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Cloud accounting

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)
  • Estimates
  • Fixed assets
  • Management reporting
  • Multicurrency
  • Payroll
  • 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.