How does MYOB cloud accounting work?

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Cloud Accounting
By
Andrew Phelan
Andrew Phelan
Business Development Manager
April 7, 2020
5
minute read

A run-through of what cloud accounting is, and how the MYOB cloud accounting suite will benefit your business

MYOB has been in the accounting software business since 1991. Since moving into cloud accounting software, their business has come along in leaps and bounds.

With a variety of different cloud accounting software packages to suit all types of business, the MYOB cloud accounting suite is used by many small businesses around the country. At Liston Newton Advisory, we choose to use this software thanks to its range of features and collaborative abilities.

Depending on your MYOB service, you’re able to:

  • Send professional quotes and invoices
  • Prepare and track BAS and GST
  • Manage and accept all expenses and payments, in multiple currencies
  • Manage your employee payments
  • Create financial reports easily
  • Bill time, track work, and manage your inventory.

But first, let’s look at what cloud accounting actually is and how it benefits your business.

Ready to dive into the world of cloud accounting? Contact Liston Newton Advisory today and learn how the MYOB suite will streamline your accounting.

What is cloud accounting?

When you're actually doing your accounting, cloud accounting is no different from traditional, desktop computer accounting.

Where cloud accounting differs is that the software itself is hosted on remote servers, with all data stored securely off-site. You still log in to your cloud accounting software, and perform all the same functions and make all the same accounting decisions. Just the back-end of everything you’re doing is stored off-site by an external provider.

Cloud accounting vs browser-based accounting — what’s the difference?

Browser-based accounting is run strictly through a platform within your internet browser, and all your files are stored directly to the cloud. As such, you can only access browser-based accounting when you have an active internet connection.

Cloud-based accounting is similar, as you you access it through a browser. However, your files are available both online and on your local computer. This means that you get the flexibility and security of accessing your software on your local computer, but with the added security benefit of direct-to-cloud storage.

The benefits of cloud accounting

person using laptop displaying imagery for the cloud

Access to your financial data wherever you are

One of the revolutionary benefits of cloud accounting is the flexibility it gives you and your business.

You’re not accessing your accounting software from something that’s installed on your computer. Instead, you log in securely to an online platform. This means you can access your accounting data anywhere you have an internet connect, at any time you need it.

Save money

As there’s no software or infrastructure that your business needs to maintain, there are no associated IT fees to pay. All you pay is a simple monthly subscription, which you can scale depending on the number of staff using the software.

Boost your collaboration

This element actually provides more collaboration opportunities. Your staff are all looking at the same data in real time, which can be accessed by multiple people at the same time. No need to waste time transferring files or data between computers.

View your data in real time

There’s no wait time to sync your data, your files are updated as you use them in real time. You get better control over your business’ financial situation, and you can take comfort that your data is always up to date and accurate.

Improved security

Cloud accounting also provides a more secure accounting solution. With a traditional accounting software that’s installed on your device, this device can be stolen, along with all your data.

Cloud accounting software leaves no discernible data on your devices. Every accounting action is completed on the platform itself, with all your data robustly encrypted and password protected.

The drawbacks of cloud accounting

You need an internet connection

Unlike traditional desktop accounting software, which you can access any time you have your computer, cloud accounting software requires an internet connection to access your data.

While we’re living in an always-on culture, there are times when your internet connection slows, or cuts out entirely. You may be travelling, and have no internet access, or your ISP might be experiencing issues.

Loss of control

One big drawback to cloud accounting is the loss of control of your data. While you can take comfort knowing that it’s stored safely and securely by a trusted provider, you’re still handing over control of your sensitive information to a third party.

Security

While cloud accounting software lives behind a network of security measures, not all cloud providers are equal. In recent years, some providers have been discovered to not be as secure as they claim. So while the software itself might be secure, you may not know which providers you can trust.

Security measures in MYOB cloud accounting

the word accounting in a cloud bubble surrounded by accounting aspects stored in the cloud

Each MYOB cloud accounting service is accessed through a subscription service, so only those with the appropriate logins can access your data, through a secure gateway.

You’re able to store your files and share them safely online, where they’re encrypted. This means there’s no risk involved with sending them over unsecure methods, like email. There’s no risk either of losing your files or having them stolen, whether through malicious means, or simply losing your storage device.

Your data is automatically backed up daily, and stored in multiple secure locations, so there are multiple back-up security measures should one server go down.

When accessing your accounting data through MYOB cloud accounting, only authorised users and administrators have the necessary permission. As the account owner you maintain full control over who has access, and to what level. You can add or remove users and their authorisation as you see fit.

You can also nominate an MYOB administrator who can access your business’ data, and provide support in managing access for your staff and accountants.

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