1. Cloud
based
accoun:ng
so;ware
Benefits
and
Challenges
Presented
by:
Alex
So
&
Wilson
Ng

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. 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. 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. 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. US
Na:onal
Survey
Result
2013
Cloud
Solu:ons
Best
Prac:ces:
2013
Benchmark
Study
|
Cloud
Accoun:ng
Ins:tute

7. US
Na:onal
Survey
Result
2013
Cloud
Solu:ons
Best
Prac:ces:
2013
Benchmark
Study
|
Cloud
Accoun:ng
Ins:tute

8. US
Na:onal
Survey
Result
2013
Cloud
Solu:ons
Best
Prac:ces:
2013
Benchmark
Study
|
Cloud
Accoun:ng
Ins:tute

9. US
Na:onal
Survey
Result
2013
Cloud
Solu:ons
Best
Prac:ces:
2013
Benchmark
Study
|
Cloud
Accoun:ng
Ins:tute

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. 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