Why switching to the cloud is the answer

As 30 June approaches, so does a seemingly infinite list of end of financial year tasks. But where pressure and stress levels have typically been at peak-level at this time, things are looking up – to the cloud. If your business is yet to make the switch to more efficient financial and reporting systems, it’s time to act now so you can begin the new financial year with a clean slate.

Out with the old

Changing systems may seem daunting, but think of it as short-term pain for long-term gain. As with any change management, look within first to identify any bottlenecks or inefficiencies.

Are you attached to a reliable but clunky old system? Or do your admin staff distrust new technology because they’re so used to entering data manually?

Mindset can be one of the biggest roadblocks when you’re disrupting the system, but it’s quite simple: if your staff can see the benefits of the change, then they will adapt and the business will thrive.1

In with the new

According to global accounting community Panalitix, by the end of 2017 more than 90% of small and medium sized businesses will be using cloud-based accounting systems.2 And over 90% of accounting firms will be using cloud-based practice management systems.

So if you aren’t already underway with those systems, this end of financial year really is crunch-time.

According to Receiptbank, Xero and Quickbooks Online are leading the way globally.3 Along with MYOB Essentials, they automate many of the manual processes, from bank feeds and reconciliation to payroll and accounts payable.

Once your business has streamlined these processes, your team will have much more time to focus on the important things that can increase your bottom line.

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Macquarie has been providing Business Banking solutions for over 30 years and provides SME clients with tools and strategies to grow and develop their business. You can get regular updates by subscribing to the monthly newsletter, Strictly Business by visiting macquarie.com.au/businessbanking. If you would like to find out more about how Macquarie can support you to take your business further, call Sam McCarthy at our Parramatta office on 0417 518724 and be connected with one of our banking specialists in your region.

This information has been prepared by Macquarie Bank Limited ABN 46 008 583 542 AFSL and Australian Credit Licence 237502 (“Macquarie”) for general information purposes only. This information does not constitute advice. Opinions expressed are subject to change without notice. No member of Macquarie accepts any liability whatsoever for any direct, indirect, consequential or other loss arising from any use of this information.