Cloud Accounting

Cloud accounting is where the business subscribes to an online accounting software solution such as Xero, Quickbooks or MYOB.  The online system allows for multiple users so access can be shared with the business bookkeeper / accountant as well as the internal team.  This visibility and accessibility allows real time feedback to be provided to business owners about the financial state of their business.  Bank feeds provide comfort that all transactions processed through the bank account are able to be reconciled to ensure that no transactions are missed or added incorrectly to the account.

• MYOB, Quickbooks & Xero 
• Once bank accounts are reconciled, the financials are real-time and can be checked regularly from any electronic device by any user
• Online software means there's nothing to install or update with all data backed up automatically
• Pay for the software by monthly subscription which can improve cashflow
• All users can see the same data and the same version of the software
• Extensive support is provided in various forums, online and via email

The team at OTC Tax & Accounting can help with cloud accounting implementation where we hold the subscription or be added as an adviser to your cloud accounting account.