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Bean Blog Articles

  • lnn

Accounting Update - December 28, 2023



 

Welcome to our Weekly Digest!


This week, we'll dive into Cloud-based softwares, such as Xero.


What is the cloud?

The cloud is not physical. Think of the cloud as connected remote servers everywhere, giving us access to data and software online anytime, anywhere, from any device.



What is cloud accounting?

With cloud accounting, your business books are all online. That includes records of income and expenses, and assets and liabilities. The information is encrypted, similar to a bank’s, so only people with the login can view the data. Most systems come with tools for quoting, invoicing, managing bills and more.



How cloud accounting works...

Users subscribe to an online accounting software solution and move their books to the cloud. From then on, they can access their accounts from any web browser, or from an app on their phone. Most users connect the software to their business bank account, so that banking transactions flow automatically from the bank to the books. This saves them from a lot of data entry.



Benefits of cloud accounting software...

  • Data about your income and purchases can flow straight from your bank to your books so you don’t spend hours transcribing them

  • You can see your current financial position at any time

  • Multi-user access makes it easy to collaborate online with your team and advisors

  • It’s online software so there’s nothing to install or update, and all your data is backed up automatically.

  • You can set up a dashboard showing important financial information like who owes you money, what bills are due, and how your cash flow is looking



 

Get in touch!

The BeanLogix team is experienced in helping small businesses transition their books to cloud-based. Email us at hello@beanlogix.com to learn more!


*ALL INFORMATION CAN BE FOUND IN THE XERO website. No copyright infringement is intended. BeanLogix does not own nor claim to own the rights to the content shared.

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