What is Cloud Accounting?
Cloud accounting simply means that instead of your accounting software sitting on someone’s pc or local server machine, it is stored on-line and you login to it as you would to any website you frequent.
Out the Blocks is a 100% Xero practice
We use Xero as our preferred cloud accounting software, all day, every day. It means that you are in good hands, when it comes to the setup, streamlining and optimizing, or supporting your queries on Xero. And with their state of the art support centers, you can rest assured that any question, no matter how difficult, is just a telephone call or email away.
Why we love Xero
Because we have all your financial information available up to date, all the time – and as close to in real-time as possible – we are positioned as your most trusted financial and business management advisor.
Instead of simply preparing financial reports and fixing data errors – we:
- explain what the numbers actually mean.
- provide financial guidance.
- advise on business decisions.
- prepare growth strategies.
- identify business problems.
These type of advisory services are absolutely critical to small businesses and you will be well positioned to reap the rewards of having a virtual Financial Manager in your corner.
No more outdated accounting records
No more stressing over version control
Collaboration with your trusted advisor is instant and happens on the same platform
No more managing by the bank balance
Management reports at the tips of your fingers with a click of a button
No need for local back-ups
Automatic system updates
Accessible from any device, anywhere – as long as you have a working internet connection
Automated bank feeds and receivables
Automated repetitive tasks like monthly retainer invoices
Up to date current financial data and an easy to use interface with figures presented in a visual format like statistics and graphs which will ensure you actually know what goes on in your business
Always working with data that is at least a month or two old
Your accountant and yourself will each have a separate back-up of your entity’s accounting records
Average business owners have no clue what the figures are saying and can’t make informed decisions
As your reporting is a month or two old, you will have to manage by the actual cash in your bank account
Accounting Software is usually installed on a local drive and if not accessed by that computer, cannot be accessed at all
Manual updates and installations needed
Manual bank account imports
No automation with regards to repetitve tasks i.e retainer invoicing, payments etc.
Not so user friendly
Need an accounting background or years of experience to understand the software