16th April 2018
Following the wettest March in a decade you, like us, may have had enough of clouds for the foreseeable future. However, before you dismiss them entirely there is one cloud that just might have a silver lining. We’re talking here about cloud accounting.
Now we have to admit that the concept of taking business processes and information away from the confines of the office was initially greeted with a degree of scepticism. But so too was the idea of moving away from cumbersome ledgers and quill pens as a means of recording transactions. The world moves on and just as computers ushered in a new era of business information, cloud computing represents the next logical step in providing secure and flexible access.
From an initial slow take up, businesses are becoming more comfortable with the idea of the cloud. So much so that according to research released by the Cloud Industry Forum in 2017, 88% of businesses already made use of the cloud in one form or another, whether it be for offline back-ups, accounting, automated tracking and ordering or other reasons.
One area which is increasing in both in popularity and visibility is cloud accounting. Partly driven by HMRC’s making tax digital initiative, more and more businesses are widely expected to take their accounting processes into the cloud in the next few years. And it’s not hard to see why. HMRC aside, among other benefits cloud accounting brings the ability to:
- Easily import bank, salary and other finance functions
- Gain access from anywhere; a key benefit for business owners who may be ‘out and about’ with customers or need to work from home on a regular basis
- Share data with accountants, enabling faster preparation of annual returns as well as strengthening the ability for accountants to provide ongoing business advice
- Create, prepare and share invoices, expenses claims and pay bills
With that in mind, how do business owners choose which cloud accounting package is right for them? The first thing to say is that there is no one size fits all application. If businesses are to maximise the benefits to be gained from cloud accounting, it is important that they choose a package which best fits their current business model, whilst allowing for future expansion. Because of this, initial research, software identification and training can represent a considerable resource burden to the business.
That’s where Thompson Jenner’s expertise can come into play. As Partner Jon Westley commented “On our own behalf and on behalf of our clients we have tried and tested a range of cloud accounting packages. We can bring that expertise to help businesses new to the cloud to decide on the right software mix for their particular business model.” Xero, Sage One or another system; with our Exmouth and Exeter cloud accountants on your side you may just find that some clouds do bring more than rain.
If you would like to find out more or meet to discuss the cloud accounting services which we are able to provide, please contact Jon Westley or one of our Partners on 01392 258553 or 01395 279521 to arrange a free initial meeting.
