59. Cloud Accounting Systems: Pros, Cons and the Five Rising Stars

Cloud computing is one of the rising stars of business IT services. Being able to store and use systems remotely, accessible from anywhere can save businesses many hundreds of pounds in software licence fees and time transferring information.

One of the best applications for our clients is cloud accounting systems. They are incredibly useful in allowing teams to manage all aspects of their business -continually, wherever they are.

Here we look at:

  • * What Are The Benefits Of Cloud Accounting Systems?
  • * Who Can Cloud Account Systems Link To?
  • * Remote Working
  • * Cost Savings
  • * Who Are The Market Leaders?

What Are The Benefits Of Cloud Accounting Systems?

Many small businesses find that cloud computing offers them significant benefits such as simple systems with all the basic information easily accessible. Yet if businesses want to have more complex operations and reporting, they can easily add bolt-ons to create their own custom package.

Many small businesses find their transparency beneficial; they offer a service which is concisely labelled and at a cost that is specified up front. The costs will generally come out on the same day each month and you can be sure that they will not change unless you are informed. Also there will be a wealth of information made available to you and your management team. This will be easy to access and save significant amounts of time; research has demonstrated that up to fifty minutes can be wasted each day by office workers when they are attempting to find specific information.

A final benefit is that numerous individuals are able to work on the same document simultaneously and on many applications. This prevents disasters where there are many different versions of the same document in your organisation and none of them are completely accurate.

Who Can Cloud Account Systems Link To?

To be effective and save time, accounting systems need to link to various stakeholders. The best cloud accounting systems available on the market can connect to various different business partners. This can save your accounting team from having to manually file reports or share information.

Some of the key stakeholders that can be linked to your accounting packages include:

  • * Banks for transactional advice.
  • * HMRC for exchange of payroll and VAT information.
  • * Companies House for filing annual accounts.
  • * Customers and suppliers (by your invitation only).
  • * Professional advisers.

Remote Working

The biggest advantage of cloud accounting systems is that they are accessible anywhere in the world and pretty much at any time. All that is required is the correct username and password, making it very simple to access and with the correct password security – still remaining very secure.

This means your team is no longer tied to a single desk or company server as they can log in to view details wherever they happen to be. And managers aren’t restricted to using computers and laptops. Some of the best accounting software now runs smoothly on tablets and smartphones giving you the option to finish off work while on the move.

Cost Savings

Finally, there are many areas where a good, high quality cloud accounting system can save your business money. You will require less from bookkeeping services and should need to only pay for expertise for reviews and strategic advice – which, of course, is where Tectona Partnership comes in.

As many packages are relatively cost effective, starting from less than £10 per month, there is no way that a professional bookkeeper could help you for this amount.

And so finally …Who Are The Market Leaders?

Xero – This is one of the best cloud accounting software packages as it allows you to share your financial performance to a selected audience in real time. So your team does nott have to wait to see the latest sales figures; they can look them up instantly and make decisions there and then.

QuickBooks – For less than £10 per month you can gain access to one of the market leaders when it comes to cloud accounting. All the information from QuickBooks can readily be downloaded and displayed in a spreadsheet.

Kashflow – With automated invoicing and a jargon free tone, anyone can use Kashflow and run their business’ finances successfully.

Freshbooks – This is a highly cost effective package that has a great, handy tips message box that will support you as you get started with the software.

Kashoo – Is a simple yet effective accounting system. It does have a free version, but you will be limited to just 20 transactions per month. For most businesses this is too restrictive.

Conclusion

Cloud accounting services are here to help you manage your business’ finance properly. Find the right package and you will save yourself time, cost and stress.

Tectona Partnership have helped businesses from start-up to large established decide on and implement the right systems.

We are a friendly and highly knowledgeable team that would be happy to become part of your business’ success. Contact us for more information.

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