If you haven’t already made the switch to cloud accounting, you can be sure that one of your competitors probably has. Cloud accounting is not a new fad, there are a host of well developed, user friendly, well supported options available, and here are our 5 reasons for trying them out….

 

1. Cost

One of the most obvious reasons to make a change in your business is because of cost. Cloud accounting packages cost less than traditional downloaded software for a number of reasons:

  • No big initial outlay for software, instead most packages offer a low-cost monthly subscription that can be stopped at any time.
  • Support is online with FAQ’s, manuals and online help desks which are incorporated into your monthly fee and replace the traditional annual support package.
  • The market is packed and providers are competing for your subscription so updates and continual improvements are being released at no additional cost.
  • Storage is free for documents and information online.
  • Only pay for what you use – most providers offer a mini package for low transaction businesses – great for start ups!

 

2. Anywhere, anytime

Secure access from any device means you can safely access your accounts data from anywhere. Gone are the days of having your information tied to a single computer. Most providers have released apps so you can get hold of data at any time. It means you can get a snap shot whilst on the move, and those quick exercises such as approving an invoice or checking the position in the bank can be done instantly rather than having to wait until the next time you’re sat at your desk.

3. Security

One of the biggest myths about cloud accounting is that it is less secure. Security is at the forefront of cloud accounting development and, being held online, your data is continually backed up. Being able to give access to other people within (and possibly outside of) your organisation is far better than having to send a file over the internet or via email (and certainly better than a USB stick in the post).

 

4. Real-time accurate information

By collaborating with other software providers, banks and HMRC, cloud software can share information instantly without risk of error. For many providers bank statements are uploaded daily saving huge amounts of manual data entry and dramatically reducing the risk of error.

Having real-time data can also speed up the process of getting paid. By invoicing directly via email and adding a function to “Pay Now” you could quickly improve how efficiently some customers pay. Credit control can also be automated to an extent, allowing you to initially chase overdue payments automatically.

 

5. Your accountant will love you!

Cloud packages allow you to share your data instantly with other users , and access can normally be restricted so that you are only sharing relevant information. This will make it far easier to share information with anyone who might need to look at it. Similarly your accountant may wish to log in to guide you through changes or training, post amendments onto the system following the preparation of accounts or review and tailor data to produce management accounts.

 

At A4G we work will a variety of platforms including Sage one and Quickbooks but our most preferred option is Xero. If you haven’t already why not head over to Xero.com and give it a try. Alternatively, give one of our Certified Xero Advisers a call on 01474 853865.

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