Keeping track of your business accounts no longer needs to be the dull and time-consuming task it used to be. With the introduction of cloud-based accounting systems such as Quickbooks and Xero, doing your bookkeeping can become easy and efficient, and provide more useful information for your business at the same time. There are many reasons why moving to cloud based accounting software can help your business. Here are just some of them.
Save time on recording and allocating your business transactions
Cloud-based accounting systems can save you a lot of admin time through automating your processes. Bank transactions can be automatically downloaded into the system so that allocating to the relevant income or expense category is simpler. The system will learn from previous transactions so that it is easier to consistently allocate transactions.
Up to date records
Having financial information available in real time means you can keep your accounts up to date enabling you to make better and more relevant financial decisions. Ready-made reports within the system make it easier to see how your business is tracking through the year.
Streamline sales invoicing
Raise sales invoices within the system and email them direct to your customers, saving time on creating and sending invoices. It is then easier to track unpaid invoices and send reminders.
Access your accounts anywhere
With a cloud-based accounting system you can access your books from anywhere, including apps on your phone or tablet. If you're rarely in front of a computer you can still send sales invoices and allocate your bank transactions on your phone, making it easier to keep up to date. You can set different access levels for employees and associates, and can share the data direct with accountants, bookkeepers or other advisors.
Go paperless
The ability to attach documents into the system means that you can store receipts and other paperwork with the actual transactions, enabling you to move towards paperless records where everything is stored in one place.
Keep your systems up to date in a cost effective way
If you're currently using a desktop accounting software you will know that these can be costly to upgrade. Cloud-based systems are paid for by monthly subscription, and are automatically kept up-to-date, making them a low-cost option which is easy to budget for.
Customisable with third party app integration
A fantastic advantage to cloud-based accounting systems over excel or desktop systems is the integration with third-party apps. This means that you can make your accounting system part of a customised business software suite, to suit your business, with add-ons as you need them, for example, CRM, automated receipt capturing, expense claims and mileage tracking.
Which system should I use for my business?
There is a wide range of accounting packages available, and different options will suit different businesses. If you would like to find out more please get in touch.