What is cloud accounting?
Cloud accounting is essentially just accounting software that is hosted online, rather than being stored on a computer hard drive.
What are the benefits of cloud accounting?
There are many benefits to using cloud accounting software, including, but not limited to the following:
- Raise invoices and track debtors on the go.
- Reduces paperwork.
- Access real-time data about your business regardless of location or device, as long as you’re connected to the internet.
- Choose how much, or how little, you want to do yourself and leave the rest to us.
- Connect bank accounts and record payments and receipts.
- Allows us to easily support the growth of your business.
- Multiple users with varying access available – allow your employees to raise invoices too so you don’t have to.
- Easy set up for new businesses and data migration for pre-existing ones.
What software?
There are numerous different cloud accounting software packages and accompanying apps available. Our preferred option is Quickbooks and we can offer you training in this. Sign up through us to receive a discount on the usual fee, or sign up yourself and invite us by email to be your accountant, granting us access to your account. We also use Sage Accounting and support the use of other cloud accounting software.
What if I don’t want to use cloud accounting?
Currently, there is no legal requirement to use cloud accounting, however it is estimated that by 2020 78% of small businesses will rely on this technology.
With the introduction of Making Tax Digital (MTD), from April 2019 VAT-registered companies will be required to use MTD-compliant methods such as this for tax purposes. We highly recommend starting sooner rather than later to ease the migration (if needed) and become familiar with working in this way.
