Cloud-based solutions seem to be everywhere these days, offering an alternative to the traditional processes within a business. The term ‘cloud’ has a rather vague and enigmatic feel to it, so our aim is to offer a clear definition of Cloud Accounting, and outline the ways it will benefit your business.
Put simply, cloud accounting is the storing and accessing of account data over the Internet, rather than on the hard drive of a PC. A powerful advantage of this is the ability to view ‘real time’ figures, as online software automatically updates with every transaction. No more waiting for quarterly reports when making business decisions. This means far better planning potential and no nasty surprises when it’s time to review the figures.
Cloud accounting software will dramatically reduce time (and cost) spent on traditional bookkeeping and accounts, meaning funds can be redirected to focus on business growth. Some of the other benefits of switching to cloud accounting are as follows:
The ability to access financial data anytime, from any device.
A paperless process that saves cost and space on storage.
Software that copes with any sharp increase in transactions (no need to upgrade)
No charges for software updates
Software that can integrate with other applications for streamlined business processes
For those considering the move to cloud accounting, there may be concerns around security. Another concern may be the time it takes to adopt and implement a new process. We hope to reassure you on both counts.
The major providers of cloud accounting software, such as Xero and Quickbooks, take security very seriously. In fact, the more traditional computer based software is far more likely to leave your business vulnerable to a security breach, as are the accompanying hard copy files you may store. In addition, should a breach occur, data is easier to recover and protect with cloud-based software.
Online accounting software is designed to be user-friendly and shaped to the needs of an individual business. It is easy to train relevant staff members in cloud accounting, and time spent doing so will be swiftly recuperated in time saved on manual processes.
Once the business has migrated to the new system, there are many supporting applications that offer further time and cost savings. For example, an application that will scan emailed invoices and automatically allocate them to the correct file. Another that allows you to take a photo of receipts or train tickets and will categorise individual and business expenses accordingly. These are just some of the ways that business owners can have an up-to-date and realistic vision of where money is being spent, making timely adjustments if need be.
Cloud accounting is the future and it is here to stay. Businesses will benefit from a proactive approach in embracing this technology. Haines Watts are committed to staying ahead of the shift in accounting processes and, as such, have trained our staff to implement and advise on Cloud Accounting.
For further information on cloud accounting visit
T: 01483 425724
Surrey offices in: Esher and Godalming