Cloud accounting applications are no longer a concept. Small businesses are the biggest beneficiaries of cloud accounting and they are moving fast to embrace this new technology and move their accounting systems onto these platforms.
As a small business owner you have probably heard of cloud accounting systems but are not really aware of how they can benefit your business. Some of the key benefits include:
- Anywhere and anytime availability.
- Integration with banks (you can set up daily bank feeds into your cloud accounting applications).
- Integration with other cloud software (add-ons).
- Software is constantly updated by the vendor (no downloading of upgrades or bug fixes).
- Higher levels of data security.
- It allows the small business owner to easily track cashflow, invoice payment, profit and loss, tax and VAT.
- Your accountant will have access to your accounting data through a dashboard. This will reduce data handling and should theoretically reduce accountancy fees.
- Cloud accounting applications are available on low cost monthly payment plans.
However, not all cloud accounting applications have been created equally and there is a lot of variation in functionality, ease of use, pricing and add-ons. Areas of functionality to consider are:
- Available add-ons
- Bank account feeds
- Bank reconciliations
- Cash flow management
- Electronic sales and purchase invoices (e-commerce)
- Fixed assets
- Management reporting
- Project control
- Purchase order processing
- Time recording
- Self assessment
- Stock management
- VAT (cash accounting, invoice accounting and flat rate scheme)
Through our cloud accounting fixed price service we can help freelance contractors and small business owners to:
- Document their business requirements
- Demonstrate and select a cloud computing system
- Set up the cloud computing system
- Move your data onto the cloud computing system
If you are interested in implementing a cloud computing systems or would like to understand the benefits in more detail please contact us.