A vast array of cloud accounting options is now available to businesses. When you use cloud accounting you are using the internet to access your accounting software and the data you have stored on it. This is unlike traditional accounting software, which is installed only on a business’ servers.
Accounting data stored in the cloud can be much more easily shared with others and can automatically pull in information from other sources. In our experience, a cloud-based system can bring real business benefits.
Importantly, cloud accounting can also help businesses fulfil the digital record keeping requirements of the Making Tax Digital (MTD) programme.
Saffery Champness have extensive experience of using cloud software, both internally for outsourcing services and supporting our clients with their own accounting needs.
Direct bank feeds can mean that reconciliations can take minutes rather than hours. Data capture software can read invoices, receipts and bank statements and convert them into transactions which can be published direct into the cloud software.
Products are aimed at business owners rather than bookkeepers, making it easier for them to access up-to-date information.
Some reporting is built in, and add-on products are available to provide a wide range of reporting options.
Built in functionality can make managing invoices straightforward.
You can give your accountant access to software at no extra cost, allowing fast and easy technical support and better advice.
Cloud products can be a good solution to the digital record-keeping and reporting requirements of MTD.
Pricing models mean that many businesses pay as little as £20 per month for software that is constantly updated, secure and hosted externally.
Making a move to the cloud can be an ideal time for you to re-evaluate what you actually need from your accounting system – there are many solutions on the market, each of which will offer different benefits and have different capabilities. Choosing the right software is an important step and may even help to save you time and money in future.
Saffery Champness have partnered with the leading cloud accounting software providers, to ensure that we offer our clients choice and the best possible service when it comes to choosing the right software for their business.