Five ways your business can benefit from cloud accounting

Let’s face it, bookkeeping can be tedious. As a business owner, it can suck up far too much of your time and effort. This doesn’t add value, and it takes the fun out of being in business.

Switching to cloud accounting can save you time and money.

So what is the cloud all about?

Think about when you use internet banking. Every time you access this data, you’re using the cloud. The cloud is a platform to make data and software accessible online anytime, anywhere, from any device. Your hard drive isn’t needed.

Some of the issues of traditional accounts software include:

  • There’s a time lag – the data isn’t up to date and neither is the software.
  • It only works on one computer and data bounces around from place to place, for example by email or on a USB drive. This isn’t secure or reliable.
  • It’s a hassle to backup the data. And it can be expensive.
  • The software always needs upgrading – this can be difficult, time consuming and expensive. And it can lead to issues over compatibility with your advisers.
  • Only one person has user access. Key people can’t access financial and customer details.

Why are the cloud and accounting software a perfect match?

You can use cloud-based software from any device with an internet connection – computer, phone or tablet.

Online accounting means you stay connected to your data and your accountant. It’s cost-effective and easy to use. And it can link in to loads of other applications.

If you use cloud accounting software, you’ll no longer need to install and run applications over a desktop computer. You pay a monthly subscription for the software and upgrades are done automatically in the background.

Is it secure?

As a business owner, you might be worried about the security of your data. But the cloud is actually one of the most secure ways to store information.

The software and the data no longer live on your hard drive.

This means that, for example, if you lose your laptop, no one can access your data unless they have a login to the online account. If there’s a fire in the office, all your information is safely and securely stored off site. As long as you have internet access, you’re back up and running immediately.

In addition to this, you can control the level of access that you give top any other users, whether they’re staff or external advisers. This is far more secure than the old-fashioned way of emailing your files or sending out a USB stick with your data on it.

Cloud-based software companies ensure that security and privacy of data is always airtight.

If you use online banking, then you’re definitely ready to use cloud accounting.

Five ways your business can benefit from cloud accounting

  1. You’re on top of the numbers. You have a real-time, clear overview of your financial position, available on your phone or tablet as well as your computer.
  2. It saves you lots of time – the software automatically uploads your bank statements and matches invoices to receipts/payments.
  3. It’s easy to collaborate online with your team and advisers – lots of users can log-in at the same time.
  4. It’s all online – you don’t have to install it, you just log-in. And everything is backed up automatically. Upgrades and maintenance are done automatically and in the background…..and for free!
  5. There are no upfront fees. The software is paid through a monthly subscription.

Work flexibly and smarter

The best thing about the cloud is the flexibility it gives you to run your business from work, home, or on the go. You can be sure that you have an up-to-date picture of how your business is doing, anytime and anyplace.

Software updates can be delivered quicker and more easily in the cloud. This means you don’t need to worry about constantly installing new versions. You also get access to new features instantly. With cloud accounting software, you have the option to run your business remotely, from anywhere in the world. When data is fluid and accessible, the possibilities are endless.

How can we help?

We’ve been using cloud software for a few years now. A couple of years ago, we partnered with Xero, the world’s leading cloud accountancy software. And, in February 2015, we became the first Xero Gold Partner in Liverpool – something we’re pretty proud of.

What this means to you, though, is that we’re well placed to advise you on the specific benefits to your business and, if you’re interested, get you started.

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Any questions?

If you would like to arrange a free meeting with a Liverpool accountant to discuss this, either at our office or at your premises, please contact us on 0151 380 3800 or by email at [email protected].

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Added by Jon Davies