So, what is the cloud (in relation to your accounts)? Basically it is an online version of accounts software. The big players (Quickbooks, Xero, Sage and Kashflow) have their own versions, and there are some others out there too. You usually pay a small monthly subscription, rather than pay a large sum for the licence outright.
So, why should you move your Accounts to the Cloud?
1. Instant Access
If you have a bookkeeper or accountant doing your data on a desktop system, or you have your receipts in a box to give to your accountant when you see them you don’t have instant access to your accounts. You can ask the bookkeeper or accountant to send you data over, but it’s no substitute for logging in and just taking a look.
2. Dual Access
Back in the day, sometimes you did your own data. However you then had to send it to the accountant to make adjustments, and you couldn’t do anything until they sent the file back. Now both you and your bookkeeper or accountant can be logged on at any time. You can both enter the data you want when you want.
3. Bank Integration
You can enter your bank login details (very securely) on the accounts software and it pulls the transactions from the bank. It’s no substitute for reconciling the bank account monthly, but it can make adding transactions or matching payments to outstanding invoices a lot quicker.
4. App integration
There are currently over 200 apps that integrate with Quickbooks. I would bet Xero has a very similar number. This means that you can automate the entry of your purchase invoices and receipts, get staff to track their time, manage stock and orders from your online stores, forecast cashflow and much more. There are just too many to discuss here. Maybe I need to do more blogs on these. Ask a Quickbooks Pro Advisor such as our company if you want to know about any specific or types of apps.
5. Real Time data
Once you have the Cloud Accounting software set up and working properly you are ready to go. You or your Bookkeeper/Accountant can manage the finances and potentially integrate some of your other services via Apps. You can get Real Time data and reports at a touch of a button. Your Bookkeeper or Accountant can help guide you on what reports are the best for you and your business.
So that’s it. What are you waiting for? Get onto a Quickbooks Pro Advisor today to help you move to the cloud. Spend less time on managing your accounts data, have more time for you.
If you want to speak to us about this, contact us on email@example.com or call 07391 760230 to speak to Vicky or Shane.