Three signs you are ready for Cloud Accounting
So you think you may be ready to use Cloud Accounting for your small business? Check out the 3 simple signs below:
- You’re looking for up to date financial information.
Are you struggling to figure out how your business is performing?
Generally the annual accounts are finalised 3-6 months after the financial year end. At this point, any issues that come to light could be critical. Are you unsure on who owes you money, what taxes are due and what the actual profit is for the year?
Having up to date financial information and regular contact with an advisor means you could know this information every month, every week or even every day. Using features such as Xero’s dashboard means you can:
- Get an overview of the business bank account
- Get a summary of what invoices remain unpaid and expected dates of receipt
- Have a watch list of your key spending categories
This means that you always know what is going on with your business finances.
You struggle to find the time to keep the bookkeeping up to date.
Typically, the average business will only catch up with the bookkeeping on a quarterly basis, usually when their accountant asks them for the information to prepare the VAT return. Using a cloud system not only simplifies the day to day bookkeeping task it may even become fun!
Using automated bank feeds, online invoicing and the cloud add-ons like Receipt Bank you can soon turn that pile of paper into a paperless bookkeeping system.
Once you’ve implemented these features that 2 day quarterly task can be turned into a 10 minute daily task which can be completed before breakfast!
You’re always on the move.
One of the main benefits of cloud accounting is the ability to carry out the day to day tasks anywhere, anytime. Many of the cloud accounting providers have apps for mobile devices, this means you can invoice you clients as soon as the work is complete and email it over straight away.
Are you forever losing fuel and other small receipts? The mobile apps have the ability to snap a photo and enter the transaction into your cloud software in less than 60 seconds.
There is a whole host of features available with cloud accounting software that mean you are no longer fixed to a desk to complete your businesses finances!
If you feel that now is the time to make the jump onto a cloud accounting system, contact us now to arrange your free demo!
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