27 Jul Is cloud accounting right for your business?
Cloud accounting can be an excellent approach to accounting for many businesses, as it migrates all of the manual accounting duties into an online portal.
We’re going to take a look at whether or not cloud accounting is right for your business by looking at what it can offer.
The digital transition
Many businesses are switching to a digital transformation as it allows for greater connectivity and a more streamlined workflow. This is true for businesses and governments alike, with even HMRC migrating to the cloud. Although it hasn’t happened yet, the Making Tax Digital scheme will most likely be required for all businesses in the coming years. Switching to cloud accounting now would effectively prepare your business accounts for the future.
No matter the size of your business, collaboration is an important part of getting things done. Migrating to cloud accounting will make it much simpler for your company to work with accountants collaboratively. That way, updated accounts can be shared with all relevant parties in an instant, rather than chasing them up over a matter of days or weeks.
Innovative cloud accounting solutions to develop your business
Cloud-based services such as cloud accounting are designed to be more effective than traditional accounting solutions. By their very nature, tweaks and innovations are brought into the cloud platform to encourage a more accessible, efficient service for accountants and businesses. Cloud accounting is a great way to get rid of slow reporting and dated financials.
More secure and reliable accounting service
There is always a large margin for error when it comes to traditional accounting. A simple misprint or bad photocopy could end up taking weeks to get caught, resulting in numerous delays and possible fees from HMRC for misreporting. Cloud accounting negates this worry as all data is securely stored on a server off-site.
Better yet, all data is digitally encrypted so there is even less chance of your accounts getting misplaced or stolen. Cloud accounting is an excellent way to offset the possible risk of on-site theft or accident data loss.
If you’re considering the switch to cloud accounting, speak to our professionals at SQK Accounting today. We can provide a range of solutions to upgrade your accounts to the cloud.