The ability to adapt to modern and changing times is a telling sign of a well-run business. Moving from old-fashioned desktop work to something such as cloud-based accountancy helps a business to get much more work done at a much faster pace.
All of the physical risks to information – like a computer crashing, being stolen or having coffee spilt over it – are eliminated. Cloud accounting, simply put,is using cloud based software for any accountancy needs a business may have,such as Xero. Plugged into entrepreneurial eco-systems world-wide, Xero are currently the leading solution for SMEs in the marketplace.
There are many reasons why your business should be run using software like Xero;
1. Access to financial information
One of the many advantages of cloud-based software is its ability to link straight to your bank. This means an end to sending in statements and information to be checked and because all transactions are recorded to the cloud, it keeps all your financial information up to date. Business owners and management can now monitor sales, cash flow, debtors, financial targets, payables and more at anytime.
2. Ability to link to any device at any time
Cloud accounting is enabling business owners to work from anywhere in the world,making travelling much easier. It plays a huge role in allowing you to work from anywhere, which is a big part of every-day life now. It allows you to work from home and still be up to date on your business, without the need to be in the office, and you can access it on any device you have handy.
3. Direct link to your advisors
Cloud contains options that allow you to invite your advisors to access your company’s cloud statistics ad data - both you and your accountants will now have a full live view of the company’s finances in order to give the best possible advice for your businesses growth.
4. Less manual transactions
The cloud accounting software contains an algorithm which picks up on any on going and recurring transactions you may make. It then learns the pattern and starts to automatically make these transactions, meaning after a few months of using the software only (roughly) 20% of your transactions will be manual. This means that instead of business owners having to record all their transactions, the cloud software now does it instead. It also allows accountants to focus on value ads and advisory instead of capturing transactions.