Cloud-based accounting software has been rapidly growing in popularity in recent years, with both individuals and businesses of all types taking advantage of the many benefits cloud software can offer. Ian Orgill, at CHW Bolton Accountants explains some of the ways how cloud accounting could help improve efficiency.
Cloud based accounting software gives you instant, easy access to your financial information. It is available wherever you have an internet connection, on any device – mobile phone, laptop, tablet etc. and most of the major providers (e.g. Sage, Xero, Quickbooks, Kashflow) have software which is user friendly, presenting data which is easy to understand.
You can instantly access any information you require enabling you to make informed business decisions wherever you are, whenever. This means no more second guessing or relying purely on instinct.
Cloud based accounting systems can transform the efficiency of bookkeeping and financial management. Rather than meeting with your accountant in person to go over your accounts, all parties can access the information via a secure log in and have a discussion any time and place.
Both you and your accountant receive real time updates on your financial circumstances and can identify and react to problems and recognise the need to change and improve on an ongoing basis. Consulting with your accountant once a year should be a thing of the past.
Time savings which can be made accessing and evaluating data are significant. Financial reports for meetings and day to day business can be generated at the touch of a button whilst you are on the go, and adapted to what you need, where and when you need it. Your data looks how you want it to, with dashboards and personalised reports – not your accountant’s prescribed format.
Cloud accounting is usually easy to set up. You don’t need your own IT team as everything is handled by the service provider saving you and your business time and resources. Cloud technology can be a more cost-effective option compared with buying and installing your own accountancy software package.
At CHW Small Business Accountants we have found that the use of cloud-based accounting software has allowed us to develop an even stronger understanding of our clients’ accounts and therefore their business. We can advise which the most appropriate software is, as it is important that you use the one which is best suited to you. The sector you operate in, the number of users you require and other considerations could affect which provider you select – the reality is that some platforms will suit your business more than others. There are also hundreds of time saving add-on apps which can be selected specifically depending on your needs.
At CHW Small Business Accountants we are experts across all the key providers.
For advice on this or any other issue contact Ian Orgill at CHW Bolton Accountants on 01204 534031 or via email at Ian.firstname.lastname@example.org.
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