Australia is very little difference when it comes to bookkeeping as every business needs it. There are of course some differences in the laws as to exactly how the books have to be kept for auditing purposes but in general terms, the bookkeeping in Australia is the same as any other country in the world.
There is a variety of ways you can keep your books, provided you stay within your country’s legal guidelines and more recently many companies have decided to use a Cloud bookkeeping option. The “cloud” basically is a server separate from your own network which means that you do not need the large supply of data space which is often associated with bookkeeping. It also means that the data stored in that cloud account can be accessed outside of your network. Although this may sound like a bad idea, it isn’t as only those people aware of your account details can access your books but, it does mean that you can access your books from anywhere, not just from a connection within your own network.
Although when cloud bookkeeping software was first introduced, many businesses were apprehensive in using it, more recently an increasing number of businesses around the world are turning to the cloud facility for their bookkeeping needs, even the most skeptical ones. There are perhaps a couple of things that you should check on before deciding which cloud software to buy. Firstly you should endeavor to find out if the software is aware of, and complies with, Australian government rules and regulations and secondly, exactly what security measures are in place to ensure that only the people you give the account details to will be able to access the books.
One of the main reasons why businesses are switching to bookkeeping in the cloud is because of the money they save. Without the cloud, businesses would have to have their own servers and apart from having to have to pay to buy those servers, they would also have to spend a lot of money maintaining them. Then, of course, there is the added expense of ensuring all the records are backed up properly and regularly. The most cloud bookkeeping software will back-up your files on a daily basis and that means that even if your own system crashes, you can still access the cloud from another point and so not lose a lot of crucial information and the back-up is usually at no extra cost.