Technology in business moves at an incredible pace so there’s no reason why your accounting system shouldn’t either. Cloud accounting harnesses the power of the internet to record and store your business information. With HMRC introducing Making Tax Digital (MTD) it makes perfect sense to make the switch and keep compliant with the new legislation.
The ever-changing environment allows adopters to take full advantage of new features and programmes. This can make life easier, faster and there record keeping much more accurate.
Many Cloud accounting suppliers also state that by using the software its customers are finding that their invoices are being paid faster. Easing cash flow fears and allowing them to spend less time on admin.
To help those of you new to the recent cloud accounting wave we have highlighted a number of the great benefits it can offer.
Browser Based Software
Browser based means all the software is accessible via a website on your web browser e.g. Chrome, Internet Explorer & Mozilla Firefox. This leads to other advantages many maybe don’t realise.
- No expensive hardware is needed, any device or computer with access to the internet can access the full functionality of the software. No more need of costly computers, servers or hard drives.
- Automatically updated and backed up. Being online ensures that you are always running the latest version of the software, your information is backed up with every entry of information. This means no extra charges for updated versions and less time spent storing numerous back ups.
- Removes the risk of computer failure leading to a loss of data, all data is stored securely in the cloud.
- With a single log in you can access information over multiple different devices, no more tying data to a single device.
Recording Business Information
As with all accounting software its sole job is to record business data such as incoming and outgoings. But by utilising smart technologies it can offer so much more.
- Creating an invoice can be streamlined as the systems will use previously entered data to help save time. Customer addresses, payment terms, product information, invoice numbers, amounts and VAT treatments need only to entered once.
- The ability to send invoices via email not only saves the need of a printer but allows users to track when an invoice has been seen by a customer. No more excuses for invoices being paid late.
- Recording expenses is simple as the system recognises recurring transactions and is able to offer an automatic categorisation of expenses.
- The tracking of outstanding bills and invoices enables users to have an instant snapshot of a business’ debtors and creditors.
- Automatically import your bank transactions including date, amounts and descriptions removing the need to replicate data.
Your information is safe in the knowledge that all cloud accounting software meets GDPR standards. As well as extra security features that will give you piece of mind.
- The centralised database is password protected and allows for extra layers of protection using text messages or 3rd party authentication apps.
- Each user has there own individual log in allowing a full audit history to be recorded.
- Permissions can be put in place to restrict users to access particular information.
- Having multiple users allows the system to be used simultaneously by two different users.
Many cloud accounting packages work hand in hand with external software providers. This allowing for an efficient integration with your current business processes such as Card Merchants & Calendars.
- A growing number of other applications can be synchronised to speed up your bookkeeping. This gives you more time to concentrate on what keeps your business ticking.
- Scanning software that can not only store your receipts digitally, removing the need to keep a physical copy but also to extract details removing the need for manual data entry.
Making the switch is an important step, and choosing the right system to meet the needs of your business ensures you get the most efficient and best value package possible.
We aim to help clients throughout the process from selection to migration to implementation. We offer free consultation and personalised training to ensure any system is meeting the needs of your business.
As accountants we also have access to exclusive discounts so we can offer packages cheaper than going direct.
We encourage clients to get in touch when they face issues. Having live access to your data we can talk you through step by step in real time and even fix problems remotely.
Get in touch to discuss your options and get ready for Making Tax Digital.
We look forward to hearing from you soon.