How Online Accounting Tools Are Changing Business

Technological advancements and cloud computing are changing the way accountants work and the way accounts are filed. Accounting programs such as Xero, QuickBooks and DocuSign are making it easier and more convenient for accountants and their clients to interact and do business.

Cloud accounting software is now the norm. It’s similar to older accounting software, but now, everything is stored on servers i.e. “the cloud”––and not on personal computers like before.

Data is securely stored and processed, which enables remote access from any internet connected device. This helps to make communication between accountants and clients easier and also helps make things more transparent. Cloud accounting is very user-friendly, so if you’re a small business, it’s easy to keep an eye on your accounts.

All cloud accounting is ATO compliant––and in fact, it even helps to simply what was once an arduous process. The ATO accepts all electronic documents, records and receipts, which makes it extremely handy. It also takes away the hassle of storing reams of documents and then shredding them years later.

At Hatcher Advisory, we use QuickBooks as our preferred accounting software. Some of the great features include:  

  1. The inventory management system which allows you to track your inventory items
  2. The payroll function which links to keypay, the cloud-based payroll system. It also gives you access to all of the award rates and the eba rates.
  3. Quickbooks is always evolving and improving, adding updates that offer greater convenience and make accounting work easier.
  4. Quickbooks have an entire range of add-on products that give it even greater functionality than some of its competitors.

Cloud-based accounting software is a game changer and is making accounting easier, faster and cheaper for small business and big business.