Gone are the days of keeping your accounting program on the hard drive of your computer.
Cloud accounting allows you to keep mobile, up to date and informed in a very simple manner.
Accounting software not in the cloud can be tedious and time consuming and can take far too much of your time and effort.
One of the biggest advantages of cloud accounting is the ability for your income and expenses to flow straight from your bank account to your accounting system, without hours of data entry. Cloud accounting software enables you to know your financial position at any time.
Cloud accounting for medical practices - why you should consider the switch:
Having the right software solution in place will allow you to streamline your practice and accounting processes with a program that will sustain growth, capitalise on efficient practice practices and maximise your return on employee investment.
There are many online accounting software solutions including Xero, MYOB and QuickBooks. All are easy to use and offer a wide range of services that are ideal for medical professionals.
If you do not think your current program is quite up to speed, consider an online software solution.
The benefits of cloud accounting
1. It’s all in the cloud: Cloud accounting is accessible online anytime, anywhere, from any device. This means you are no longer restricted to one computer, all you need is internet connection!
2. No more upgrading your software: Gone are the days of manually implementing software updates, waiting eagerly for them to download, or (in a lot of cases) snoozing your update reminder for a later date. Your cloud accounting software takes care of this for you, so you will always be using the most recent version!
3. Multiple users: Cloud accounting allows you to have multiple users simultaneously accessing the one file including your staff, accountant, and bookkeeper.
4. Help is only a click away: Many cloud accounting systems provide 24/7 unlimited support at little to no extra cost!
Not using Xero yet? Here are just a few reasons why so many practices are making the change!
1. Xero has the ability to use add-on apps that integrate within the software, assisting you on a wide range of pain points to help you manage your practice better. These include apps to create efficiencies with bill payments and payroll.
2. You can upload and scan documents instantly and seamlessly.
3. Depending on your Xero subscription, it is likely you have access to Hubdoc from within your Xero file. Hubdoc allows users to get key data into Xero automatically without manual data entry.
4. Users on Xero Practice are able to process employee superannuation payments using their inbuilt Super Batch Payment function at no extra cost. It uses payroll data generated when processing payroll to make this seamless and all in the one place. No need to have another system to pay your super.
5. Xero software is Single Touch Payroll (STP) compliant and updates to their software are underway to be STP Phase 2 ready, Xero Payroll have been granted a deferral on the start date of STP Phase 2 until 31 March 2023. This gives Xero Payroll users more time to ensure that payroll records are STP Phase 2 compliant
If you would like to speak with one of the Cutcher & Neale Advisors, please do not hesitate to get in touch.
