You’ve probably heard a bit about cloud accounting by now, with adverts on the TV and Making Tax Digital coming into force for all VAT registered businesses from 1 April 2022. But what are the benefits of cloud accounting and is it right for your business?
1. Real Time Advice
The biggest benefit you have from cloud accounting technology is the real time advice available! As your accountant we can access your data allowing us to scrutinise your numbers and give you the real time advice that you need.
Gone are the days where your accountant talks to you about historic financial information. We want to talk to you about what’s happening now and how we can help you both in the present day and in the future.
2. Time Saving
The main time saver with cloud accounting technology is its direct link with your bank.
This is a one-way feed which pulls your transactions into the software without the need for the manual inputting of data.
Many of the software packages also offer the ability to set-up repeat invoices, removing the need to enter the same information time and time again.
There are numerous add-on pieces of software which are designed to help you save even more time. One of our current favourites is Receipt Bank. With Receipt Bank all you need to do is scan or take photos of your purchase invoices and Receipt Bank automatically populates all of the relevant details into the cloud software, completely removing the need to enter these invoices manually.
The above can save substantial bookkeeping time, freeing up your time for more valuable work within your business. Imagine what you could do if you saved just 2 hours a week in admin time? This brings us on to reason number 3;
3. Cost
There is a cost to cloud accounting, but this cost varies depending on the package you choose. Average prices are currently around £10-£25 per month. If you can save admin time and focus your efforts on other things such as marketing your business, then the time you save soon outweighs the cost of the package.
Cloud accounting subscriptions are inclusive of full support from the package supplier, which varies from telephone help to on-line chats at no extra cost. Because the systems are cloud based you are always on the latest version as updates to the software happen in real time, again, at no extra cost and there are no lengthy software updates to sit through.
You can also add on pay-links such as PayPal, Stripe or Go Cardless to further streamline your systems.
4. Reportability
Direct bank feeds mean real time information. This gives you the ability to continuously keep your books up to date which in turn means much better reporting capabilities, giving you the data and information you need to produce regular management reports, thereby making decision making more effective.
Cloud accounting reports are customisable – i.e. if you can’t find the report you’re looking for on the system, then you can make your own or tailor a standard report to present the key information that matters to you and your business.
5. Convenience
Because the software is cloud based you can access it on any device that has an internet connection, wherever you are, meaning you can keep on top of your accounting records whilst at home in front of the TV, whilst on the move or on any of your office computers or devices you may have. If your laptop breaks down, you can still access all of your data on the software as it’s stored in ‘the cloud’.
We can help to set up the package for you and provide training on how to get the most out of the software. If you would like to learn more about cloud accounting and how it can help your hospitality business, please contact Stu Bell on 01768 864 466.
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