Small businesses all across the UK are adopting cloud accounting techniques as standard. Can you afford to be left behind?
Not only will using cloud accounting software help you catch up to the rest of the business world, but you’ll also get the upper hand on the competition (if you use it right) and have a set of tools you can use to make better decisions faster and easier.
You’ll also adhere to MTD (Making Tax Digital) when it eventually becomes mandatory for all businesses.
In this article, we’ll give you some solid reasons why now’s the time to use cloud accounting to take your business to the next level.
By keeping all your accounts and information in one location — online — you’re giving yourself greater flexibility when it comes to working with your team.
You’re not restrained by the same old clunky spreadsheets. You won’t have to manually reconcile your bank statements or send manual invoices either.
Having such an effective and efficient platform encourages collaboration and invites your team to spend more time working together rather than just trying to tie up loose ends.
Save time and money
Cloud accounting software is designed to do away with many of the laborious financial tasks that are normally done manually.
From recording receipts all the way to creating reports that run from the latest data analytics, using a cloud accounting suite will save you hours.
This will save you time, energy, and, most importantly, money.
Improve your security and compliance
Security and compliance are of vital importance to any business owner. The traditional method of accounting — having everything in Excel spreadsheets — simply doesn’t lend itself to being secure.
Data can get lost, transferred accidentally, updated incorrectly and a host of other weird and wonderful scenarios. This is a risk that’s not worth taking if you’re serious about your business.
Cloud accounting software will greatly improve your compliance and security. You’ll have full control over how your business-critical data is processed and be able to limit who in your organisation has access to certain information.
There won’t be any issues of duplicate data either. Cloud accounting software provides a single point of truth — there is only one access point where everything is kept.
The cloud helps you grow
By having a powerful cloud-based accounting suite at your fingertips, you’ll begin to reap the benefits that brings.
Whether you’re creating plans to move your business forward or spending time looking at your profit and loss in greater detail, cloud accounting software has been designed to give smaller businesses the upper hand.
Automation can be set up to generate reports at times of your choosing, so there’s no need to spend hours and hours using the software. Just access it when you need to, get the information you want, and then carry on with your work.
And if you need to integrate with existing systems, most cloud platforms have a host of connectivity options to enable full customisation.
We’re massive advocates for cloud accounting — you’ve got to have a pretty good reason these days not to use it. But whatever you need, we’re here to help talk to you about what will work for your business.
Speak to us about how cloud accounting can take your business to the next level.