Cloud accounting software has begun to dominate the accounting world, and for good reason – it’s accurate, easy to use and gives invaluable insight that will help your business.
If you’re completely new to cloud accounting, you might need some convincing on that, so we’ve taken a closer look at the benefits of cloud accounting software.
Enhancing collaboration and insight
Cloud accounting software allows business owners to complete all their accounting work online without the need for paper records that can get destroyed or lost.
With all your financial information concentrated in one digital location, it makes it much easier to collaborate with your team – every figure will be up to date, and everyone will see the same thing, even if they’re not looking at the same device as you.
That financial information will also be presented in a clear and easy-to- understand way so your team can understand exactly what’s going on and make better decisions.
Cloud accounting software also comes with powerful reporting options, which means you can quickly compare metrics to one another, which will give you invaluable insight.
All the while, collaboration between yourself and your accountant will be made far easier, too. With better data at their fingertips, they’ll be able to give you better advice and carry out your accounting work far more efficiently – giving you better value for your money.
Efficiency
Cloud accounting software requires less administration than desktop-based applications (software installed onto your computer rather than accessed through the internet), as no installation is required. You could set up today if you wanted.
Furthermore, any issues that come up with the software will be dealt with by your software provider rather than your IT specialists, who will have a lot of their time freed up.
All the while, you’ll be able to automate certain tasks with cloud accounting because of the option to connect the software with your band accounts. This will simultaneously reduce the risks caused by human error and improve the efficiency of your business.
Accessible anywhere – but safe and secure
Because it’s accessed through the internet, all you need is an internet connection to see your business’s financial data. In other words, you can access it from wherever you are and keep more connected to your business than ever.
This great accessibility is also great because of how prevalent flexible working has become. It’s also a great advantage where you have more than one site or employees who travel a lot but need access to the most up-to-date information.
Don’t worry, though – your data is safe and secure with cloud-based software products and their built-in security features, such as two-step authentication and hierarchical security access levels.
Because cloud accounting software is hosted on a provider’s servers rather than locally on your computers, you will always be using the most up-to-date version of the software.
This means you’re more protected against the latest malware threats and will get access to the newest features as soon as they’re released.
Making Tax Digital
HMRC’s Making Tax Digital initiative will require almost every business to use cloud accounting software for key elements of the tax system.
It started with VAT returns and will soon encompass income tax and corporation tax.
Getting started with cloud accounting software as soon as possible is therefore in your best interest.
If you need help choosing which cloud accounting product to purchase and need a tutorial on how to use it, we’d be happy to help. Just get in touch with our team today.