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Cloud Accounting Software – will it work for your business?

Value Add Business Solutions - Xero Silver Partner and Xero Certified Advisors - Cloud Accounting - Bookkeeping - Glasgow

 

Here at ValueAdd we just love cloud accounting software – we’re Xero Silver Partners, and have a team of Xero Certified Advisors on hand to help our clients. And although we use other cloud software (e.g. Quickbooks, FreeAgent, Sage) we prefer to use Xero cloud accounting software for most of our clients’ bookkeeping and accountancy – and of course we use it ourselves!

We sing Xero’s praises every chance we get, but we know all too well that it can be difficult for some businesses to take the leap from traditional accounting software, excel spreadsheets or even ledger books to cloud accounting software. Some are apprehensive about migrating all that backdated information, and some don’t feel tech-savvy enough to manage their bookkeeping online. In fact, sometimes it’s even more basic than that – poor internet connection can mean cloud accoun ting software is difficult to update. However, often people don’t think they can spare time in their busy day to make the change. But, what can cloud accounting software do for you and how easy is it to set up and manage?

What is cloud accounting software?

First it’s best to understand what is meant by ‘the cloud’ – the cloud is a means of storing data and information online, as opposed to on your computer’s hard drive. Cloud accounting software is accounting software that is accessible anywhere via the internet.

Why should I use cloud accounting software?

Rather than being tied down to one computer with static accounting software installed, you can access your accounts from anywhere in the world using a device with an internet connection. Most cloud accounting software will also come with a mobile app too, meaning you can access it from a tablet or phone.

Because of this, it’s easy to have multiple users too. For example, you, your accountant and your bookkeeper can all access and review your books at any time – even at the same time.

This also means there’s no need to install anything on your computer and no software updates to contend with – everything is taken care of for you. And best of all you’re always on the most up to date version of your software.

How easy is it to switch to cloud accounting software?

Depending on what system you currently use, this should be fairly simple. Our suggestion…wait until your Year End and start a-fresh with the software. This is the easiest and cleanest way time to convert.

If you use Excel or another form of accounting software you’ll be able to import your historic transactions into the cloud accounting software. This will give you backdated records, which can be super useful.

Some bookkeepers (including ourselves) will offer assistance in setting up your new cloud accounting software. We also offer training should you think you need it however most cloud accounting software also provides a highly detailed help section on how to set-up and use it.

How will cloud accounting software benefit my business?

Cloud accounting software providers have teams of developers constantly taking care of the software. These in-house experts keep the software user friendly and listen to their customer’s suggestions to constantly improve. Providers also have support teams on hand to answer your questions and talk you through any problems you may have.

Being able to access your accounts anytime, anywhere can save you time and money. You can raise invoices as and when you need to or automate recurring invoices and credit control for regular clients. Uploading receipts as and when you receive then rather than letting then build up in your wallet is a bonus. No more forgotten or lost receipts.

It’s also a low cost option. You pay monthly, which may work well for your business’ cashflow. Plus there’s no need to worry about costly upgrades, server maintenance, admin costs and server failures – this is all taken care of on the other end by the software company. All you need is a decent internet connection. Most suppliers will also have different options, so as a small business you won’t end up over-paying for functionality you don’t need.

So – thinking about taking the plunge with cloud accounting? Feel free to get in touch with our experts for a free consultation and a chat about whether it might work for your business.