Why is cloud accounting good for business?


Friday 27 July 2018



From paying household bills and organising banking to buying clothes and booking holidays, online financial transactions are increasingly part of people's everyday lives.


Now, thanks in no small part to the growth of cloud accounting, the same can be said for the financial management of businesses. But just what is cloud accounting, and how could it benefit your business?

From paying household bills and organising banking to buying clothes and booking holidays, online financial transactions are increasingly part of people's everyday lives.

Now, thanks in no small part to the growth of cloud accounting, the same can be said for the financial management of businesses. But just what is cloud accounting, and how could it benefit your business?

Accessible, automated and connected


The key to cloud accounting is the accounts package itself which, having for many years been based around software programmes sitting on the hard drive of a computer, can now be based in the cloud, and is accessible from anywhere with an internet connection.

You can also connect your accounts package to other online data sources. For example, you can connect your online banking to your accounts system, so that all your business transactions feed directly into your accounts - meaning that no-one has to sit and manually enter all that information. Your suppliers can email invoices directly to your accounts system, and all your expenses can be recorded on an app, which will automatically upload them to the same package.

By bringing connection to so many other data sources and automating data input, cloud accounting enables you to do away with a lot of manual data entry.

Facts at your fingertips


However, efficient inputting of information and automated transactions are only half the story - you can also extract data from the cloud accounts package, and use it in other programmes.

So if you want to explore the data analytics for your business, run specialist reporting, or use credit control software to analyse your collection times, you can connect all of these software programmes to your accounts package.

And you can have access to all that information on the go; you can use your accounting software from your smartphone, generate reports, or even be sitting in your car and finding out what your sales rep sold that day through your phone or tablet. When you put all that together, the result is a cloud accounting platform for your business.

Business benefits


Having recently launched our own MiPB cloud accounting package, at Price Bailey we know that there are advantages for pretty much all businesses opting to make the switch.

But the greatest benefits are for those with high volumes of paperwork - such as businesses with a large number of small transaction clients - where automation means that you can make major savings on both costs and time.

Of course, automated data uploads, processing and transactions don't eradicate the need for human input completely. One of our key roles in our work on cloud accounting systems with clients is to guarantee the quality of the information - acting as the 'guardians of the data' - and making sure that the right information is feeding in correctly, alerting clients to potential issues and anomalies or highlighting trends.

Affordable functionality


The really exciting thing is that, although the cloud accounting packages offer high-tech features and functionality, they are also very affordable.

In most cases the packages operate on a licensing basis, so businesses buy in licences depending on their need, rather than having to invest heavily in the hardware and software itself. So you can have a very sophisticated, connected accounts package for small businesses for as little as 10 a month, with installation and switchover completed in just a few hours.

Having experienced the changes that online purchasing and cloud transactions have brought to people's personal finance and buying habits, it's clear that cloud accounting packages will be delivering similar benefits to increasing numbers of businesses in the near future



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