Accounting firms all over the UK are realising the importance of cloud accounting, and the great benefits it can bring in terms of building valuable relationships with existing clients and engaging new ones.
The new advantages for businesses as a result of this revolution can be broken down into four broad areas.
- Sharing and Collaborating
- Safety and Security
- Cost-effective for growing businesses
- Easy-to-use for the non-accountant
Sharing and Collaborating
Key people can share access to financial data at the same time. You can be refreshing your bank feed, at the same time as your accountant is reviewing your Profit and Loss account for the last quarter, at the same time as one of your employees is entering an expense claim.
Everything is done in real-time. Ongoing collaboration with your accountant can give you meaningful advice as and when you need it, rather than having to wait until year end to assess your financial position.
Safety and Security
The data that you enter within the cloud software lives in the cloud, not on the hard drive of the machine you happen to be using. Not only does this allow for increased flexibility in terms of working locations, it also means that should your laptop be stolen or lost, no one can access the data unless they have a login.
Backups are taken automatically and regularly so you can relax in the knowledge that your data is always safe.
Cost-Effective for growing businesses
Up-front business costs are reduced, so you can spend less on software and IT and more on the areas that will enable you to increase your profits and grow your business.
Upgrades, maintenance and other I.T costs are borne by the cloud service provider, not by the business owner.
Software is purchased via a monthly subscription. This allows you to budget effectively and to know the exact amount you will pay for your software for the year ahead.
Multiple users can be added to your account without the need to purchase additional licenses for each and every staff member who will require access.
Easy to use for the non-accountant
Because your data is stored in the cloud it’s always accessible from mobile devices, as well as from your desktop PC. You can work anywhere you choose as long as you have an internet connection.
The cloud can make doing the books fun rather than a chore.
- Automatic bank feeds
- Bank rules
- Repeating/scheduling invoices
- Easy-to-navigate Dashboard
All of these are designed to make the lives of business owners easier.
These changes put the business owner in charge of their data, the accounting process becomes more transparent and as a result accounting firms are able to work alongside clients to assist them throughout the year.
To find out more about cloud accounting and how it could benefit you and your business, please contact Stuart Moody on stuart.moody@taitwalker.co.uk or ring 0191 285 0321
