cloud based accounting software benefits and challenges: alex so at smecc - 20130822
TRANSCRIPT
Presented by: Alex So & Wilson Ng
Cloud based accoun:ng so;ware Benefits and Challenges
• FastLane Capital is an independent financial advisory and accoun:ng and corporate services provider
• Accoun:ng and Corporate Services – Accoun:ng/Bookkeeping, Company Forma:on, Taxa:on, Accoun:ng Advice
What is an accoun:ng so;ware?
An accoun:ng so;ware that: • records & processs accoun:ng transac:ons such as accounts
payable, accounts receivable, and trial balance. • generates financial informa:on such as profit and loss
statement, balance sheet and cash flow statements • provides insight to facilitate business decisions
Cloud based accoun:ng so;ware • Gartner defines cloud compu:ng as "scalable and elas:c" • So;ware as a Service (Saas) model • Mostly subscrip:on based • Hosted on remote servers • Data is sent to “the cloud”, where it is processed and
returned to the user • All func:ons are performed off-‐site, not on the user’s desktop • Frees the business from having to install and maintain
so;ware on individual desktop computers. • Allows employees in remote or branch offices to access the
same data and the same version of the so;ware
Tradi:onal ERP Systems • Enterprise Resource Planning (ERP) -‐ a cross func:onal system
with integrated suite of so;ware modules that support business processes
• automate the produc:on capacity, order processing, accoun:ng and inventory management
• industry specific
• acquire via a license model, run in servers and computers in house
US Na:onal Survey Result 2013
Cloud Solu:ons Best Prac:ces: 2013 Benchmark Study | Cloud Accoun:ng Ins:tute
Cloud Solu:ons Best Prac:ces: 2013 Benchmark Study | Cloud Accoun:ng Ins:tute
US Na:onal Survey Result 2013
Cloud Solu:ons Best Prac:ces: 2013 Benchmark Study | Cloud Accoun:ng Ins:tute
US Na:onal Survey Result 2013
Cloud Solu:ons Best Prac:ces: 2013 Benchmark Study | Cloud Accoun:ng Ins:tute
US Na:onal Survey Result 2013
Cloud based Accoun:ng So;ware
• Bank reconcilia:ons • Invoicing • Bill payments • Payroll • Expense claims • Quality financial informa:on and statements • Overdue payments and receivables • Access to company’s financial informa:on anywhere, any:me
Xero
• Founded in 2006 • 200,000+ paid customers • 380+ staff • Global loca:ons, US, UK, Australia and NZ • Market Cap: NZD1.7billion • High Profile investors: MYOB co-‐founder Graig Winkler, Paypal Founder and first Facebook external investor Peter Thiel