Cloud Accounting ServicesCloud online accounting services
What Is Cloud Accounting?
You’ll have heard the term ‘Cloud Accounting’ at some point if you’re in business. The cloud stores all sort of things including photos, music, and documents as a starting point. It even now can store your businesses financial information!
Cloud accounting software is like traditional, on-premises, or self-install accounting software. The only difference is that the accounting software is hosted on remote servers instead of on a traditional computer. This means you access it via an internet browser.
Cloud-based online-accountancy software and apps are becoming more and more popular because:
- They are quick and easy to use
- All data is kept on safe and secure computer servers
- You and your accountant can see your books in real time
- Tools and charts help you track your finances
- Real-time online 24/7 reporting
Data is sent into “the cloud,” and is processed. It enables the user to have access to their financials wherever there is an internet connection. You can do business wherever you are and you’re not tied to a desk!
In addition, many packages offer the user the ability to send invoices from their tablet or mobile. This means you can invoice your customers on the go without having to be back at the office.
Subscription-based models are popular among cloud accounting providers, and in most cases these will depend on how much you use it for. Equally important with a subscription is that businesses that pay a cloud accounting subscription receive updates to the software as soon as they arrive, with no extra software purchases required.
Why should I convert to Cloud Accounting?
Having the ability to log on via any device is a clear advantage to many businesses. More and more businesses are embracing technology in the 21st century.
It means you can be flexible with how you manage your accounts. It also it allows your accountant remote access to your businesses financials to provide any advice you may need.
Xero is our preferred cloud accounting package. It reduces the amount of hands-on work that you will need to do, as it can handle invoicing clients, and send reminders when an invoice is overdue. It can also make adjustments to your inventory levels when you have sold some stock, meaning your stock control is up to date!
All your data is saved on the cloud, meaning you no longer need to take backups. You can even save copies of invoices within Xero, meaning you no longer have to keep paper copies of your invoices.
Is my financial information secure?
Sharing data is also less worrisome. With cloud accounting, two people simply need access rights to the same system with their unique passwords.
Furthermore, cloud providers have backup servers in two or more locations. Should one server network go down, you still have access to your data. Information kept on-premises could be destroyed or damaged in a fire or natural disaster, with recovery unlikely.
How much does it cost?
Together with Xero, our advisors manage the day to day finances of your business with software that’s smart and easy to use. Xero has three packages, each aimed at different sized businesses. Subscriptions start from £10 per month, and we can guide you to which subscription best suits your business.
Spend less time on bookkeeping and more time doing business – contact us now.