How the Right Cloud-Based System Can Improve Your Accounting Experience

From Spreadsheets to Cloud-Based Solutions

Before the arrival of cloud-based accounting software, accountants heavily relied on spreadsheets, which allowed them to quickly analyse data sets, compare records, and forecast future events. However, with the development of cloud technology, the way accountants work, the skills they need, and the roles they perform have evolved significantly to accommodate this revolution.

Virtual CFO

Cloud-based accounting programs such as Fathom can generate comprehensive financial reports, including financial and non-financial key performance indicators, profitability, cash flow, trends, budget, variance analysis, and growth. The information presented in these reports is both useful and easy to understand. Moreover, cloud programs like Fathom and Spotlight are tightly integrated with Xero and MYOB, making them convenient complementary tools for Xero clients, for example.

These cloud programs enable accountants to perform further analysis using their existing skills. They can then arrange monthly or quarterly meetings with clients to evaluate key factors affecting business performance and assist in future improvements.

Personal Service

Accountants can also leverage cloud programs to develop more personal relationships with clients by extending their services beyond traditional financial tasks. Tools like Class Super, superMate, and Premium are cloud-based programs specifically designed to manage SMSFs (Self-Managed Super Funds). This allows accountants to provide additional services for superannuation and wealth management, especially for high-net-worth clients, alongside existing financial bookkeeping services.

HR Advice

There are also opportunities for accountants to venture into human resources (HR). Many companies create their HR policies independently, exposing themselves to regulatory risks. With cloud services like enableHR, which offers information and advice on employment contracts, occupational health and safety, and performance management, accountants can provide HR-related services even without in-depth HR knowledge by using software templates and regularly updated information.

Add-on Programs

Cloud accounting platforms like Xero and Saasu are closely linked with other cloud add-on programs, such as Class Super, Fathom, and WorkflowMax. These can be used as complementary tools to tackle specific business challenges or enhance management efficiency. Depending on the core program chosen by the accountant, they can recommend supporting apps to clients based on their business needs. The installation process for these apps is typically simple, usually requiring clients to create a username and password. Accountants can then offer training support on specific functions and efficient app usage, although general support services are typically provided by the cloud programs themselves.

To discuss if you can save time and money by moving to cloud-based accounting call 08 83374460 for a free no-obligation meeting.

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