10 Ways Cloud Accounting Software Simplifies Your Workday
Selecting the best cloud accountancy software UK is tricky since you need to balance costs, the ease of use, security and integrations to arrive at the right software that will make running your business easier.
Today, Best10Index explains some of the most compelling cloud accounting software features to look out for and the cloud accounting benefits that will ensure you find keeping on top of your bookkeeping a seamless task!
1. Access Your Accountancy Software Anywhere, Any Time
One of the key cloud accounting benefits is that you don't need to be physically in the office, sitting at a terminal with your programme installed.
Cloud accounting software features mean that you can evaluate performance, check in on your accounts, and retrieve important financial information, all from a mobile or hand-held device.
Conventional desktop software has huge limitations, where your data sits on one local drive, restricting your access and adding time to your bookkeeping.
Safe cloud-based encryptions mean you can log in from anywhere, provided you have an internet connection, and you won't need to download an app to access your accounting software website.
2. The Cost and Time Savings of Cloud-Based Accounting
Admin is a necessary evil for millions of businesses, but cloud accounting software will cut back on that burden considerably:
- There is no need to waste time waiting for installation downloads.
- Backups are redundant, with full cloud storage capacity.
- Your accounting data doesn't require any servers or IT infrastructure to maintain.
Having everything in the cloud removes many manual tasks associated with implementing, and maintaining the best accounting software UK, so you free up more time to concentrate on running your business.
3. Continually Up to Date Software
Programme updates are a headache for accountants and business owners, needing to delay reporting or waiting for hours for a new version of a desktop-based accounting programme to finish integrating.
Accounting software in the cloud is always up to date, providing the fastest automation, quickest real-time reporting, and a responsive way to manipulate your trading figures to draw up projections.
These providers add new updates and features regularly, so when something changes (Making Tax Digital springs to mind!), you don't need to do anything at all to have all of the requisite features at your fingertips.
4. Automating Accountancy Tasks with Cloud Software
Automation is big news in the accountancy world and means you can strip back on a considerable amount of time. Options include:
- Automatic imports of bank and credit card transactions.
- Producing recurring invoices on-demand.
- Scheduling regular reporting runs.
- Paying for subscriptions and monthly costs automatically.
- Reconciling transactions based on past behaviour without manual intervention.
Businesses serving customers across borders find the automation of cloud accountancy incredibly beneficial since it eliminates the need to verify different sales taxes or VAT rates.
5. Improving Compliance Performance
Compliance is an inherent element of bookkeeping, with the need to file reports, returns, annual accounts, confirmation statements, VAT returns - the list goes on!
As much as compliance can add to the administration required, cloud accounting software can help by producing highly accurate financial statements, estimates and annual tax returns at the touch of a button.
The advantage here is that you avoid under-declaring taxes, which can result in fines and audits, even if you've unintentionally made a computation error.
6. Cloud Accounting for the Paperless Office
Many businesses aim to be more eco-friendly and reduce the use of paper, printing, postage and ink. These resources add to general office expenses but are also to the detriment of the environment.
If your organisation aims to reduce its carbon footprint or champion eco-friendly workplace practises, then cloud accounting software is an excellent starting point!
Paperwork and audit trails are an unavoidable part of business admin, but digitalising those processes can:
- Save your company money on paper and printing resources.
- Cut back on storage requirements for paper records and manual files.
- Make it faster to access client or supplier information.
- Incorporate electronic invoicing to improve customer experiences.
- De-clutter your organisational framework with automated data capture storage.
- Promote a low-waste office environment - the average office produces 158 kilograms of waste paper a year!
- Reduce any need for a recyclable waste disposal service.
Another happy by-product is that cloud accounting and paperless record keeping mean you can reduce energy consumption since this software requires less hardware or server usage.
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7. The Data Security of Cloud-Based Accounting
Security is vitally important, and any information or commercially sensitive records stored on a physical server have a risk of loss, theft or tampering.
Cloud accounting software is one of the safest ways to protect your trading records, with advanced encryptions and security access controls, ensuring only permitted users can log into your account.
The software will automatically backup data, so you won't lose any records if a staff member loses a laptop or the office experiences a flood or other issue that compromises anything held on-site.
For more tips and advice on best accounting software, read our reviews on Quickbooks accounting software.
8. Easy Collaborations
As a huge proportion of people continue to work remotely and need to collaborate with colleagues in different locations, the simplicity of sharing information through cloud accounting is unparalleled.
Whether you need to share a report, discuss a financial transaction, or examine management data from afar, you can simultaneously log into the same accounting software and view transactions to make faster decisions.
9. Intuitive Bookkeeping for Small Businesses
Accounting is a technical field and one that can be expensive if your business needs to employ a finance professional or outsource things like preparing annual accounts to an independent practice.
Cloud-based accounting software is simplified and intuitive, so it can be used by employees who have no financial experience yet need to maintain accurate records or produce reports.
Software is often built specifically for non-accountants, with tips, guides, and automated hints to ensure each entry is accurate.
Another option is to include approval permissions, so a junior staff member can manage the data entry tasks, with a senior financial director then able to offer approval once they've had the opportunity to review.
10. Value for Money
Finally, cloud accounting is cost-effective. Rather than investing thousands in a full-service accountancy programme, you can pay per month and spread the cost of having an advanced software solution to keep your finances under control.
Most accountancy software providers also offer sign-up discounts and incentives, so there's never been a better time to register and revolutionise how you manage your books!
