Let's start with the basics – so, what is cloud accounting?
When you access your internet banking, and open your bank data, you’re using the cloud. Using the cloud allows you to access this data wherever you are, at any time of the day – you don’t need to visit the high street during opening hours anymore! Cloud accounting follows that same thread – no longer do you need to send receipts and bank statements to your accountant, or visit them in the office, to access your business books. You can now access the information wherever you are, whenever you want. All the top cloud technologies are encrypted, much like a banks, so only the people who have access to the data can see it.
What are the benefits of using cloud technology for your business?
Utilising cloud accounting software in your business have many advantages:
• bank feed integrations allow all of your transactions to flow straight from your bank to your books reducing the time wasted on transcribing the statements
• multiple users can access and collaborate on the data meaning your team and advisors can work together easily
• you can see your financial position at any time from your smartphone/computer
• there’s no software to install or update, and your data is backed up automatically.
Supporting the client – accountant link
Inviting your agent to access your cloud accounting software with an advisor/accountant role is a key requirement to ensure your data is accurate and up-to-date. Your accountant will be able to assist you in ensuring your dashboard and reports are set up effectively, meaning you can see the figures you want to with just a few clicks.
Providing your accountant with access to your accounting system will ensure they’re able to start on the work they do for you earlier! This may seem trivial, but it can allow you more time to plan your next move, pay your taxes, and help ensure your deadlines are met.
Integrations and add-ons
Using cloud accounting systems allows you to automate your processes quite a lot! Using integrated systems like ReceiptBank or AutoEntry to analyse and submit your receipts and purchase invoices can save hours of manual data entry whilst ensuring the original scans are attached to the correct transaction every time. Bank feed integrations allow all your bank transactions to be imported daily to ensure your books are always up-to-date. Combine this with an efficient and effective advisor or bookkeeper and you’ll be well on your way to success!
If you would like to learn a bit more and understand how cloud accounting can benefit you, give us a call on (01425) 480814.