“The Cloud” has become an easy way for small businesses to keep their records in a digital, portable way. Now, thanks to the heightened security of the cloud, financial information and tax records can be stored there too. Banks, accounting systems providers and even the Australian Taxation Office have joined the cloud revolution.
“The Cloud” is a catchword that seems to infer that data and information are now floating above our heads in tiny pieces, like Mike TV in Charlie and the Chocolate Factory. In reality, the cloud is a massive network of computers, housed in warehouses all over the world and accessed via the internet. Files can therefore be stored in a single place (actually in many places for redundancy purposes, but it looks like a single place to the user), and accessed from anywhere by multiple devices without the need for a large personal hard drive. And, according to experts, cloud storage security has dramatically improved in recent times. It is still wise however to make local backup copies for disaster recovery purposes.
The cloud and accounting systems are a match made in heaven. There are several cloud-based accounting systems available, and all of them link to your existing business bank account which makes record keeping much simpler (well-known examples are Zero, MYOB and NetSuite – see more below).
Read more ...