Cloud Accounting

Cloud Accounting Services Perth

Through programs like Xero and QBO, the application of cloud accounting has changed the way small and medium-sized businesses run their business. At Westcourt, we are a 100% fully cloud-based practice committed to the bespoke application of cloud accounting programs to focused commercially-run SMEs around Perth and Australia.

Cloud accounting is more than simply locating the server away from your office. The primary benefit of cloud accounting is artificial intelligence to automate data entry and simplify bookkeeping. And this automation has opened up resources for bookkeepers to take on a CFO role and add value to the business – where Westcourt operates.

In effect, the primary task of cloud accounting – automating data entry and simplifying the bank reconciliation- allows faster bookkeeping and real-time reports to obtain visibility in your organisation – together with mobile capabilities and collaboration across teams.

Importantly Westcourt is not 100% devoted to one program. We believe that every business is unique, and solutions across different platforms will create better outcomes. So, while Xero is easily the best cloud accounting program for most SMEs in Australia – it is not the sole solution. And if your business has unique needs or your existing finance team (or you) are already skilled in one particular program, we will collaborate across multiple platforms to create a solution that works best for your business and your family.

The use of additional cloud software programs beyond the general ledger for bespoke needs is also a game-changer for SMEs. Historically the bespoke needs of businesses could only be catered for by larger (much more expensive) software programs like SAP, Navision, Attache or MYOB_Exo. And while our larger clients use these programs – the smaller and middle-sized markets cannot afford the “whole of the business tailored solution”.

So, if you are a real estate agent, we will work with Property Tree or Vault Re. We will work with a chain of restaurants and recommend Key Pay, and a law firm will likely use LEAP. Alternatively, a small contractor might use QBO because of the price. Importantly we work to create the best outcome for your team – either getting the most out of your current program or tailoring modular programs to fit your special needs.

At Westcourt, we are ideally placed to help you with your cloud accounting software needs. We are 100% cloud-based practice, and we have gone through the journey of becoming fully cloud-based. We are an independent agent and don’t have all of our clients on one platform (like Xero, as good as it is). And we are part of an international network to assist you with your cloud software needs as you manage projects and teams offshore. So – why not call us today, and we will help you get the most out of your business.

Frequently Asked Questions

Is cloud accounting safe?

Cloud accounting can be safe if proper security measures are in place. Cloud accounting involves storing financial data and applications on remote servers that are accessed over the internet. Here are some factors that can affect the safety of cloud accounting:

Data encryption: Cloud accounting providers should use encryption to secure data when it is transmitted over the internet and when it is stored on their servers.
Data backups: Cloud accounting providers should have robust backup and recovery systems in place to protect against data loss due to hardware failure, natural disasters, or cyberattacks.
Access controls: Cloud accounting providers should implement strong access controls to ensure that only authorized personnel can access sensitive data and applications. This can include using two-factor authentication, firewalls, and intrusion detection systems.
Regular updates and patches: Cloud accounting providers should regularly update their software and systems to address vulnerabilities and prevent cyberattacks.
Compliance with regulations: Cloud accounting providers should comply with relevant laws and regulations, such as data protection laws and industry standards for data security.

It is important for businesses to conduct due diligence when selecting a cloud accounting provider to ensure that they have appropriate security measures in place. Businesses should also take steps to protect their own data, such as using strong passwords and regularly monitoring their accounts for unauthorized access or suspicious activity.

Overall, cloud accounting can be a safe and efficient way to manage financial data, but businesses should take care to select a reputable provider and implement best practices for data security.

How does cloud accounting work?

Cloud accounting is a method of accounting that involves using software applications that are hosted on remote servers and accessed over the internet. Here is a general overview of how cloud accounting works:

Choose a cloud accounting provider: There are many cloud accounting providers to choose from, and businesses should select one that meets their specific needs in terms of features, pricing, and support.
Create an account: Once a cloud accounting provider is selected, businesses can create an account and log in to the cloud accounting software using a web browser or a mobile app.
Set up company information: Businesses can set up their company information, such as business name, address, and tax registration details, in the cloud accounting software.
Connect bank accounts and other financial data sources: Businesses can connect their bank accounts, credit cards, and other financial data sources to the cloud accounting software to automatically import transaction data.
Manage invoices and expenses: Businesses can use the cloud accounting software to create and send invoices, track payments, and manage expenses.
Generate financial reports: The cloud accounting software can generate financial reports, such as income statements, balance sheets, and cash flow statements, based on the data entered into the system.
Collaborate with accountants and other stakeholders: The cloud accounting software allows businesses to collaborate with their accountants, bookkeepers, and other stakeholders by granting them access to the software and specific data or reports.

Cloud accounting offers several benefits, including real-time access to financial data, automation of routine tasks, and improved collaboration and communication with stakeholders. Additionally, cloud accounting is typically more cost-effective than traditional accounting software, as businesses can avoid the upfront costs of purchasing and maintaining hardware and software.

What are the benefits of cloud accounting?

Cloud accounting offers several benefits to businesses, including:

Real-time access to financial data: Cloud accounting allows businesses to access financial data from anywhere, at any time, as long as they have an internet connection. This means that businesses can view up-to-date financial information and make informed decisions quickly and easily.
Automation of routine tasks: Cloud accounting software can automate many routine accounting tasks, such as data entry, invoicing, and bank reconciliations. This saves businesses time and reduces the risk of errors.
Improved collaboration and communication: Cloud accounting software allows businesses to collaborate with their accountants, bookkeepers, and other stakeholders in real-time, regardless of location. This improves communication and enables stakeholders to work together more efficiently.
Cost-effective: Cloud accounting is typically more cost-effective than traditional accounting software, as businesses can avoid the upfront costs of purchasing and maintaining hardware and software. Additionally, cloud accounting providers often offer flexible pricing plans that allow businesses to scale their usage up or down as needed.
Scalability: Cloud accounting software can easily scale up or down to accommodate changes in a business’s needs. This is particularly beneficial for growing businesses that may need to add users, features, or data storage as they expand.
Data security: Cloud accounting providers invest heavily in data security and often provide more robust security measures than many businesses can afford to implement themselves. This includes data encryption, regular backups, and access controls to ensure that only authorized users can access sensitive data.

Overall, cloud accounting can help businesses streamline their accounting processes, improve decision-making, and reduce costs, while also providing greater flexibility and scalability.