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Cloud Accounting

Cloud accounting

What is cloud accounting?

Cloud accounting is where a piece of software based solely online is used for Accounting and bookkeeping. All data is stored online. The software is accessed through a web browser or sometimes a mobile app.

Who provides the service?

As with standard software, there are many different providers. We have however identified Sage One Accounting as our provider of choice after they launched their first online package in 2009. Sage Pastel Accounting is South Africa's leading developer of accounting, payroll and business management software for the small, medium and large enterprise market. Since inception, Sage Pastel has developed an in-depth knowledge and understanding of the industry, establishing itself as a market leader and the preferred choice of South African business. The numbers speak for themselves as thousands of businesses use Sage Pastel Accounting to run their businesses and trust Sage Pastel to help them achieve their business

  • You can access the live data at any time, from anywhere (with an internet connection!) – meaning you could review your financials while on the move.
  • We as the accountants can also access the data, making it much more efficient for us to advise you.
  • Instant access for us to prepare your year end accounts or management accounts.
  • We can assist with your bookkeeping remotely but with 24-7 access should you wish to view financial reports.
  • Scanned images of the supporting documents and invoices can be uploaded and linked to the accounting entries for ease of reference and storage.
  • It is usually paid on a monthly subscription, so it does not require a one-off outlay nor purchase of upgrades.
  • The backup and disaster recovery will all be taken care of by the software provider, eliminating your need to keep offsite backups.
  • Many providers will allow either direct integration with your online banking or import of excel format bank statements to streamline the bank reconciliation process.
  • You will need internet access to access your data – if you have any ISP or internet connection problems, you may find yourself without access.
  • Online-only companies allow you to print reports and export transactions, but some do not allow a backup file to be downloaded or accessed offline. You will need to keep your own records sufficiently up-to-date such that were anything to happen to the online provider, your accounting data would be safe
  • How would you transfer the data to a new provider if that was required – can a download be converted for import into other software?
  • You will incur costs in transferring over the existing bookkeeping records to the new system, and training of staff in the use of the new software.
  • Some cloud bookkeeping software is not comprehensive (eg. it does not offer stock recording, payroll). Check whether the software provides it or if you can buy a third-party add-on to integrate.

If you are considering transferring to cloud bookkeeping – speak to us and we can help you decide if it’s right for your business.