You may have come across mentions of Cloud Accounting before and maybe even looked into the different providers such as Xero or Quickbooks Online. However, it may have been something put to the back of your mind as a non-essential need that can be considered at a later date.
With COVID-19 completely changing the business landscape and how teams are operating, gaining access to our financial data has been more complex. Increased remote working may have resulted in cumbersome IT issues; remote server access issues to be able to obtain your financial information from your desktop system; hiring costly IT contractors to help your company remain safe from outsider attacks and allow safe, remote use of your information. These restrictions and limitations are the things we previously took for granted when it was so easy to arrive at the office, sit at your desk, turn on your computer and get started.
With this in mind, Cloud Accounting has sprung to the forefront and the benefits for businesses are clear to see. As cloud accounting software is based online, users can access their management systems, cash flow software, core financial data and stock systems easily and securely to ensure their business runs smoothly during this turbulent time. Users can access data simultaneously without having to be in the same location, with many systems also offering multiple user roles giving different levels of access for users.
Online software also allows the use of a range of devices to perform transactions such as laptops, mobile phones, tablets and desktop computers, meaning you can invoice on the go from your mobile or reconcile your bank over breakfast. For this reason, the main benefit is the enablement of real time information to help you make important decisions regarding business performance, cash flow and decision making with the click of a button. Cash flow forecasting tools such as Float can also be easily linked to your Cloud software to enable you to make better, faster decisions. Bolt on Apps can also be used to provide automation of data processing which also includes storing invoices automatically saving time on filing and data input.
The benefit of real time information has become relevant to share information to third parties such as banks, accountants and insurance providers. This allows these parties to provide essential support and advice during this time. The government have introduced various grants and loans to help support businesses through this unsettled time, such as the Job Retention Scheme and the Coronavirus Business Interruption Scheme (CBILS). The process for applying for these loans can be timely and complex and with many businesses being impacted by Coronavirus being it a reduction in turnover, staffing levels, supply chain, time is of the essence in gaining this financial support. Online software has allowed businesses to cut this time down and easily provide the financial data required to push through the application process.
Contact us today with any queries you may have regarding online software and we can help provide the correct solution for you and your business. We can provide online training sessions and complete your remote implementation for you to allow for a smooth onboarding process to the cloud.
By Lynsey Taylor, Business Advisory Manager
To find out more about Lynsey and our Cloud Accounting team, click here