Shaun Mary, Lovewell Blake’s IT partner, writes about one of the questions he regularly gets asked about cloud accounting.
Changing your accounting package, or choosing your first one, is not something you should take lightly. After all, it’s a business tool that you are going to invest both time and money in. You want it to pay you back.
Cloud accounting software has some inherent features that you won’t often find in desk top software:Collaboration
– I love working closely with my clients and cloud-based products, like Xero facilitate that. Whether it’s helping you with your bookkeeping or planning your taxes, working from one set of data at the same time makes sense. It you have colleagues that help with your accounts process then giving them access to your accounting is a doddIe too, even if they are in a different location.Efficiency
– You can take advantage of direct bank feeds, automatic currency exchange postings and purchase invoice scanning to name a few. You can raise invoices, reconcile the bank and see who owes you money whilst on the move. You can link into your CRM, your stock control, your tills and so much more. This allows you to spend more time understanding the figures and less time recording them, let the software do some of the heavy lifting.Security
- The average small to medium business can take advantage of the backup, resilience and recovery facilities of the world’s best servers by working in the cloud. I would encourage any business to do their research on how their data is going to be managed but the answer, when compared to the onsite alternatives, will likely be the same; it is near on impossible to achieve the same standards of data security as good cloud providers offer. Management information (MI)
– In my recent blog on the feedback loop
, I talked about the importance of access to your MI. Current, accessible data is key if MI is going to help you make business decisions. Graphics help to visualise your business performance more than a list of numbers. Cloud accounting software providers allow other developers to bolt on fantastic reporting tools if you need more.
It isn’t too hard to make the move to cloud accounting, we can help you. If you are interested in a trial or live demo of Xero please let me know
. I will be happy to help you decide if it is right for you and your business.