Technology and accounting systems

For a long time, the popular perception of accountants has been that they’re number-crunching, bean-counting robots – there to perform a function and undertake a task, not to provide insights or counsel to the business. Their duties are process-based: they review, rather than analyse; they compute rather than contemplate; and because of these tendencies, they are essentially interchangeable.

This perception isn’t accurate: a qualified, experienced, strategically-minded accountant can be a great asset to a business. But the true purpose of the accountant’s role was long ago buried beneath repetitive, transactional work.

Fortunately for them and the businesses they serve, this perception is going to change. Technology has evolved at a tremendous pace and it is difficult to evolve at the same pace. The age of cloud computing is here. Everything available when you need it from anywhere in the world. No hardware required, only an internet connection.

The move from desktop software to first generation cloud has been slow. While cloud accounting is arguably better and easier to use, small businesses still have to do accounting. With an estimate of three million small businesses worldwide now on cloud, we can be confident cloud accounting is the future.

MMS Entrepreneurial Services will be migrating all our clients to Xero or Sage One cloud accounting. These cloud accounting solutions will replace Pastel Partner.

These applications allow for the following advantages (to name only a few):

• Run your business from anywhere – Access your business finances anytime, from any internet-connected device – phone, tablet, or computer.
• Understand your real-time cash position – Know how you’re doing financially with daily updates from your bank accounts and credit cards.
• Get paid faster for better cash flow – Easily create and send invoices with online payments and invoice reminders for quicker payments.
• Protect your business data – These applications backs up your data and protects it with multiple layers of security including industry-standard data encryption and secure data centres. They also offer two-step authentication as an additional layer of protection for your account.
• Automatic bank feeds allow you to load bank feeds directly from your internet banking, thus reducing time spent to forward information to us.
• Businesses perform better when they have instant access to real-time financials – with access to these applications together (client and accountant) we can take advantage of business opportunities and avoid problems when it matters.
• Xero cloud accounting software was ranked #1 by Forbes as the World’s Most Innovative Growth Company 2014 & 2015.
• Communication tool between accountant and client – leaving notes on the solution.
• Cloud accounting solutions can be used to store your hardcopy information – tax invoices, contracts, etc.

Both these cloud accounting solutions (Xero & Sage One) are affordable and the best on the market. Our team of accountants will contact you to set-up a meeting to discuss the use of these solutions in your business with our recommendation on which solution is best suited for your business.

The accounting industry is poised for massive innovations and cloud accounting is here to stay. We are ready to assist and to team up with you to benefit your business.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice.  Errors and omissions excepted (E&OE)