Online accounting (more formally known as cloud accounting) is becoming more and more popular. It is particularly relevant to small and medium sized (SME) businesses but is also relevant to large enterprises and charities.
Online accounting can provide many benefits for the user on a day-to-day basis as well as be of benefit to us as accountants.
With an internet connection the cloud allows access to online accounting solutions from any location. This means that real-time up to date financial information can be available without being in an office.
Online accounting tools and Apps can be used to reduce time spent on data entry. This means that a business owner may save some bookkeeping costs or time may be freed up to help business development.
Cloud accounting solutions are normally compatible with HMRC requirements for making tax digital, meaning that for instance VAT submissions from the online accounting software are quick and easy and compliant.
Most online accounting solutions include the facility for automatic bank feeds. This can be extremely useful for helping to ensure that recorded business transactions are complete within the accounting records.
Conversion into the cloud can be daunting. Online accounting software solutions such as QuickBooks, Xero and Sage Business Cloud include assistance with conversion of any existing electronic accounting data into the online format.
Assistance with online accounting
We have invested time with members of our team to develop our knowledge of cloud based products and solutions. We can provide you with information to help you decide how and when you might want to implement new systems.
We can also provide you with bookkeeping solutions based on the cloud so that you can focus on managing your business. Please do not hesitate to contact us.