recording and reporting your business transactions.
 
The chart of accounts is a list of asset, liability, equity, income, and expense accounts to which you assign your daily transactions. This list is one of the most important lists you will use and is the first step in setting up your accounting system.
 
A well planned chart of accounts will help you accurately record transactions which in turn helps you more clearly steer your business.
 
Contact us today and let us help you tailor your chart of accounts to best suit your company’s needs!