Why use cloud accounting?
From keeping business records to filing your tax return, there is a lot of accounting involved when running a business. You may not enjoy bookkeeping but it is an essential part of ensuring you meet your financial obligations and keeping your business on track. Without an effective accounting system in place how can you know exactly what is happening in your business and why?
Changing from a paper or manual bookkeeping system to a cloud-based system may seem daunting but once mastered it can offer many advantages. Now is the time to consider how this method of working online can add value to your business.
What are the benefits of cloud accounting?
- You can manage your business on the go with access to your accounts at any time from your computer, tablet or mobile
- Ensures a robust and secure management accounting function with added links to HMRC for MTD VAT filing or completion of CIS returns (if appropriate)
- Financial information provided in real time so you can avoid unnecessary overdraft fees, interest and penalties
- Reporting tools that provide a clear financial overview of your business for better decision making
- Open banking connections make bank reconciliations simpler and quicker
- There are hundreds of available third party apps that link with the accounts data to help manage various aspects of your business
- No issues with obsolete software, the systems are updated automatically
- When used correctly there should be a saving in accountancy fees
- With access to your data we are able to assist with troubleshooting accounting issues that may arise
Which cloud accounting software should I use?
Morris Crocker is a certified advisers and trainer for Xero and Quickbooks Online, two of the most commonly used online accounting packages. Using a cloud-based system will help to improve your understanding and control of your business and ensure you comply with the implementation of Making Tax Digital.
We can tailor either of these software packages to the specific needs of your business and make your bookkeeping process as straight-forward and efficient as possible whilst giving your access to your accounts at all times.
For the vast majority of users monthly prices start from as little as £17 exc VAT for Xero or QuickBooks Online. These prices represent significant discounts over you sourcing the licences direct from the supplier. We can also provide you with full training and tailoring to ensure your online system is setup correctly from day one - find out more about this
here.
You may find the following videos helpful.
For more information about our cloud accounting services please contact Stuart Cann or James O’Leary.
Outsource your bookkeeping
If you are concerned about how you will manage keeping your records on an online system then our outsourcing service may be a more viable option. Please visit our
bookkeeping page for details.
