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. I’m gonna tell you how switching to cloud accounting can save you time and make you money. So what’s the cloud all about? Well, think about when you use internet banking. Every time you access its data, you’re using the cloud. The cloud’s 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 account 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, on an email, or a USB drive. This isn’t secure and isn’t reliable It’s a hassle to back up 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 of compatibility with your advisers. Only one person has access. Key people can’t access financial and customer details. So why are the cloud and accounting software a perfect match? Well 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 into loads of other applications. If you use cloud accounting software, you’ll no longer need to instal and run applications over desktop computer. You pay a monthly subscription for the software, and upgrades are done automatically in the background. Is it secure? Well, 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 your online account. If there’s a fire in the office, all the information is safely and securely stored offsite. As long as you have internet access, you’re back up and running immediately. In addition to this, you control the level of access you give to any other users, whether they’re staff or external advisors.
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 already primed to use cloud accounting. You can work flexibly and smarter. The best thing about the cloud is that flexibility it gives you to run your your business from work, home, or on the go.
You can be sure you have an up-to-date picture of how your business is doing, any time, any place. 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 the new features instantly. With cloud accounting software, you have the option to run your business remotely from anywhere in the world.
When data’s fluid and accessible, the possibilities are endless. So here are five ways that cloud accounting will benefit your business. Firstly, you’re on top of the numbers. You have a real-time, clear overview of your financial position, available on your phone, or tablets or a computer. This saves you lots of time.
The software automatically uploads your bank statements, and matches invoices to receipts or payments. It’s easy to collaborate online with your team and your advisors. Lots of users can log in at the same time. It’s all online, you don’t have to instal it, you just log in. Everything’s backed up automatically, upgrades and maintenance are done automatically and in the background, and for free.
And there are no upfront fees. The software’s paid through a monthly subscription. Well how can we help? We’ve been using cloud software for a few years now. A few years ago, we partnered with Xero, the world’s leading cloud accountancy software. And in February 2015, actually became the first gold partner in Liverpool, something I’m pretty proud of.