Cloud Accounting Set-up vs. Conversion. What’s the difference and what’s required from you, the business owner?
Whether you’re a tradie operating out of your dusty ute glove box, or a café owner rocking the excel spreadsheet at midnight – taking the next step to move your accounts to a cloud accounting software can be more daunting than actually launching the business!
So how do businesses successfully move from the shoebox to the cloud? Well, they can’t and shouldn’t go it alone. Your precious data needs to be systematically loaded onto your chosen cloud program, without mistakes. Luckily there are bookkeeping specialists who set up and convert businesses to the cloud every day, making your setup or conversion a simple, stress free move.
Invoicing or logging receipts on-the-go, logging in from anywhere, one-click reporting, syncing between devices and real-time cash flow updates are just some of the exciting features that most online ‘cloud’ accounting software offers. And benefits like throwing out the shoebox and having one source of truth make the online accounting pretty irresistible! Ready to move to the cloud right now? Great! Read on…
What exactly is a SET-UP, and what’s required from you?
SETTING UP your business on a cloud accounting program like Xero or QuickBooks Online (QBO) means the bookkeeping company takes whatever offline data you have (shoeboxes included!) and creates an account from scratch – including a new company profile, users, an invoice template and link to your bank account. Upon request, we can also provide you with some basic training on the software itself so you can be confident using the mobile app, receipt entry, web browser and other available features of the cloud accounting software recommended.
Set ups are ideal for start-up businesses and sole traders who are still learning and writing their accounts by hand, or established companies wanting to switch at EOFY.
<Click here to view Cornerstone’s Set Up packages.>
All you need to do for Set up is to show the bookkeeping company where your data is kept, for example your excel file. You can also supply your logo if you want their help making your invoices look as professional as your new accounting system!
So then what is a CONVERSION, and what’s required from you?
CONVERTING your business accounts refers to the process of taking your existing desktop (offline) accounting software, closing this balance and migrating ALL your trading history to a new cloud accounting software program. This can be backdated to an agreed period of time (usually 1 financial year), and includes all transactions, balance sheets, P&L, contacts, bank feeds, bank accounts, invoices, statements, purchase orders, credit notes, client files and contacts.
Conversions are perfect for established businesses ready to make the move to the cloud, either at the start of or mid financial year.
<Click here to view Cornerstone’s Conversion packages.>
You, the business owner or manager, have it pretty easy when it comes to converting to the cloud. Once you’ve given the go-ahead to your chosen bookkeeper, simply provide login details for your existing account and you can sit back for 10-15 working days until your new system is 100% ready to go!
Have more questions about Setup or Conversion? Send us an email and we’ll gladly explain it to you step by step, in relation to your own business. support@cornerstone.com.au
Article by Angela Farrell