We live in exciting times, with new technology making our lives as business owners easier and easier. Isn’t it time to determine which tools can save you time and money in your business?
Automation and digitisation are major trends in growing businesses. Streamlining your processes goes a long way towards building a successful company.
Very real progress in the field of cloud accounting is enabling business owners to do more, faster – enabling incredible jumps in growth and profitability potential. Accounting and software might not be the sexiest words, but a deeper look at the benefits clearly makes it attractive for any business.
Cloud accounting refers to using cloud-based software to run the accounting function of a business. This approach, coupled with the Government’s Making Tax Digital (MTD) initiative, is quickly replacing desktop versions of accounting software and for good reason.
Here are the top seven reasons why your business should be run in the cloud:
- Live access to financial information
Probably the biggest advantage of cloud accounting software is its ability to link directly to your company’s bank feeds. By linking up with your bank, transactions are being pulled through from the bank straight into the accounting software.
This means no more uploading of bank statements, saving a lot of time. It also means live access to financial information. Because all bank transactions as well as all debtor and supplier invoices are captured within the cloud system, your financial information is always up to date.
Business owners and management can now monitor sales, cash flow, debtors, financial targets, payables and more at any time. It will play a massive role in enabling swift, quality decisions, leading to more effective businesses.
- Work from any device from anywhere in the world
Cloud accounting has enabled the vagabond lifestyle. Owners of fully digitised companies can work from anywhere in the world, making extended travel much easier.
Businesses are also no longer bound to a specific office, as the software allows you to log in from any device with an internet connection anywhere you like.
- Beautiful, fast, customised reporting and analytics
With access to live financial information, producing great management reports can be as simple as pushing a button if set up correctly.
The leading cloud systems have strong reporting tools that can generate graphs, variance reports, key metrics and many more financial snapshots to form a financial dashboard for your company.
Beautifully presented, these reports and dashboards give even the least financially savvy director an edge when it comes to being on top of company finance.
- Direct link to your advisors, investors and board
Having trusted advisors as part of managing company finance is key. With functions that allow you to invite your advisors to access your company’s cloud accounting profile, both you and your team of professionals will now have a full live view of company finance in order to give the best possible strategic direction to the business. It gives you peace of mind and helps the board of directors.
- Auto-allocations through machine learning
This is the most exciting growth area of cloud accounting software. It can recognise recurring transactions in order to auto-allocate them. Learning from millions of accounts being process all over the world, the software is also able to allocate transactions into their correct accounts.
After just a few months of using it, your actual manual allocations should be less than 20% of all transactions.
As this function increases in strength, bookkeeping work will diminish. Business owners will be able to focus on the day to day running of their business, not recording it and we as accountants, will be able to focus on value adds and advisory instead of capturing transactions.
- All the advantages of cloud technology
Cloud technology beats desktop software every time. Top end encryption ensures that data security is taken care of. Data accessibility is instant, with no barriers to accessing key financial information.
All the physical risks to information like a computer crashing, being stolen or having coffee spilt over it are eliminated. Data also does not corrupt like in off-line versions of desktop software.
- Save time and reduce hassles
Freeing up time is key to unlocking further growth in a company. An automated finance function is a great time saver. Accounts are captured faster and with less hassle.
Documents are uploaded digitally, saving time on those dreaded audit queries. Everything works paperless, eliminating the hassle of keeping receipts that leave your wallet and a desk full off last month’s paperwork. Say hello to more time and mind-space.
Let technology make your life easier
At Dunkley’s, we have partnered with both Xero and QuickBooks, the two leaders in cloud accounting. If you are interested in streamlining your accounting function, get in touch with us to see how making the switch to the cloud can truly benefit your business! Call 01454 619900 or email email@example.com to speak to one of our Cloud specialists today.