An Introductory discussion into cloud accounting,

showing how far accounting has evolved over the

past 25 years

Speaker David Dillon B.Bus FCPA MBA JP

A brief history to put

the accounting
evolution in
perspective

*

Who can remember 14 column paper and strip

lists on adding machines?

Manual bookkeeping required a certain

aptitude and level of skill.

Not for everyone

*

Within a few years after 1990, desktop PCs

were starting to become mainstream

IMB 386 and 486 then Pentium 1

Desktop PC based applications such as Quicken

+ MYOB stormed the market in the 90s

For a relatively modest investment, technology

had enabled massive efficiency gains.

*

Nice, intuitive easy to follow and navigate

graphics with MYOB forums for problem solving.

1 July 2000 saw introduction of GST and BAS

returns.

MYOB really set the benchmark in the early years

All of a sudden non-bookkeeping people could do

their own bookkeeping like gutter guards at 10
pin bowling.

Public Accountants losing ground to hand on

bookkeepers.

*

Portability was still in the early stages

Internet hadnt been developed commercially

until the mid 1990s

Businesses really were tethered to their office

for access to information for decision making.

*

A game changer technology disruption -Intuit

estimate only 15% take-up of cloud so far

Simple to use and easy on the eye.

Unlimited collaboration in the cloud with staff

and financial advisors real time information

No more wrong versions or late changes

Accessible anywhere, anytime, on any device. All

you need is an internet connection. Opens up
remote working options.

Automatic bank feeds, so you can see where the

numbers are at in minutes.

Secure like internet banking. Backups done

overnight.
You can avoid owning and babysitting a Windows
server (backups, updates, power failures
Cost saving and flexibility advantages extend
further than it may seem at first glance.

*

Real-time financial data accessible anywhere,

anytime, on any device. All you need is an
internet connection (99.9% Uptime)

Enterprise Level technology available for small

businesses. Accounting and payroll in one, at one
transparent price from $25 / month

600,000 users Sep15, increase of 400% in 2015

Large Ecosystem of add-ons, allows you to feed

information into Xero reducing data entry

Automatic bank feeds, so you can see where the

numbers are at in minutes.

Focus to make improving cashflow easy

New feature coming soon Veda credit check

*

450 + 3rd party apps

Xero integrates so that you can easily sync and

streamline your data

Xero is like the iOS of cloud accounting

Inventory, invoicing, time tracking, expenses

and more all integrate with Xero

+ POS software + Job costing

Eliminate duplicate data-entry save :

Time
Money
environment

*

US developed and owned.

Doesn't have a foothold in the market like

Xero or MYOB in Australia

Lacks robust accounting software features

Is easy to use focused on simplicity. If you

have QBs experience, youd probably go for
this

Automatic bank feeds, so you can see where

the numbers are at in minutes.

Doesnt have much of an add-on eccosystem

*

Traditionally has been the preferred choice

amongst the desktop software companies

Made a slow move to the cloud, letting Xero

gain traction and have been playing catch-up.

Easier to transition if youve always used

MYOB

Cloud product is a little slower than

competitors still a little immature. Theyve
converted to catch up rather than built a new
platform

Automatic bank feeds, so you can see where

the numbers are at in minutes.

Smaller Add-on community

From $29/month

*

Invitbox a cloud based application that uses

data extraction technology.

Invitbox processes supplier invoices with 100%

accuracy, checks prices, and upon approval
using any mobile device, sends coded AP
information to your accounting system with a
full ATO compliant audit trail.

It saves time, the environment and can save

up to 70% on your accounts payable costs.

Are you still opening 'snail mail' supplier invoices

and re-keying data?

Invitbox - An Introduction (short).mp4

Thanks for listening any questions ?

Speaker David Dillon B.Bus FCPA MBA JP