• Mysti Williams

2020 Vision: Accounting Insights on The Cloud

It's November of 2019, my 2020 vision is to put my clients mind's at ease and simplify your administrative process by offering the support needed to track and monitor your financials. However, I am always getting a ton of questions about cloud storage. I get it, it's still new and not an easy concept to wrap our minds around. Is it safe? How does work? How long will the docs be there?

Let's face it, we all have that fear of owing the IRS money in the back of our minds. Everyone dreads the idea of receiving an IRS notice in the mail. Anyone who has ever been audited knows you must produce the proof to support the deductions claimed on a tax return. We must ensure all documents are saved somewhere but no one wants piles of papers and receipts everywhere. Accounting software and cloud document vaults are the solution!

How can we be confident in the sharing our receipts, bills, and other important supporting tax documents online? Well, it's known as Advance Encryption Standard, 256-Bit bank-level security chosen by the U.S. government to protect classified information. Implemented by online software companies where financial documents and sensitive data are stored safely.

If you trust your bank, then you should trust the software. I can hear the voices of my clients now....

"But what if the server goes down?"

"What if the company goes under?"

"What if I stop paying for it?"

Don't fret, there is plan in place for all of the reasonable scenarios. Your docs...your own it for life! Oh, and if we really want to get drastic, it's not likely we'll experience a complete and permanent blackout. The stone age is not a real possibility. This is the future of accounting and the future is now.

Receipt Bank, founded in 2010 and a leader in the accounting vault industry said this in a recent blog:

"The digital accounting platform has allowed 1.3 million people to snap, scan and save receipts, invoices and bank statements since launching." Pretty impressive, huh? How would this make your life easier?

In today's society, businesses are moving at rapid speeds. Business owners and sole-preneurs need something to help manage and maintain good financial records. Account on Mysti, your outsourced modern accountant, and many others worldwide, know the solutions needed to capture and store all of your docs instantly and easily! Gone are the days of dropping a box full of receipts and papers on your accountant's or tax preparers desk. We need the info about what you spent and why to accurately depict your businesses financial situation. What better way then to take a picture immediately upon the transaction taking place and seconds later have it available to your accountant for recording, and safely saved for a lifetime.

Next Topic: Legal Business Entity and Tax Structure

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