Moving from Excel to Cloud Accounting

March 9, 2022

When starting, most businesses handle their accounting tasks using Excel. While efficient, it may not support the needs of your growing business.

Since 2000, it has been mandatory for all Australian businesses to add and report GST. As such, many business owners find it much more convenient to record their financial data digitally. However, some are still struggling. To help make the transition to online reporting, this blog outlines:

Why Excel is less effective for business accounting
The benefits of online accounting
Reasons to transfer to online accounting, and;
How to transition to online accounting

Downsides to using Excel for business accounting

As businesses grow, their taxation reporting requirements become more complex. In many cases, Excel is not designed to handle detailed taxation information. Here are six key reasons to move on to online tax reporting.

#1 Excel requires you to master programming language

As it’s so widely used, business owners often forget how complex Excel is. The program can be quite difficult to master and extremely time consuming. For the novice, it can seem like having to learn a new programming language.

#2 Developing an Excel spreadsheet to suit your financial requirements requires careful preparation

Setting up expense reports and invoice tracking is very time-consuming. Also, you may need to continually change information as you go.

#3 You need a strategy

Excel offers no flexibility to reconfigure data. So, before starting, you need to know exactly how you’ll use the information. You’ll need report names, the cells you want to print and ensure every report is correctly time stamped.

#4 Can’t integrate with other business software

Many Excel users find it incompatible with business needs. It’s extremely difficult to enter large data sets, combine various worksheets or incorporate scripts. Excel does not integrate with other programs you may need to run your business smoothly.

#5 There is no audit trail

This leaves Excel susceptible to fraud. The reason is, it’s very easy to change information and difficult to keep track of who has made the changes.

#6 Transactions are hard to track

Many business financial records contain double entries. Excel does not automatically recognise these. So, rather than helping your business run smoothly, it can make creating financial documents very difficult. This, in turn, can result in providing your accountant with inaccurate records.

Benefits of online accounting

Here are six key reasons to utilise an online accounting system.

#1 Ease of use

A convenient dashboard gives you ready access to all financial data. So, you don’t have to painstakingly enter data manually. With a clear view of your company’s finances, you’ll make well-informed business decisions. This will provide your customers with absolute confidence.

#2 Accurate data

Accounting software keeps your business’ pertinent financial data in the cloud. It automatically feeds bank statement lines into your software. This dramatically reduces data entry requirements and possible mistakes.

#3 Real-time reporting

Get detailed, accurate financial reports whenever you need them. So, you no longer have to wait until the end of the month, or end of the quarter. You can view and share real-time budgets and reports quickly and easily. This also enables you to complete tasks, like sales tax returns in minutes, not hours.

#4 Up-to-date information

Create any information your employees and customers need at a moment’s notice. Your business will be equipped to manage its finances efficiently and accurately. This is crucial during tax time when you need to share your financial information with your accountant. Your tax information will always be up-to-date and easy to share.

#5 A clean audit trail

All the historical information you or your investors require is right at their fingertips. Accounting software creates a clean audit trait that can’t be compromised. And, every business transaction (i.e. sales contracts, employee payments and more) is recorded. A complete audit trait reassures your employees and customers and satisfies the ATO’s requirements.

#6 Syncs with other business software

Using cloud-based software allows you to take advantage of apps to sync with your financial data. Invoicing, inventory management and so much more take the time and frustration out of business accounting.

#7 24/7 access to financial data

Every member of your team can access your data at any time. With cloud software, you can share financial information with your employees, accountant, bookkeeper or financial advisor.

Transitioning to online accounting

Are you ready to make the switch? To reap the above benefits and more, follow these simple tips.

Choose the right time

The end of the financial year may seem like the obvious time to integrate new accounting software. However, this is a very busy period for small business owners. You may not have enough time to integrate the new system and prepare data. So, we advise making the switch during your slower months. This can be the end of the month or quarter, for instance.

Either move your accounting history or enter open balances

Importing historical data or starting over with open balances can be a difficult choice. In most cases, however, moving your entire accounting history isn’t necessary. It’s generally recommended to export it to a backup file, and simply transfer the uncleared transactions.

Organise your data

Different software will support different file formats. The software you choose will specify things like: text limits, date formatting, column headings and more. Ensure your data is error-free, and is saved in the correct format. Test this by transferring a few rows of data, and ensure your formatting is correct before entering the remaining data.

Run both systems simultaneously

Transitioning to your new accounting software takes time. To ensure things go smoothly, run both systems together, until you can use the software confidently. Depending on your business size, you may need to run both systems for a few days or weeks.

Would you like more advice on how Xero accounting software can benefit your business? For specialised training and support in Xero Accounting packages, call or email 360 Accounting Services today.

References:
https://www.goforma.com/small-business-accounting/moving-from-excel-to-accounting-software

https://www.xero.com/au/resources/small-business-guides/accounting/move-from-excel/

https://www.accountingweb.co.uk/community/blogs/robnixon2808/making-tax-digital-from-down-under

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Navigating Payday Super and Cashflow

By 360Accounting Services • February 25, 2026

Navigating Payday Super and Cashflow: What You Need to Know The recent shift towards 'Payday Super' in Australia marks a significant change for businesses and employees alike. Understanding this new obligation—which mandates the payment of superannuation guarantee contributions on the same day as wages—is crucial for maintaining compliance and healthy cash flow. What is Payday Super? Currently, employers are generally required to pay superannuation contributions for eligible employees at least quarterly. 'Payday Super' is the proposed change where the superannuation guarantee payment would be due at the same time as the employee's salary or wages are paid, whether that's weekly, fortnightly, or monthly. This change is scheduled to take effect from 1st July, 2026. This is a fundamental shift designed to improve the retirement savings of Australians by ensuring superannuation is paid more frequently and reducing instances of unpaid super. The Impact on Business Cash Flow While the benefits for employees are clear, businesses must prepare for the implications this change will have on their cash flow management. 1. Increased Frequency of Payments The most immediate change is the move from a quarterly superannuation lump sum to frequent, smaller payments. This requires: Tighter Budgeting: Businesses will need to forecast their payroll and superannuation obligations with greater precision across shorter intervals. Reduced Quarterly Buffer: The current system allows businesses to hold onto super funds for up to three months, acting as a small, temporary cash flow buffer. This buffer will disappear. 2. Enhanced Compliance Requirements With superannuation payments tied directly to each pay run, the administrative burden and the risk of non-compliance increase. To manage this effectively, businesses should: Review Payroll Systems: Ensure your current payroll software can automatically calculate and process super payments concurrently with wages. Establish Clear Processes: Define a robust workflow that ensures superannuation is remitted to the fund on the same day the net pay is transferred to the employee. Strategies for Managing the Change Proactive planning is essential to smooth the transition to Payday Super. Consider the following strategies: Cash Flow Forecasting Develop detailed weekly or fortnightly cash flow projections that explicitly include the super obligation for that period. Use historical data and future projections to identify potential shortfalls. Separate Superannuation Funds Immediately transfer the calculated super liability into a dedicated, separate account on pay day. Isolate super funds from operating capital to avoid accidental spending. Negotiate Payment Terms Evaluate supplier payment terms to align cash outflows with increased payroll frequency. Extend credit terms where possible to balance the new frequent super outflows. Review Accounting Software Leverage modern accounting and payroll solutions that automate and integrate wages, PAYG withholding, and super. Consult with a financial advisor or bookkeeper, such as 360 Accounting Services, to confirm system readiness. Next Steps and Resources This new regulation will have a significant impact on financial operations. We recommend that all business owners and payroll managers review processes and seek guidance. Useful Documentation For detailed information on the new requirements, please refer to the following: Official ATO Guidance: ato.gov.au/paydaysuper The move to Payday Super is an inevitable change. By understanding the implications for cash flow and implementing strong financial management practices today, businesses can ensure a seamless transition and remain compliant when the new rules come into effect at Place.

Payday Super - What You Need to Know

By 360Accounting Services • February 23, 2026

The Shift to Payday Superannuation The way employers pay superannuation contributions in Australia is changing. Historically, employers were required to pay the Superannuation Guarantee (SG) to their employees' funds quarterly. However, from 1 July 2026 , the system is shifting to 'Payday Super' , meaning employers will be required to pay super at the same time as they pay their employees' wages. This major reform, announced as part of the 2023-24 Federal Budget, aims to improve compliance, boost retirement balances, and give employees greater visibility over their superannuation entitlements. What is Payday Super? Payday Super mandates that superannuation contributions must be remitted to the employee's chosen fund on the same day as their salary and wages are paid. This change is designed to: Reduce Unpaid Super: By aligning super payment with payroll, the government aims to crack down on employers who fail to meet their SG obligations. Increase Retirement Savings: More frequent payments mean super contributions start earning investment returns earlier, leveraging the power of compounding interest over an employee's working life. Improve Visibility: Employees will be able to see their super contributions reflected in their fund balance sooner, helping them track their retirement savings in real-time. Key Changes for Employers The transition to Payday Super requires significant adjustments to payroll and accounting systems for businesses across Australia. Current System (Pre-July 2026) Payment Frequency - Quarterly minimum Due Date - 28 days after quarter end System Change - Minimal integration needed Compliance Focus - Quarterly review Payday Super (From 1 July 2026) Payment Frequency - Same day as wages are paid Due Date - Same day as wages are paid System Change - Requires updating payroll software and processes Compliance Focus - Continuous, real-time monitoring Employers should immediately begin reviewing their payroll systems and processes to ensure they can meet the new requirements well before the Date deadline. This includes: Software Update: Ensuring payroll software is capable of processing and reporting super payments on a per-pay-cycle basis. Cash Flow Management: Adjusting cash flow forecasting to account for super payments leaving the business bank account more frequently. Staff Training: Educating payroll staff on the new compliance rules and required process changes. If you are an employer and need assistance with the transition, contact your tax professional or book a consultation with 360 Account Services today - enquiries@360accountingservices.com.au What Does This Mean for Employees? For employees, Payday Super is overwhelmingly positive: Higher Balances: The financial modelling suggests that employees will be better off at retirement due to the compounding effect of earlier payments. Early Detection of Non-Payment: If an employer misses a super payment, the employee will know almost immediately, rather than waiting until the end of the quarter, allowing them to report non-compliance faster. Improved Transparency: Super payments will feel more like a regular entitlement, similar to take-home pay. If you are an employee, you can monitor your super contributions through your fund's online portal or app. Resources for the Transition To help businesses prepare, various resources and support materials are available. Keep an eye on the Australian Taxation Office (ATO) website for detailed guidance and fact sheets. ATO Guidance - Official information from the ATO on the changes and compliance. Payroll Provider Update - Check with your payroll software provider for their transition plan. Check provider's website Industry Webinar - Register for an educational session on how to implement Payday Super. The move to Payday Super is a significant step towards securing the financial future of Australian workers. While it presents an administrative challenge for employers, the long-term benefits for employee retirement savings are substantial. Prepare now to ensure a smooth transition. If you have specific questions about the legislation, we recommend reaching out to Parikshit at enquiries@360accoutingservices.com.au for professional advice.

Beyond spreadsheets. Why your business needs a dedicated expense tracking app

By 360Accounting Services • January 27, 2026

In the fast-paced Australian business environment, managing expenses is critical for financial health and compliance. For too long, the humble spreadsheet has been the go-to tool for tracking costs. While familiar, relying on manual data entry is a recipe for errors, inefficiency, and stress come tax time. It's time for your business to look beyond the rows and columns and embrace the power of a dedicated expense tracking app. Here’s why making the switch isn't just an upgrade—it's essential for smart, modern financial management. The Pitfalls of Spreadsheet-Based Expense Tracking While spreadsheets offer flexibility, their limitations quickly become liabilities for a growing business: Manual Errors: Every number typed is an opportunity for human error. These small mistakes can lead to major discrepancies in financial reports and tax returns. Time Consumption: Staff spend valuable hours entering data, chasing receipts, and manually reconciling accounts, diverting time from core business activities. Compliance Risk: Keeping track of Goods and Services Tax (GST) input tax credits and ensuring all expenses comply with Australian Taxation Office (ATO) requirements is difficult and error-prone when relying on scattered digital files and paper receipts. Lack of Real-Time Visibility: Spreadsheets are often updated sporadically, meaning business owners lack an up-to-the-minute view of cash flow and spending patterns. The Australian Advantage: Why a Dedicated App Wins A modern expense tracking application addresses these issues head-on, offering specific benefits tailored to the Australian market. 1. Seamless Receipt Capture and Digital Storage Forget the shoebox full of fading paper receipts. Dedicated apps allow staff to simply snap a picture of a receipt using their phone. Optical Character Recognition (OCR): The app automatically reads key information—such as the supplier, date, and amount—and creates an instant digital expense entry. ATO-Compliant Storage: Digital receipts are stored securely in the cloud, making them easily retrievable for audits. This eliminates the worry of losing physical documentation required by the ATO. 2. Automated GST Tracking and Categorisation One of the biggest headaches for Australian businesses is correctly applying and claiming GST. An app automates this process: Automatic Calculation: Apps can be configured to automatically calculate and split the GST component of an expense, ensuring accurate input tax credit claims. Policy Enforcement: Business expense policies can be programmed into the app, flagging out-of-policy spending instantly, providing better financial control for Person. 3. Integration with Accounting Software A key benefit is the ability to connect directly to major accounting platforms used across Australia, such as Xero, QuickBooks, and MYOB. This integration means that once an expense is approved, it automatically posts to the correct ledger account, drastically reducing end-of-month reconciliation time for your bookkeeper or accountant, ensuring timely submission of your Business Activity Statement (BAS). 4. Simplified Reimbursements and Approvals For employees incurring out-of-pocket expenses, the reimbursement process can be slow and frustrating. Apps streamline the entire workflow: Mobile Submission: Employees submit expenses on the spot. Digital Approval Flow: Managers receive instant notifications for approval, which they can action from their own device, speeding up payment. Making the Transition Switching from spreadsheets to an app is easier than you might think. Start by identifying a few key areas that are currently causing friction, such as travel expenses or project spending. Implement the app for a small team first, then scale across the company. The move to a dedicated expense tracking application is an investment in efficiency, accuracy, and compliance. It frees your team from tedious data entry and gives you, the business owner, a clear, real-time picture of where your money is going, right down to the specific Place of the transaction. Stop tracking and start growing. To learn more about implementing expense tracking technology, reach out to us on 1300 360 749