Technology to help you thrive

Cloud accounting brings new working practices aimed at reducing the time associated with data inputting, giving you more time to focus on growing the business. Most cloud-based accounting software includes features such as bank feeds that automate postings into the software from entries on your electronic bank account statements and the ability to upload scanned images of receipts and supplier invoices.

There are also a number of innovative add-ons available, such as Dext, which converts key information from receipts and invoices into data that is automatically posted into your software.

Cloud accounting software can help ensure compliance with regulation such as Making Tax Digital (MTD).

Regulation also usually involves deadlines, and the repercussions for the likes of late VAT returns can lead to fines of up to 100% of the value of the VAT. Once in the penalty regime, it can take a year to get back out of it. The simplification of regulatory requirements through the use of technology can ensure deadlines are not missed and therefore no financial penalties to the business.

Multiple users can login to cloud accounting software simultaneously from any location via their mobile, tablet or desktop computer.

With real-time access to data, you don’t need to wait weeks, months or until year end to know how your business is performing. With up to date data available, this allows you to make more informed decisions about your business, be proactive and adapt any plans to the business plan or strategy. As your trusted business advisor we can also access your data allowing us to work collaboratively with you on plans and strategies for your business.

Getting paid quickly is key to positive cash flow, profitability and business growth. Late payments make it difficult for businesses to invest, pay their own bills and manage cash flow.

Using cloud accounting software allows for payment requests as soon as a good or service is delivered, encouraging quicker payments to be made. Software also easily allows you to forecast business cash flow – giving you time to plan ahead, and identify and respond to any potential issues early on.

The data offered within cloud accounting puts you in complete control of your business. Using cloud accounting technology reduces the potential for manual errors and mistakes so you know you’re working with accurate and live data about your business. Having access to this data and a trusted business advisor puts you in the driving seat of your business and back in control to run a healthy, profitable business – versus the business controlling you.

Cloud accounting is more secure than traditional accounting methods as there is no requirement to transfer data between your business and your accountant. Most cloud accounting providers take great measures to ensure your data is safe, including backup power supplies, firewalls, data encryption software and regular, third party security audits. Furthermore, the online software provides an improved, more efficient service, with speedy processing of data.