What's new in cloud accounting?

By Cutcher & Neale Accounting and Financial Services - June 21, 2021

If you’ve established your cloud accounting system, growing your ‘cloud maturity’ is an on-going task– and that includes staying on top of the latest developments in cloud accounting.

Here’s our round up of new programs and features to be aware of:

E-Invoicing

E-invoicing is available in Australia. As part of the government’s commitment to improve the way businesses interact with each other you are now able to register and utilise e-Invoicing.

Invoices are electronically exchanged between accounting software systems without manual data entry. This means businesses will no longer need to generate paper invoices or PDF documents and send out to customers.

This also means bills can be received straight into your bills area of your accounting system without any data entry required ready to be approved and paid.

Xero Verify

There is a new Multi Factor Authentication App released by Xero for their accounting software called Xero Verify.

You can now authenticate quickly and easily using push notifications rather than generated codes within the app.

Xero have worked on a solution to make the 2-layer security option much simpler and smarter for its customers. This new solution is more seamless than other 2 factor authentication apps making the task so much easier.

The acceleration of open banking

Open banking in Australia allows customers of the big 4 banks to securely share some of their banking data with other accredited banks and soon financial software providers.

You will have the control of which third party can access your data and how this data is then used. This information can include transaction history and account balances and if shared with accounting software providers will hopefully assist with account types that currently have no bank feeds available.

No more providing transaction history files for importing data.

Currently customers of the big 4 banks can request and share their various types of account information with an accredited data recipient who will provide this to other banks and providers to speed up application processes, switching financial institutions, finding products more tailored to your current situation and giving you a better overview of your finances.

Smaller financial institutions are also now offering opening banking access and towards the latter half of 2021, third party software providers can start to include open banking in their product offerings.

If you would like to discuss your accounting software, please feel free to chat to one of our cloud accounting specialists.