Your accounts – done | Advertising Vs Reality

By now you’ve probably heard a fair bit about the Cloud Accounting solutions available to businesses. You may not have signed up to one, but you can’t fail to notice the regular TV adverts and web advertising of the market leaders and their promises of ‘Your Accounts – Done’, and a ‘Real time view of your finances’. Even a ‘Like magic!’ thrown in on occasion. Perhaps Harry Potter and Gandalf himself helped to programme them…

These adverts create a picture that if you sign up to their software then you will have perfect accurate information whenever you need it, and a quick and easy way to complete your bookkeeping. No more staying up late to get your records ready for the accountant!

From your accountant’s view point, they were promised they could work with you using real time data and seamlessly prepare accounts from said data.

As this is often not the case, reality often comes up short.

Don’t get me wrong, I think cloud accounting solutions are a powerful tool for your business and I fully recommend you get on board if you haven’t already.

The problem that I have seen occur time and time again over the last few years is that the bookkeeping is undertaken by someone with no bookkeeping experience.  Typically, this will be the business owner, a family member or a friend. When it comes to discussing the financial performance of the business or preparing some accounts, the summarised information is clearly very wrong. I’ve picked up errors running into thousands of pounds of overpaid taxes from even the smallest businesses and results that give an entirely wrong picture of the performance of the business.

For larger businesses they will usually have an in-house expert dealing with the finances, and they can really get the full benefits that these cloud accounting solutions provide. For the smaller business there is a need to have some support from an accountant or bookkeeper along the way to help you to realise and utilise these benefits.

There are a whole range of options for how we can help you with managing your bookkeeping and they don’t have to cost the earth. The automated functions they provide have considerably reduced the time needed for accountants to help you.

• Monthly, quarterly or annual bookkeeping review and tidy up
• Monthly or quarterly bookkeeping services
• Monthly or quarterly management accounts
• Bookkeeping training and ongoing support when you need it

Just think about it.

I would urge you to embrace the opportunities that cloud accounting solutions can provide to your business, but please don’t believe the hype that they are ‘Like magic’.

Do you need advice on incorporating cloud accounting services into your business? Get in contact with our Partners at A4G by calling 01474 853856.