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Five Tips to Cloud Migration

Paul Martin • Oct 07, 2015

Cloud AccountingMoving to the cloud can be daunting particularly when you are a non-IT person and the cloud is a new concept to you. However, before you get cold feet, make sure you understand what the "cloud" is and have an open-mind on how it can help your business thrive in today's digitised world.

So, what is the "cloud" or cloud computing? Cloud computing consists of shared computing resources accessible via the internet that enable users and enterprises to store and process their data using third-party data centres. Sharing storage and computing power in this way is more convenient as it becomes available anytime, anywhere.

Here are the tips to make your cloud migration seamless :

  1. First, ask yourself, "Is my business ready?" Although it may sound easy, cloud migration takes a little bit of planning and preparation. Understand your organisation's capability around IT system requirements including internet connection and computer specifications. Another thing to understand is that cloud computing does have a cost including acquiring the technology and maintaining the application to training your entire staff. Do you have the resources to support it? Make sure your business is prepared for all these considerations. 
  2. Choose the right partner. It is not enough that you have the resources, engage with a partner who can guide you through the whole process from setting up to implementing the technology in your organisation. Choose a partner that understands your company needs and goals and has a clear strategy to help you maximise the cloud to your advantage. At Paul Martin Chartered Accountant Ltd we have collaborated with Xero , a cloud accounting software system designed for small to medium sized businesses. Since Xero runs in the cloud, our clients see real-time financial information about their business, as do we. With Xero, we help them manage their business finances efficiently starting with the conversion process from their current system to Xero accounting in the cloud.
  3. Determine a business processes that will work perfectly with cloud computing. Your old business processes may work just fine or you may need to make adjustments, but either way, make sure to align them with your new system. The success of your transition also depends on how organised your business processes are. 
  4. Understand how secure your data will be on your provider's cloud system. Ask them how they secure and protect your data while it is being used and when it is not. Also, confirm that no one has access to your data unless you grant that access.
  5. Test the new application. Make sure that all aspects of the application and all the integrated management tools are working as expected after the migration is completed. Also, verify the data to make sure everything has been successfully transferred. For example, when moving from a manual accounting system or desktop accounting program to a cloud accounting solution, verify that all the financial data from your manual books and ledgers match the ones you have stored in your new cloud accounting system.

Are you ready to explore your potential with cloud computing? If you have any queries or would like to discuss any other items relating to cloud computing please don't hesitate to contact us on (09) 576 4166 or request an appointment online.

How the new Government and coalition agreements might affect owners of residential rental properties

By Paul Martin • 04 Dec, 2023
There were some key takeouts of interest to many of our clients from the recently signed coalition agreements between National, ACT and New Zealand First and the formation of the new Government. In particular there are a number of policies which will likely benefit landlord clients who own residential rentals. I have summarised some of these below. 1. Return of Interest deductibility for residential rental properties Interest deductibility for residential rental property owners will return. It will be phased back in over three tax years: • 2023/24 tax year: 60% of interest cost will be deductible. • 2024/25 tax year: 80% of interest cost will be deductible. • 2025/26 tax year: 100% of interest cost will be deductible. 2. Reduction in bright-line period National signalled in their pre-election campaign that the bright-line period for residential rental property sales would reduce from 10-years to 2-years. While the exact implementation of this policy is not yet known, it is good news on the horizon for residential property investors. 3. Reinstatement of 90-day no-cause termination notices The new government will reinstate 90-day no-cause tenancy termination notices. This will avoid many unnecessary disputes in the Tenancy Tribunal and gives landlords more confidence in letting to possibly “marginal tenants". Many landlords have avoided what they considered to be risky tenants because eviction for anti-social behaviour was so difficult. With this reinstatement, landlords might be more inclined to give a marginal tenant a chance because they know that if the tenant misbehaves, they won’t be stuck with them. If you would like more information on how these changes might affect your personal circumstances, please feel free to contact us to discuss further.

How does provisional tax work, especially in an economic downturn?

By Paul Martin • 18 Jul, 2023
If you had to pay tax of more than $5,000 in your last income tax return, you may have to pay provisional tax for the following year. Provisional tax is like making progress payments on next year's income tax.

How to handle inflation as a sole trader

By Paul Martin • 18 Jul, 2023
Sole traders have had an especially difficult few years as inflation surges. We have got three tips to help lighten the load for your sole trader business. 
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