More and more business owners are turning to cloud accounting software to manage their business’s finances.
If you haven’t yet tried it yet, here are 10 ways online accounting software can help your business.
1. Save time with automation
Don’t waste time posting and chasing invoices. Cloud accounting software automatically generates invoices— as well as reminders — at regular intervals, meaning you don’t have to manually keep track of debtors. If you combine your accounting software with HR and Payroll applications you can also automatically generate payslips and other HMRC documents.
2. Work from anywhere with an internet connection
Cloud accounting software means you no longer need to worry about maintaining spreadsheets or installing a programme on one machine. The cloud allows you to log in to your business’s account anywhere with an internet connection. Once you sign up, you can get started straight away.
3. Value for money
Instead of paying a huge one off fee for accounting software, with the cloud, you can spread the cost by paying monthly — helping you to manage your business’s cash flow. If you do prefer to pay up front, you’ll benefit from a discount.
4. Up-to-date data
Automated bank feeds allow you to keep track of your business’s balance sheet in real time. You can also view a variety of reports that give an up-to-date snapshot of your business finances. Online accounting software makes it easier to get closer to your business and gives you a clearer picture of your finances as a whole.
5. Keeps your information secure
As your data is saved on a secure cloud server and is constantly backed up, you don’t need to worry about your data being hacked or compromised. Even if your computer crashes, everything is still saved in the cloud.
6. Intuitive and easy to use
Cloud accounting software makes accounting easy for people who may not have much experience of managing financial accounts. The software is built with non-accountants in mind and help guides are available every step of the way.
7. Community of fellow business owners
A side benefit of joining the cloud accounting software revolution is joining an instant network of fellow business owners whom you can meet and chat to via community forums and business events.
8. Give access to multiple users and set permissions
If different people manage different elements of your business, it’s easy to add multiple users to your account and tailor permissions so that people with specific job roles only see what they need to.
9. Software is consistently updated and improved without you having to do anything
Rather than having to wait for a new iteration of a programme, cloud accounting software is constantly updated by in-house developers. This means that if things change (e.g. auto-enrolment or the introduction of VAT MOSS), cloud software is agile enough to keep up-to-date in real time. In addition, unlike desktop accounting software programmes, these updates are free and included as part of your monthly subscription fee.
10. Collaborate easily with your accountant
In the past, it was common for business owners to chat to their accountant once a year at year-end — leading to one huge pile of work. Cloud accounting software lets you share your accounts with your accountant throughout the year and work together regularly.
If you’ve yet to make the switch to cloud accounting, why not try Clear Books for free for 30 days!