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Why do your bookkeeping in the cloud?

Private Matters Issue 8, September 2010

Why do your bookkeeping in the cloud?Cloud computing is the phenomenon of accessing your business or personal information using the internet and software that is hosted by a 3rd party. This enables access anywhere and anytime to your information- this is particularly beneficial for businesses that have multiple sites, multiple entities or conduct operations overseas.

In the past, accounting software is bought off the shelf and hosted either on your computer or on a server. Cloud computing provides the ability for business owners to share current information with colleagues and trusted advisers without the need to extract and manipulate data into a new file format and then email around. This online model has proven successful for sharing customer information by sales teams who are constantly on the road. For example, Salesforce.com puts all customer information in one online location to provide sales representatives with a complete and timely customer view.

To extend the cloud phenomenon to Online Accounting is a logical extension that was pioneered in Amsterdam in 2002 and has high levels of take up across Europe.

The benefits of moving from a more traditional bookkeeping package to an online one include using the software as a service model – outsourced IT server hosting and data back-ups, systematic security monitoring, version enhancements, ability to collaborate, and so on. 

Efficiencies are also introduced into the traditional client-accountant/adviser service model. By eliminating the file transfer and data manipulation process, clients can now address bookkeeping queries when they arise rather than at the end of the year and accountants are assured of accessing financial data in a standardised format. Deloitte’s online accounting product, UBEANI®, will fundamentally change the way accountants work with clients and the type of work they will do. 

It will lead to better conversations with business advisers as both now have access to improved information and the compliance process is streamlined. This should take some of the drudgery out of bookkeeping.

For further information please contact Liza Gelt, Director, Deloitte Digital on :
Tel + 61 3 9671 6349.

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