For more on our services, you can visit our cloud accounting page.
What is cloud accounting?
Cloud accounting allows users to access their finances online anywhere, anytime and on any device. This is a very useful tool for small business owners and finance teams as they are now able to stay updated on the go and instantly make changes to their finances. Below we outline nine of the key benefits of using cloud accounting software.
1. Time is money
Preparing your accounts and making sure everything is correct and orderly can often be a tedious and lengthy task for small businesses. Cloud accounting can save your company time and money as it is accessible and easy to use, meaning you can spend more time on other things.
2. Easy access
Are all your accounts still located on one hard drive on one computer? Gone are the days where you have to keep all your data on one account, with the cloud you can access your finances on any device just by logging into your software. This means you can work from home, the office and on the go – no matter where you are. As your accountants we can also have access, meaning we have a closer view of your performance.
3. Privacy and security
Being in the cloud is a more secure way to store information. An example being if your laptop is stolen, your data is still safe because it is stored in the cloud where a log-in is necessary for access. This means you no longer have to transfer all your precious data from a USB, which can be easily stolen or lost, to a device. It is all located securely in the cloud.
4. Multi-user access
You can add members of staff to access the cloud, making it simple to collaborate online with your team and analyse the current state of your business’ finances. As admin, you can also restrict the level of access some team members have; meaning you have flexibility in terms of keeping aspects of your data private and secure while also allowing access to other areas.
5. Real-time accounting
Up-to-date real time business accounting, providing you with more control over your finances and the ability to make more informed decisions.
Cloud accounting software allows you to use apps designed to make filing accounts and keeping finances organised even easier. You can also integrate apps that help your business in other areas, such as EPoS and receipt scanning. Our team are able to suggest apps to clients that can improve operational efficiency and reporting.
7. Improve efficiency
Instead of manually re-doing the same processes repeatedly, cloud accounting allows you to automate and streamline processes – saving you time and money. For example, raise invoices on the go and check payments at any time. Automatically categorise expenses, income and more to organise cash-flow with ease. Using the cloud also allows backups to be carried out automatically and there is no need to install anything.
8. Regular software updates
Cloud accounting systems are updated on a regular basis by in-house developers meaning if there are any changes to regulations or policies, cloud accounting software is advanced enough to adapt to these changes as soon as possible rather than having to wait for a new programme. Furthermore, unlike traditional accounting software installed on desktops, these updates are free and included in the monthly subscription fee.
9. Making Tax Digital Ready
With the upcoming reform to tax fast approaching, the most important reason for moving to the cloud is the introduction of Making Tax Digital. From April 2019, VAT registered businesses will have to submit their VAT returns through HMRC’s Making Tax Digital API, which many cloud accounting systems offer. Therefore moving to the cloud doesn’t only help your business work faster and smarter, but also ensures your business remains compliant with upcoming legislation changes.
How we can help
We are an award-winning, dynamic team who are certified and highly trained in cloud accounting software. Our team are able to advise you on the best apps to use for your business needs and are experienced in using the cloud to its full advantage. For more information on why we are best suited to fulfil your cloud accounting needs, visit our cloud accounting page.
Contact our cloud accounting team
Contact us for a no obligation meeting if you are considering moving your accountancy system to the cloud, to discuss how we can assist you.