On Line Software The Next Big Advancement In Accounting Efficiency

On-line Software the Next Big Advancement in Accounting Efficiency

by

Lee-Ann Prow

There have always been challenges associated with running a business, and while those challenges have changed in nature with the passing of centuries, one of the constants is the need to keep track of the financial health of the business. Five hundred years ago the tools available were quill pens and an abacus. As antiquated as these seem to us now, they were adequate for those times.

Our times are no different except that the tools are more complex, and the need for information about the financial health of a business is immediate. Since computers automated the repetitive aspects of accounting, people in business have used software installed on their in-house computers to record business transactions. This has continued uninterrupted for thirty or more years, but like the abacus before it, another alternative to in-house software is now available.

Accounting Software Now in the Cloud

With much of the developed world moving \’to the cloud\’, consumer acceptance of on-line software is now a given. Many different types of software applications have been developed that reside on an external server somewhere hence the term \’in the cloud\’ and are accessed by users in exchange for a subscription fee. Accounting software has also made this transition, and businesses are increasingly taking up this option. They are discovering for themselves the benefits of using an on-line accounting system.

MSI Taylor is a firm of accountants and business advisors that has partnered with Xero, an on-line accounting system suitable for small to medium businesses. Everything in an on-line system is done in real time, that is, users access the system via passwords, and perform their work tasks in the same manner as they did when their software was either on their computers or in the next room. One of the major differences is that other people can work simultaneously in the same part of the system. The data becomes live immediately and the users can see and comment on the results.

Numerous Benefits Flow from On-line Accounting

This allows instant collaboration to take place between team members without the need for teleconferences, phoning or Skyping each other, or printing out spreadsheets and reports for circulation. There is no need for sending data around in Zip files or USBs, and no barriers to access for authorised users. The biggest benefit is that because it is web-based, it can literally be accessed by password from anywhere in the world where there is internet access.

Imagine a business owner being able to log on and check the weekly results while out of the country. Imagine the accountant Brisbane accessing the same information and providing a summary of the accounts. Visualise being able to save on office space by having accounts staff work from home, knowing that all tasks are being performed as scheduled. Envisage importing bank statement data and reconciling bank accounts simply and quickly in real time.

This is just the start of an exciting revolution in computer processing that will change the way business is managed and MSI Taylor is at the forefront of the action. They are offering their clients a free assessment of Xero and how it will benefit each individual business. They acknowledge that there are some circumstances where on-line accounting systems will not be of benefit, and will be able to identify if this is the case for your business.

They are also offering new clients who wish to take advantage of on-line accounting the option of moving their businesses over to MSI Taylor. They have more information on their website at www.msitaylor.com.au, including a contact phone number for enquiries, and a link to Xero itself. Contact them for an assessment if you think your business could be more efficient by using an on-line accounting system. With their one-on-one training and constant support, you ll never be alone.

MSI Taylor

is a firm of accountants and business advisors that has partnered with Xero, an on-line accounting system suitable for small to medium businesses.

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