Is Cloud Accounting Right for Your Business?

Cloud accounting software helps you streamline your business processes, keep accurate accounts and minimise your admin burden.

One of the main advantages over traditional accounting software is access to your information. Because your data is now saved securely on remote servers, you can access your financial data anytime and anywhere – provided you have an internet connection. With automatic bank feeds enabled, you have an accurate picture of your cashflow position in real-time and can easily keep track of debtors and creditors. Your accountant will be able to view the same data as you and so can provide up-to-date advice and support with all the relevant information to hand.

Cloud accounting suits businesses of all sizes, whether you’re a micro business or large enterprise. Need to work on the move? You can send invoices and record expenses and check your account balance remotely using your unique log in details. Templates and automatic tax calculations make invoicing quick, easy and efficient – and you can switch on reminders and payment confirmations, reducing the administrative burden on your business.

Accounting software also reduces the amount of data entry and manual calculations needed, improving accuracy and reducing the likelihood of mistakes. What’s more is that software packages are cost-effective – you choose the service level and can easily scale, as your business grows.

Larger businesses will likely need to consider additional items, such as bank reconciliation, fixed asset management, accounts payable and payroll. You will also want to look at how the software will integrate with your existing systems – many cloud solutions provide apps and add-ons to help with this. When researching cloud accounting software providers, we can help you source a robust solution based on a thorough review of your requirements.

Cloud systems like Xero also mean that you can offer timely advice, when you need it, with access to your most up-to-date financial data at our fingertips to fully help you and your business.

All DFK members firms are highly experienced in cloud accounting software and we can help you choose and set up the right accounting software for your business. Whether you want to migrate from an existing package or set up a completely new system, we can help you get off to a great start. Many of our member firms are Xero Platinum partners so you can rest assured our training is fully up-to-date. You are in safe hands.

If you are looking to move to cloud accounting software or simply want to maximise your existing systems, we can put you in touch with one of our member firms. Contact us here