Why Choose Cloud Accounting

Oct 27, 2023 | Cloud Accounting

5 Tips for Switching to Cloud

In our previous blog, we shared our 5 top tips on how to save tax as a Limited Company. Today we look at how you can modernise your business by using Cloud Accounting technology. Businesses should now be embracing Cloud Accounting for the benefits it provides to all types of operations. By transitioning to The Cloud, companies can access their financial data anywhere in the world at any time. This allows for real- time decision making. Using software saves processing time, which in effect saves the business money – time is money! With businesses now having to comply with MTD for VAT, one benefit is the ability to link accounts with HMRC. Get your government gateway login details and simply connect your Cloud Accounting software to your online HMRC account. With varying business requirements, there are various Cloud Accounting apps on the market. Cloud Accounting apps are designed for small to medium sized businesses, no matter their complexity. Xero is a large player in the field with multiple app integration options which is great for more complex businesses. QuickBooks accounting app is more suited for slightly smaller businesses with less complex needs. If you are a one man band consultancy based business FreeAgent might be a great option for you. Once the decision is made to move onto Cloud Accounting, business owners never seem to revert back. As a business owner, investing in Cloud technology is a way to grow your business and make life easier. We will now tell you our top reasons your business should make the switch to Cloud Accounting. If you want to chat to us about all things Cloud, get in touch today.

1. Accessibility to Cloud Accounting 

Cloud Accounting offers a multitude of benefits to businesses of all sizes. Its accessibility has become a game-changer. It allows users to be able to access their financial data and accounts from anywhere in the world. All you need is an internet connection (or even 4/5G) and you’re off! For businesses, having this kind of flexibility is invaluable in many ways. Gone are the days of having your accounts on spreadsheets and paper files. Instant accessibility has got to be one of the main reasons businesses should be making the switch to Cloud Accounting. When using your old-fashioned desktop applications, you can be tied to your PC, as your files are saved onto the hard-drive, and not the cloud. Whereas Cloud technology provides more freedom and flexibility with where to access your accounts.  Being able to access your files whether you’re out of office or simply just away from your desk is a massive advantage to modern accounting technology. Cloud Accounting apps are a modern alternative to paper files, spreadsheets and desktop accounting programmes keeping business owners feeling connected to their data and accounts 24/7. If you find yourself working remotely and a client or customer need something urgently Cloud Accounting gives you the ability to login all from your smartphone or electronic device. You can quickly access their (and your) accounts on the go. Thus allowing you to generate whatever information is needed and have it sent immediately. Having this flexibility is invaluable for when it comes to client relations.

2. Real Time Collaboration to Cloud Accounting

Technology is transforming the way businesses operate, and accounting is no exception. Traditional desktop accounting software is gradually being phased out in favour of Cloud Accounting software. Once upon a time accountants and business owners alike spent precious time emailing bulky files backwards and forwards dealing with various issues. With Cloud Technology this is a thing of the past as it offers seamless collaboration within the workplace. With Cloud Accounting, working alongside your accountant has never been easier. If you’re working with your accountant on end of year statements, with Cloud Accounting software you can both access the data at the same time. This enables you both to make simultaneous real-time decisions through live chat app integrated features. Not only is this great for saving time but also eliminates the need for back and forth emails which minimises the risk of communication errors. This collaborative approach reduces errors and allows everyone to be on the same page. The flexibility of multiple users being able to work on data simultaneously makes it easier to share information and communicate in real-time. Cloud Accounting software allows you to browse your accounts and files at the same time as your accountant, allowing for live decision making and discussions.

3. Reliability and Up Time

Desktop software often requires time consuming manual software updates and back ups which can be more prone to errors, with Cloud Accounting software these tasks are handled automatically. Cloud Accounting apps such as Xero perform daily back ups ensuring your data remains secure. Regular Cloud updates ensure your businesses will always be up to date with latest software features without the need for tedious and expensive manual updates. Let’s say you’re working on an important financial document and your computer crashes. With Cloud Accounting software there’s no need to panic as all of your data is stored safely in The Cloud. All you need to do is login from another device and find your work exactly where you left it. Cloud software provides sturdy back up and recovery options protecting you and your business from hardware failures or any other unfortunate circumstance which may arise. Meaning all your files & data are stored safely in the Cloud, and always backed up. Apps like Xero encrypts your business information meaning it’s safe, secure and available when you need it. Due to GDPR rules & regulations data is stored within the UK.

4. Efficiency & Effectiveness of Cloud Accounting

Cloud Accounting is revolutionising the way businesses operate making the way they work more streamlined and efficient. Most Cloud Accounting platforms are designed to integrate with other software apps. This is good news for your teams and workforce as they can seamlessly switch between tools without having to manually transfer information like they would have in the past. No more repetition and manual entry, which we all know can be a time consuming process. The ability to work collaboratively across various platforms within the workplace saves time and creates a better work balance, allowing your business to become more time efficient. cloud accountingThe way businesses operate has changed dramatically over the past couple of years with more companies offering flexible home working options. Cloud Accounting enables employers and employees alike to work from home collaboratively. Allowing businesses to work from their own devices eliminating the need for office space and equipment which also helps keeps costs down. Cloud Accounting also helps your business provide a better work balance when it comes to how you manage your time. Letting your chosen software apps complete your work processes for you allowing you to become more time efficient. Previously, staff would have spent hours entering in the same information repeatedly. With Cloud software it’s programmed in so you and your staff no longer have to think about it. Cloud Accounting apps are there to do the work and we are here to train software systems to align with your business processes to make them super efficient and most importantly, work for you!

5. Third Party App Integration

As previously mentioned another bonus to switching to Cloud Accounting is the app integration options. Businesses often rely on various tools for things such as payroll & stock control management and e-commerce. Cloud Accounting software provides integration options with a multiple choices when it comes to third party applications, allowing businesses to completely streamline their operations. Third party app integrations eliminates the need for manual data entry and also reduces the risk or errors occurring. When 3rd party integrations are setup correctly, you can create your full operational process from start to finish with a click of a few buttons. This not only saves time but increases accuracy across your business platform. With Cloud accounting software integration you can effortlessly sync all the apps your business needs to grow whatever sector you operate in. And depending on which Cloud Accounting software you choose will determine the flexibility of 3rd party add-on options. Creating your perfect Cloud Accounting App Stack is made easy with hundreds of third party apps available. You can essentially pick and choose exactly what your business needs to run seamlessly and tie it all together in one place. So whether it’s Xero, QuickBooks or FreeAgent that’s right for you we are here to help!

 

Now we’ve covered our top 5 reasons you should be using Cloud Accounting, we want to know will you be making the switch? Do you have your perfect app stack covered? If not we can help you create your ideal stack built perfectly for your business needs. We also offer extensive Cloud Accounting training so if your business needs some help moving to the Cloud get in touch today!

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