What is cloud accounting?
It is maintaining your records on the internet rather than using software on your computer. This simple change brings many benefits like:
- Accessing your records anywhere you have an internet connection;
- On any device like a PC, Mac, Tablet or Phone;
- At any time of the day or night
Why would it benefit my business?
These packages bring new and innovative tools to the table that simply outperform traditional software.
A great example of this would be where you haven’t changed your software in a few years. You likely spend a lot of time entering your bank transactions into it key-by-key to update your records.
Wouldn’t it be great if your software downloaded your bank statements from your bank for you?
Wouldn’t it be even better if it dealt with them for you too?
Cloud does this! For example, when it reads your bank statement and sees that you’ve spent £120 with BT, it goes ahead and puts £100 to Telephone, and £20 to your VAT return because it understands what the transaction is.
Other headline examples are:
- No IT setup or costs, they just work like any other webpage or app
- Updates to the software are automatic and never need installing
- Allows accountants and bookkeepers to access at their leisure without needing to visit your office
- Take photos of your paperwork and have the software enter the data into the software for you
Put simply, there is the possibility to streamline or even fully automate all of your accounting routines. It’s all about using the technology available today to make you more competitive and give you back the time to take a break… or work even harder.
Have a look at the main providers below to get a feel for what they do, and then contact us with any questions.