The term ‘Cloud Accounting’, whilst sounding mysterious and somewhat majestic, simply refers to using accountancy software which is hosted on the internet and not just on to your laptop or desktop computer.
In essence it means that you are able to securely and safely access your key financial information from anywhere on a number of devices such as your phone, laptop or tablet.
With HMRC now moving to a more digital focused approach with their ‘Making Tax Digital’ initiative, using a cloud based accountancy service can make conforming to HMRC’s new initiative far more straightforward.
There are a number of dedicated cloud accounting software systems available and understanding which one is best for your business can be quite difficult. Danbro Business Solutions works with the best cloud accounting systems and can help you determine which one would best meet your current and future needs, see the solutions here.
Using an accountancy service which can provide you with a fully supported cloud based accountancy solution can provide you and your business with a host of additional benefits including:
- Enhanced accessibility – You’ll be able to access key financial information in real-time from anywhere with an internet connection.
- Improved financial decision making – with greater access to real-time financial information you are better able to make effective decisions about your business and its growth.
- Reduced costs – cloud solutions do not require expensive installations or upgrades and they reduce the need for additional in-house back-up systems and storage.
- Enhanced security – cloud accountancy software incorporates extensive security measures to ensure that your data is fully protected at all times.
- Greater integration – with cloud accounting systems you can often integrate direct to your CRM system, payroll and stock control systems.
- Time saving – a cloud accountant can streamline accounting processes and remove many manual data entry tasks to increase efficiency and reduce errors.
- Compliance – cloud accounting is fully compliant and with greater access to information it can be far easier for your accountant or you to deal with any compliance questions or issues quickly.
- Automatic back-ups of all your data – cloud accounting solutions can back-up your data securely and automatically in the cloud, so you do not need to worry about your losing your data.
- Flexibility – a cloud accountant can scale with your business easily and affordably, often with easy to manage monthly fees. You only pay for the services you need when you need them.
Cloud accounting is on the rise, according to Techaisle’s research (2022) shows that between 37% - 49% of small businesses are planning to adopt cloud accounting solutions.
The continued rise of cloud accounting is in part due to the incredible flexibility and accessibility it offers to both accountants and business alike. The ability to access key financial information anytime and anywhere is deemed as essential in being able to make informed decisions regarding key business activities.
Business owners adopting a cloud based accounting approach can now make faster, more informed decisions which can enable them to take advantage of opportunities before their competitors, and reduce their risk to adverse situations based on access to essential data.
If you are interested in discussing how a cloud based accountancy solution could help you and your business, then please feel free to get in touch with us.
Matt Connelly is Danbro’s Digital Marketing Executive and produces regular content, including articles and newsletters for the Danbro Group and our subsidiaries.
His background is in B2B marketing and business growth with a strong focus on optimising software to maximise marketing and sales activities.
Since becoming a dad a couple of years ago, Matt’s other hobbies have had to be side-lined due to having to focus on far more important matters… such as keeping a toddler entertained!