19 Dec 3 key benefits of Cloud accounting for UK small businesses
All small business owners know how vital it is to keep a track of their accounts.
This not only helps you to be in control of key things like cash flow but also means you can run payroll effectively and set realistic goals for future growth. Although traditional ways of keeping accounts are still seen, many small businesses in the UK are now turning to Cloud-based accounting.
But what benefits does this offer?
1 Instant access to latest figures
Keeping an eye on your accounts is all about having the latest numbers to work from. Cloud accounting is a superb tool in this sense because it gives you easy access to the latest figures. As Cloud accounting platforms operate in real-time, you always know the exact state of your finances. If you also use handy online accounting mobile apps, you can also stay on top of your business finances wherever you are.
2 Makes accounting simpler
One major benefit online accounting brings is simplicity. Intuitive platforms make keeping track of your accounts very easy and much simpler than handling them on manual spreadsheets. Cloud accounting is also a lot quicker than old-fashioned ways of handling small business accounts. Rather than having to manually update figures, for example, these platforms can scan invoices and then show updated results instantly. As the software handles the number-crunching, it also stops human error from being a problem when accounts are updated.
3 Perfect for using in conjunction with your accountant
Most small businesses will still need to work with an accountant – even if they use online platforms to reconcile invoices or record expenses. This is particularly true when tax returns are due to HMRC and you need your accountant to complete the paperwork for you. Cloud accounting is a godsend here because it allows authorised users to access the latest figures online to work from. This means there is no need to meet with your accountant to discuss or drop them off tax paperwork in person. If you also use accountants for bookkeeping or other services, this becomes even more useful.
Cloud accountants in Manchester
If you plan to reap the benefits Cloud accounting can deliver, it is wise to use an accountant who is experienced with this way of handling finances. At SQK Accountancy, we are Cloud accounting specialists who can help small businesses in Manchester get more from online accounts. Contact us today at firstname.lastname@example.org for more details.