9th May 2023
If you want your business to work smarter and faster, adopting cloud accounting is a wise choice to make. It’s now standard to utilise the power of cloud computing to help your business manage financial transactions and data online. This means you can log in to your account wherever you are and get an up to date view of your finances at any time of day. Working with cloud accounting gives our clients a combination of flexibility, security, and value for money. We can create an account for you and record all of your transactions on the system, which stores the information securely in the cloud. For bookkeeping, VAT returns, management accounts and more, here are some of the advantages:
Accessibility – Cloud accounting provides access to financial data anytime and from anywhere with an internet connection. So, business owners and their employees can have access to their financial data from any device, including smartphones, laptops, and tablets.
Up to date – Traditional accounting methods may not give you completely up-to-date information, relying on one ‘desktop accounting system’ to store information on a hard drive. The movement of data, for example by USB, is not reliable or secure.
Collaboration – As multiple users can access and work on financial data simultaneously, it’s far easier for businesses to collaborate with their accountants, bookkeepers, and other team members. This can help to streamline the accounting process, improving accuracy and efficiency.
Cost-effective – Cloud accounting eliminates the need for businesses to invest in expensive accounting software or hardware, potentially saving a significant amount of money. Also, you will normally only pay for the services you need, making it more cost-effective than traditional accounting methods.
Automation – The software automates many manual accounting tasks, such as invoicing, bank reconciliation, paying bills and expense tracking. All of which reduce the likelihood of errors and saves time, allowing you to focus on other business tasks.
Cloud security – If you already use online banking, you’ll be familiar with the security of using the cloud. The cloud is one of the most secure ways to store information – as well as having your data stored on secure servers, the software providers use advanced encryption and security protocols to protect data from unauthorised access and data loss.
Scalability: Cloud accounting software can scale up or down depending on your business needs. This means that new features or services can be added as your business needs change, without having to invest in new software or hardware.
Adopting cloud accounting as standard
It’s now been a year (April 2022) since VAT-registered businesses have been required by law to use Making Tax Digital (MTD) compatible software for VAT returns. Remember – you could face penalties from HM Revenue and Customs if you don’t file returns using MTD compatible software.
Whatever your needs, we will work with you to access your accounting needs and provide you with a tailor-made solution that is efficient, fully flexible and cost effective. With our support you can take complete control of your accounts no matter where you are, using the latest accounting software and cloud-based accounting applications. We have expertise in all the main cloud platforms – Xero, Sage, QuickBooks and FreeAgent. We can also help you to link the cloud software to other apps, such as point of sale or web store apps, in addition to your business’ online banking software and apps such as Worldpay.
We hope that you have found this article useful and now have a better understanding of cloud accounting. Here at Thompson Jenner, our specialist team are on hand to deal with any enquiries you may have.
Please note, Thompson Jenner will be closed for Christmas from 5:15pm on 22nd December, opening again for the new year on 2nd January.