Benefits of Cloud Accounting
There are many adverts on radio, TV and online, stating that using cloud accounting software can save businesses money, help you get paid faster and help save you time. Is this true? In short, yes, well sort of!
What are the Benefits of Cloud Accounting?
If you are a business of a sufficient size and have a good finance team in place, then cloud accounting is unlikely to result in customers paying you quicker, but it still could save your team time, which means that they could spend their time doing other things or reduce their hours – therefore potentially saving you money.
However, if you are a small business with limited time available to spend on the bookkeeping, then cloud accounting really can help save you time, money and help you get paid faster. Cloud accounting software such as QuickBooks, Xero and Sage One allow you to send invoices via email and on the move from tablets and smart phones. The quicker a customer receives an invoice the quicker they can pay. This is how the software companies can claim that by using them, businesses will be paid faster.
In addition, if you are using manual records or spreadsheets, cloud accounting software has a facility that can pull all of your bank account transactions without you having to type anything in, which is a real-time saver. This then gives you the opportunity to stay up to date with your bookkeeping. By having up to date bookkeeping you can keep an eye on costs easily and stop issues early. This could potentially save your business a lot of money in the long term.
The added benefit of cloud accounting software is that it is relatively cheap and easy to start using. We recommend that business owners take the time to get trained on the software, so they can make the most of the features on offer.
If you have any questions or if you would like to speak to us about Cloud Accounting in more detail, please contact Hannah Farmborough or call on 0207 429 4147 to be put in contact with a member of our Cloud Accounting team.
This article originally appeared on the blog of our member firm, MHA Moore & Smalley.