06 Jul Benefits of cloud accountancy systems for small businesses
As the owner of a small business, there will always be some administrative work waiting on your desk, whether it’s running the monthly payroll or dealing with the end of year accounts, and often these can be left until the last minute. Rather than trying to do everything yourself in double-quick time, investing in a cloud accountancy system could help you save time, money and stress.
Often small businesses stay away from professional accountancy services because of their perceived high cost, but a cloud based system could be much more affordable. The monthly fees can be designed to suit your requirements, rather than having to pay a large upfront cost, and this will cover all the areas you need, including tax and VAT returns, annual accounts, payroll services and the accountancy software.
Updates in real time
Traditional accounts were a hassle to update, with every individual change needing to be altered in each location, which resulted in figures not being as accurate as they could be. However, by using a cloud accounting system you can see instantly what the position of the business is, as when any changes are inputted in one place they are automatically updated in all the forms.
Running a small business isn’t always a 9-5 job, and this can cause issues if you need access to company finances outside of normal office hours. When you have a cloud accounting software package you have the flexibility to see all your financial data whenever you have access to the internet, no matter what time of the day it is, and you know that it will always be up to date.
You can also provide access to your online accounts to all the necessary team members, so that everyone can view the same records at the same time, even if you’re not all in the same place. This improves collaboration, which is extremely important in a small business, where staff may have more than one role to conduct.
For further information on how we can assist your small business, whether you’re just starting out or you’re in charge of an already-established enterprise, contact one of our team of accountants today.