20 Feb 2023
Cloud accounting software is becoming more and more popular, with many companies deciding to switch over. This type of software can really speed up and streamline your processes and give you a greater insight into your finances. In this article, we’re going to look at some of the ways that cloud accounting software can save you time and money.
1) Automated Invoicing
Cloud accounting software enables you to automate much of your invoicing process. This means you can get invoices out faster, which helps to improve your cash flow. You’ll also have a digital record of all the information on an invoice, so it’s easier to keep track of who has paid and who hasn’t. Furthermore, your software will be able to calculate and add late fees for you and send automatic reminders to clients who are yet to cough up.
2) Better Cash Flow Management
Managing cash flow is a vital part of running any business, but it can be difficult when you’re only using spreadsheets. With cloud accounting software, you’ll have access to much better tools for monitoring and assessing your company’s financial health. You’ll also save time because the automated invoicing features mentioned above mean you won’t have to waste hours chasing late-paying clients.
3) Expense Tracking
Another time saving feature of cloud accounting software is expense tracking. This feature enables you to keep track of all your expenses and log them into the system automatically. You can then compare your budget against your actual spending at any time so that you can see where money has been spent or saved.
4) Centralised Information
One of the best things about cloud accounting software is that it gives you a centralised view on all your accounts. This is really helpful, especially for companies who have branches in different cities or countries around the world. All this information will be available to employees wherever they are and whenever they need it, meaning everyone can work more efficiently and make fewer mistakes.
5) Real-Time Reporting
Another great benefit of cloud accounting software is real-time reporting. This means that you’ll be able to access your reports and information whenever you need it, so if something crops up or a decision needs to be made quickly, it’s right there at your fingertips. This enables you to make sage and snappy decisions about the future of your business.
6) Accessibility
Another benefit of cloud accounting software is accessibility. Thanks to cloud technology, you’ll be able to access all your accounts wherever and whenever you need to. Most major cloud accounting providers have mobile apps that enable employees to log expenses or update information whilst on the go.
7) Cloud Security
Finally, cloud accounting software provides you with more security than traditional desktop software does. All of your data is encrypted and backed up regularly so if something happens to one version of a file, there are always back-ups available which can be restored in mere minutes. You’ll have peace of mind knowing that your important data is safe and secure. Data breaches can cost businesses thousands – or even millions – of dollars, so this is a real advantage.
Conclusion
There are numerous benefits of cloud accounting software, and they impact your entire business. This technology gives you greater financial visibility and thus empowers you to take well-informed steps towards a stronger and more profitable business. Whether your business is well-established or just getting started, it will definitely benefit from the use of cloud accounting software.
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9 Feb 2023
It seems like everyday we hear about another industry being threatened by the advancements in technology, but is accounting one of them? Cloud based accounting software certainly has risen in popularity in recent years, but Quickbooks and Xero are no replacement for living, breathing professionals – and here’s why…
Location Freedom
Before we dive into the main reasons why accounting software won’t replace traditional accountants, let’s take a moment to think about one of the ways in which it can enhance and improve their services: location freedom. Whilst you may sometimes want to sit down face-to-face with your accountant, using cloud software means that you need not choose a professional based primarily on location. It also allows far greater flexibility and convenience which is certainly conducive to a healthy working relationship.
A Smaller Tax Bill
Granted, accounting software is able to help maintain accurate records and automate calculations for your tax return, but it won’t help you take advantage of the latest lucrative tax breaks and incentives.
Tax regulations change all the time and staying on top of them can feel like a full-time job in itself. A software program might help you get the numbers right on your return, but it won’t spot new opportunities to save a hefty chunk on your bill. Only a living, breathing accountant can do that!
Advisory
Accounting software takes care of much of the ‘grunt work’: the calculations, the forecasts and so on. What cloud accounting programs can’t do, however, is offer advisory services. A computer simply doesn’t have the business experience, critical thinking ability and financial acumen of a real-life accountant. Software can crunch the numbers, but it can’t offer counsel.
You might think that the covid-19 pandemic had businesses turning increasingly towards AI accountants but in reality, this period of economic hardship has simply underscored the importance of advisory accountants.
Businesses have been forced to navigate significant and sudden changes in law, initiatives, deductions and the shifting economic climate. Accountants have proven invaluable in helping entrepreneurs to navigate these ever-changing waters. The pandemic has brought us into unprecedented economic times and as the world continues to recover, advisory services will become more necessary than ever.
Consequently, these days more and more accountants are focusing on offering advisory services and acting more like business partners than processors. An experienced accountant is able to leverage their experience and acumen to offer valuable advice and insights to their clients. If Quickbooks or Xero could do that, the monthly subscription fee would be significantly higher.
Accessibility
Rather than replacing human accountants, cloud accounting software may even render accounting services more accessible to startups and small businesses. Business owners can use software to handle the grunt work for a smaller fee, leaving more funds to invest in interpreting the numbers. Traditional accountants will not be replaced, but rather their abilities will be enhanced by the advancement of AI.
Summary
Cloud accounting software is certainly helping to enhance and transform the work of traditional accountants, but there is no danger of human professionals being eclipsed by technology. Accounting software is a means to an end – and an effective one at that – but not an end in itself. As accounting software is increasingly able to take care of some of the industry’s more menial tasks, the role of accountants will not be eclipsed but will rather shift more towards an advisory one. Accounting software is certainly helpful for business owners, but there is truly no substitute for the shrewd financial insight of a professional accountant.
Book a free consultation here, to discuss your needs and learn how we can help you.
14 Oct 2021
Pretty much everything is stored in the cloud these days: your photos, your credit card details and even your step count – so why not your accounting, too? Accounting software can free up a significant chunk of your time and help you keep more accurate financial records, both of which represent big wins for your business. If you haven’t switched over to the cloud yet, here’s why it pays to move with the times.
What is Cloud Accounting?
Cloud accounting is accounting software that works over the internet rather than storing data and programs on your computer’s hard drive. Cloud based software has disrupted and transformed many industries, and accounting is no different. Besides, it’s here to stay and so the smart thing to do is adapt and use the power of the cloud to your advantage.
Is the Cloud Secure?
Understandably, one of the biggest concerns business owners harbour regarding the cloud is its security. However, the cloud is actually more secure than traditional hard drive storage. For one thing, your computer is susceptible to physical damage, such as spillages, fire and electrical faults, not to mention loss or theft. If your computer is destroyed, cloud accounting software ensures that you’ll still be able to access your data from another device. Most cloud accounting options provide strong protection for your sensitive data and use secure solutions such as encryption to make sure that your accounts stay safe. It’s much more difficult for a hacker to infiltrate the cloud than it is your laptop – and easier to recover your data too, thanks to automated backup solutions.
Flexible Working
The cloud enables you to manage your accounts from anywhere, on any device. As a business owner, this permits you to lead a more flexible lifestyle. For example, if you need to update your accounts over the weekend, cloud software saves you the trouble of having to drive into work to access your office computer.
Real Time Updates
Cloud software ensures that all parties will be able to access the very latest data, streamlining communication and encouraging more efficient collaboration. Real time updates save a lot of time and, as a business owner, being able to access your financial data instantly allows you to identify potential problems quickly and fast, informed decisions.
Automated Processes
Accounting is a notoriously time-consuming process. However, cloud-based software can automate many complex tasks for you, making you a lot less likely to need those headache tablets you’ve got stashed away in your desk drawer. Furthermore, by freeing up time, cloud accounting software allows you to focus on client generation and business growth, allowing you to scale up rather than get bogged down in complex calculations. Like money, your time is a valuable resource and you should always be looking for ways to save so that you can re-invest elsewhere.
Reduced Costs
Traditional accounting software has many hefty costs involved, such as maintenance, regular upgrades and system administration. These processes take up a lot of time and can get in the way of running your business. With cloud-based software, however, upgrades are free, automatic and won’t take a chunk of time out of your day.
Easily Scalable
Rapid growth can present an array of issues for a business. When you use traditional accounting software, it can be difficult to scale up at the same rate at which your business is growing. Cloud programs, however, present no such issues. It’s simply a case of levelling up your subscription to cope with increased transactions.
Summary
Cloud software makes accounting an infinitely smoother process, thus saving your business both time and money that you can reinvest in growth. Furthermore, cloud-based programs permit you to work remotely, allowing you to run your organisation with greater flexibility. Real time updates allow you to stay up to date and put you in control, whilst automated processes and calculations reduce human error and save precious time. The days of USB sticks are well and truly over; cloud accounting is the way forward.
12 Sep 2020
Reasons to automate your accounting
Thanks to accounting automation software, cloud accounting helps to save time, but most importantly, it reduces risks. Automating accounting minimises human errors and optimises real time report, accountants get real-time reports. They assist in catching potential problems and resolving them in an early stage. Thirdly, it reduces the probability of internal fraud.
Eradicate the document chaos
We don’t just work for you at the end of the month, we consistently work for you to ensure all your books are in place and ready each day.
Fast turnaround on your books
We’ve all your invoices and books to hand so you don’t have to wait or spend hours tracking down your old invoices. All you have to do is send your documents over the minute you have them, we reconcile every 24 hours so are on-point with all your documents.
A dedicated bookkeeper
You get a personal bookkeeper who knows your business and books. We answer fast in a chat, even late at night and on weekends.
Real numbers every day
We show real-time balance and your day-to-day dynamics from all connected banks. Anything sold or bought today goes straight into the reports tomorrow.
Easy upload
Use the most convenient way of sending us your documents: email them, snap pictures or drag and drop.
Forget sorting and tagging docs
It is our job to store them, extract data from invoices and allocate to relevant accounts.
Daily check-up
We go through your transactions on daily basis and let you know about any missing documents.
