QuickBooks moves to the cloud

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QuickBooks moves to the cloud

QuickBooks Online is latest accounting package to move to the cloud, opening up to Australian customers two months after its international beta launch.

In moving online QuickBooks Online joins longtime competitor MYOB LiveAccounts along with online-only rivals targeted at small businesses such as Xero and Sassau

A subscription to QuickBooks Online starts from $25 per month and lets you create and send invoices and sales receipts, track and manage GST and complete Business Activity Statements, with further functionality including payroll in development.

Live feeds are available from Australian major banks for automatically transferring banking information into a QuickBooks Online account. 

It's possible to import data from desktop software packages into QuickBooks Online, although it's important to read the fine print and check whether all the features you use in your desktop software are supported by the online version. For example, several desktop  versions of QuickBooks support multiple currencies, but the entry-level version of QuickBooks Online does not. [CORRECTION: This sentence originally stated that QuickBooks Online does not work with multiple currencies. The sentence has been corrected.]

The advantage of such online services is that they can be accessed from any internet-enabled computer and upgrades are automatic rather than relying on you to download and install updates. The trade-off is that your financial data is stored in a data centre rather than on your computer, so it's a good idea to make regular backups of your online data.

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