The start of the next tax year provides a perfect time to consider improving the management of your business finances. As a small business, start-up and or self-employed, your time is precious in running your business. Whether you are deciding on where to raise finance, managing your cashflow as well as maximizing your profit, finding an accountant as a partner in your business to help you is all the better when you both operate on a cloud accounting solution.
Cloud accounting is here and it may be just what you’re looking for as it allows you to access and work on your accounts from any digital tool or location, and provides you with more flexibility than doing so with Excel or desktop software. Rather than slaving away over spreadsheets, or wasting time on finding those printed bank statements and used receipts, there is a new approach to financial management which enables you to stay on top of your business, get immediate insight and create invoices, leading to you getting paid faster, which in turn, improves your cash flow. Trying QuickBooks Online is strongly recommended to any business, helping you and your accountant with a real-time view of business performance.
Cloud accounting is more popular than ever with 78% of UK Small Businesses are using at least 2 cloud based services already. Let us take you through five key reasons to consider a cloud-based financial management system:
It’s great value for money
Traditional desktop software can be costly quite to install and only work on one laptop or PC. Instead, when using cloud accounting software, you sign up to a subscription service and can access your account from any computer, tablet or mobile device.
It’s easy to start and use
In using cloud accounting, there is no expectation of previous accounting knowledge and you can start very easily. The offerings are easy to navigate and you can start running your business immediately.
It helps you get more done on your business
One of the benefits of cloud accounting is the ability to work from anywhere as well as the ability to automate routine business transactional tasks such as tracking and categorizing transactions from payroll, invoicing and accounts payable & receivable. Data from sales transactions, business expenses and inventory can all be uploaded to the cloud, reducing manual data entry & costly clerical errors.
You will have more time back to spend on your business success
As your most precious commodity, time is always of the essence. How great would it be if you could manage your expenses whilst waiting for your next meeting? Or take a picture of a receipt for lunch and store it in your software while still at lunch? This can be done on the QuickBooks mobile app, which saves you a great amount of time, wherever you are.
Always secure with nothing to worry about
QuickBooks Online offers security solutions that include firewalls, data encryption, multi-factor authentication and virus detection, all designed to keep your data secure. They deal with cloud security full time and are prepared to combat any online security issues that might arise.