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[14.09.2017]

Cloud Accounting Twitter poll results

Recently we ran a five week Twitter poll asking our followers about how they manage their accounting records. The aim of this was to find out what issues business owners and managers face. In this blog we want to explore how these issues can be resolved, and how using cloud accounting software may help. This marks the start of a series of blogs we will be publishing on cloud accounting and related topics, and how cloud based software can support you in running and growing your business.

Results of the Twitter Poll

The key results we found were:

  • 50% of people polled do not know how much tax they will next need to pay.
  • 22% of people polled still maintain their accounts records on paper.
  • 24% of people polled don’t have anyone to manage their accounting records.

What do these results mean?

These results suggest the following:

  • Some business owners are using inefficient systems that do not provide the business owner or manager with the information they require.
  • Business owners are trying to manage their business finances without the benefit of assistance from an internal accountant or bookkeeper or an external accountant or adviser

The consequences are that they cannot accurately plan for the future and for costs such as future tax payments.

We appreciate that in business we are often time-poor. Spending time now to create an effective system will save you time in the long run. In addition an effective system for your accounts can also provide a wealth of information which you can use for business planning and to move your business forward. Visit our website next week for our blog on business planning for success.

Take control of your business finances

It is important to make your accounts a priority to help your business grow and be successful. We can assist you in creating a system that works for you and your business which is tailored to your needs.

Cloud accounting software gives you up to date financial information, and therefore tells you how your business is doing today. It will also allow you to calculate your next tax bill, so there are no surprises and you can plan for the expense.

Moving to the cloud can also safeguard your accounts. When maintaining your records on paper there is always the risk that paperwork can be lost or damaged. With cloud accounting software your records are held securely in the cloud and can be accessed from anywhere with an internet connection. This security gives you peace of mind that your financial records are safe. We will cover security in more detail later in this series. To read about the government’s cyber essentials programme see our earlier blog here.

With tools such as automatic bank feeds and apps allowing you to scan in receipts, it makes keeping your accounts up to date simple. Once up and running cloud accounting software will save you time compared to manually managing and updating your accounts. It also gives you more information on your business status and finances, allowing you to better plan for the future.

Cloud Accounting series

Keep visiting our website over the coming weeks as we will be posting a number of blogs about cloud accounting software and the various aspects of it in detail. For more information on cloud accounting software click here. Contact us and we can support you and your business in moving your accounts onto the cloud.

Andrew Clifford

 

 

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