Why use Cloud Accounting Services for Start ups SMEs and Businesses?

The online accountancy services craze looks to be tearing through the accounting industry, completely changing how accountants communicate with their clients.

The cloud enables instant access to client records from anywhere (with an internet connection), fostering a more dynamic interaction between business and adviser.

New software drastically reduces data entry, allowing bookkeepers to devote more time to training and guidance. New means of producing and delivering reports reduce the cost of critical value-added services like management accounts, allowing us to give more for less as accountants.

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Our cloud accounting team has extensive experience with a variety of cloud accounting applications and can assist with system deployment and training. Advanced outsourcing services, such as flexible bookkeeping, smart management accounts, and an outsourced finance director, are also available.

In the cloud, how do we work?

Implementation of the system

We’ve spent time honing our understanding of the always evolving world of cloud products so you don’t have to. When we combine this with our corporate expertise in a range of industry sectors, we have a team of system advisers who can swiftly identify your company’s core functionality requirements. From system selection to set-up and training, our implementation process will guide you and your team. Our teams make the transition to new systems easier by using change management and an implementation timeline.

Training

We can offer guidance when and when it is required. We have a trained and experienced team ready to advise at the right level, from juniors to partners and specialists. We can tailor initial and ongoing training programmes to ensure that your team receives the complete support they require, in addition to being available by phone for any questions. These can be provided as part of the system implementation process or as general guidance if you’ve chosen software on your own.

Outsourcing

With the deployment of cloud accounting, outsourcing is changing rapidly. It was once a set function with a general all or nothing approach. Accountants can now be efficiently used for extremely particular technical work and support during peak periods, while business administrative employees handle the regular day-to-day procedures.

You can even outsource the function of finance director now that cloud accounting allows access to financials from anywhere in the world. We combine insightful financial analysis with critical company data, allowing you to focus resources on profit-generating areas while eliminating loss-making enterprises.

Advantages of Cloud Accounting

When it comes to cloud accounting vs. traditional accounting, there are three significant differences.

  • Accessibility
  • Cost
  • Scalability

Cost

Because your company is no longer responsible for maintaining hardware or server space, cloud accounting services save you a lot of money. Neither is it necessary to pay for software upgrades, as is the case in traditional accounting.

You pay a monthly or yearly price for cloud accounting, which entitles you to a specific set of functions and a particular number of users. You no longer have to worry about software upgrades because they are performed automatically in the back end. As new capability becomes available, it is also automatically rolled out.

Accessibility

Traditionally, the accounting system in a small business accounting department is overseen by an accountant or one of the directors. Occasionally, the entire function is outsourced.

That means that if any member of the staff requires accounting information, they must go through that individual. As a result, production is lost and idle time is squandered.

Every employee who might need access to the accounting department can be given a user ID and password to log in from whatever computer they want with cloud accounting.

Information can be accessed at any time and from any location. There is also no risk of records being lost because the service provider has its own internal backup procedures in place to ensure that your data is always accessible.

Scalability:

In traditional accounting, your company purchases a number of licences based on the number of users or computers it expects to utilise the software.

When your company expands, merges, or buys another company, you’ll need to buy extra licences, bandwidth, and/or servers to keep up with the demand.

There are no stress spots in the cloud because of any of these variables. It’s not a problem if you require extra functionality or want to hire more people.

Most cloud accounting systems come with a number of users and roles that can be expanded with a single click. In the realm of traditional accounting, what would take days or weeks now takes seconds in the cloud.

Benefits of Cloud Accounting

One of the most attractive aspects of any cloud environment is that it allows SMEs to compete with much larger companies in terms of technology and professionalism.

Cloud accounting allows SMEs to cease investing in infrastructure and software that requires continual, costly expansion. It also allows other qualified personnel to have access to a company’s accounting system on their own time.

Cloud accounting can free up important man-hours and allow personnel to be repurposed to other tasks that will help your SME run more efficiently.

Accounting Security in the Cloud

The ability of the cloud to keep data safe is a major concern for companies who are just getting started with cloud accounting for small businesses.

Millions of people’s personal and financial information has been exposed as a result of major data breaches at organisations including Target, Equifax, and British Airways. However, a closer examination of each case reveals that the root reason is frequently human error.

Companies or employees who are careless with their credentials risk having them stolen or misused. The chance of your data being compromised as a result of transmitting it to the cloud is quite low.

Every cloud accounting programme includes strong data encryption and numerous layers of security, which typically rivals that of a bank.

Related Topic: Whats included with general online accountancy services?

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