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[16.10.2019]

DNG Question Time – What is Cloud Accounting and why should I use it?

This marks the third blog in our Question Time series. In last weeks blog we explored the potential pitfalls of using ‘free’ Making Tax Digital (MTD) software and why you should consider using a paid alternative. This week we will look further into the benefits of a cloud accounting system and what you and your business can gain from using this software.

What is Cloud Accounting?

Cloud accounting is a cloud-based, rather than desktop based, multi-user real time solution. Cloud accounting software helps you to control your business and finances as well as helping you meet your compliance obligations.

What are the benefits of Cloud Accounting?

Cloud accounting software has a number of benefits, which include:

  • Cloud Accounting software gives you 24/7 access to up-to-date financial information and reports. You can use cloud based software from any device with an internet connection.
  • It’s secure – Your sensitive financial data held in applications such as Xero, QuickBooks Online and Sage One is stored with high-level security, and backed up automatically and this is all included in your subscription price.
  • Real Time Data – Having real time data on the financial position of your business means you are better equipped to make important decisions. Your accountant will be able to give more proactive advice to help you move your business forwards.
  • You can manage the important aspects of your business on the go, including raising invoices and creating expense claims.
  • No system downtime because all software upgrades are automatically installed. This worry-free maintenance saves you time and hassle.
  • Automatic bank feeds may be available – Once connected to your bank the software will automatically import your statements. Saving you time on manual data entry.
  • Many applications integrate with other specialist cloud based products which can help with reporting, credit control, generating invoices and orders and taking payments on your mobile device.

Many business owners find using a cloud accounting system saves them time, due to the processes which can be automated. It can also save on manual accounting and reporting costs, while giving you quality financial information allowing you to make more informed business decisions. Cloud accounting systems allow you to spend more time ‘on’ the business instead of ‘in’ the business.

If you would like to know more about cloud based systems please contact us and we can arrange a demo and discuss you and your business’ individual needs.

 

Andrew Clifford

 

 

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