The word ‘cloud’ has become part of our everyday vocabulary, and not just when referring to the weather. In the world of accounting, we are certainly no strangers to the cloud in its alternative guise, since so many business owners are taking advantage of the vast range of software and applications that exist, to run their business more effectively.
The beauty of cloud accounting is that the software can be accessed anywhere that you are, and that has an internet connection, on a range of devices.
Robust accounting software gives you the opportunity to really get to grips with the data that comes out of your business, and to better understand how your company, or the constituent parts of it, are performing at any one time.
It can be difficult to summarise all that cloud accounting can do for businesses of today, but two things it does do, that we think are crucially important, are:
- empowers you to feel more in control of your business, less hesitant about making decisions, and confident about the direction in which you are headed. It can equip you with the knowledge you need to have worthwhile discussions with us, as advisers, about your business, and to better understand how you can achieve the results you are looking for; and,
- it empowers us to take on more of an advisory role than ever before, as we support you to interpret what you see on the screen and to use the data you have at hand within your business, year-round, rather than filing it away to be forgotten about.
In recent months, we’ve been publishing some tips and tricks, to help you get the most out of the software, applications and digital tools that you might be using already, or else thinking about using.
What can cloud accounting do for you?
The possibilities are manifold, but we have picked just a few to mention here:
- Process automation
Cloud accounting is great for streamlining and automating certain processes within your business – for example, chasing invoices or distributing monthly statements of account to your customers. Your software can do this for you, enabling you to give more time to other parts of your business and to ensure that the parties involved in any transaction know exactly where they stand in respect of monies owed and/or received. Process automation = more fluent, effective communication.
- Detailed reporting
Cloud accounting is a lot about process, but it isn’t all about process. Being able to transform real-time, quality data into detailed reports, in the software itself, is really instrumental in helping you to make day-to-day business decisions, on the go, and to access a snapshot of how things are going, between meetings with your adviser. Often, you can cherry pick and combine the information that matters the most to you, in a format that is easy to digest. Having access to this data, as chartered accountants and advisers, also means we can produce detailed management accounts for our clients, tailored to their objectives, and to engage in strategic discussions off the back of these.
- Staff and productivity
Cloud accounting doesn’t just have the ability to make your life a little easier, but that of your employees too, in particular those with finance-based or administrative roles. Most cloud accounting platforms update automatically for free and under most licenses, giving you multi-user access, without the need to install expensive software on multiple computers and devices. Multi-user access makes collaboration with, and the provision of data to your team and advisors a breeze.
How can George Hay help?
With so many digital tools, apps and cloud accounting software packages on the market to choose from, determining which cloud accounting solution is right for you, grasping how to use it to its fullest potential and interpreting the information you gain access to as a result, can be challenging.
That’s where our team of cloud accounting experts, chartered accountants and business advisers come in. From our offices in Cambridgeshire, Bedfordshire and Hertfordshire, we can facilitate a smooth transition from manual to more digital-led processes and, once your business is successfully streamlined, we can turn our focus to being the advisory partner that you need. To speak to one of the team, contact us today.