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Cloud based accounting software Benefits and Challenges: Alex So at SMECC - 20130822

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Cloud based accounting software Benefits and Challenges: Alex So at SMECC - 20130822

  1. 1. Cloud  based  accoun:ng  so;ware   Benefits  and  Challenges   Presented  by:  Alex  So  &  Wilson  Ng    
  2. 2. •  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  
  3. 3. 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  
  4. 4. 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   •  •  •  •  • 
  5. 5. 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  
  6. 6. US  Na:onal  Survey  Result  2013   Cloud  Solu:ons  Best  Prac:ces:  2013  Benchmark  Study  |  Cloud  Accoun:ng  Ins:tute  
  7. 7. US  Na:onal  Survey  Result  2013   Cloud  Solu:ons  Best  Prac:ces:  2013  Benchmark  Study  |  Cloud  Accoun:ng  Ins:tute  
  8. 8. US  Na:onal  Survey  Result  2013   Cloud  Solu:ons  Best  Prac:ces:  2013  Benchmark  Study  |  Cloud  Accoun:ng  Ins:tute  
  9. 9. US  Na:onal  Survey  Result  2013   Cloud  Solu:ons  Best  Prac:ces:  2013  Benchmark  Study  |  Cloud  Accoun:ng  Ins:tute  
  10. 10. 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  
  11. 11. 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  

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