24 Jul Why startups need to opt for cloud accounting
All UK business start-ups or existing small businesses will find using cloud accounting software offers a variety of benefits. There is a range of software on the market, some of it free to end-users, giving business accounts a head start when it comes to speed of accounting and the ability to retain an edge in the increasingly digital business environment.
Why should my UK start-up choose cloud accounting?
Some major benefits of cloud accounting and the reasons your business should make the switch at the earliest opportunity include:
1. Great financial overview
Using cloud accounting gives you the instant financial snapshots you need, when you need them. You don’t need to wait for accounting teams to get back with spreadsheets, as all your financial data will be available in a variety of formats with just a few clicks of a mouse or screen swipes.
2. Collaborative working
You and your team can work from any place, at any time of day when you opt for cloud accounting and instant updates mean data is always relevant. What’s more, your business accountant will always be able to access required data when needed, for example at the business year-end, or for preparing income tax or corporation tax returns.
Cloud accounting is scalable
It’s not just the case that cloud accounting is easy to access from any internet device, it’s also true that this accounting method is affordable and scalable. Generally, you’ll pay a monthly subscription for your services, so you can simply upgrade or add to your accounting package when needed.
Cloud accounting is secure and continually upgraded
Finally, you can rely on your cloud accounting package for secure business services and information storage. Running in house accounting software means you’re always at risk of missing out on software updates, but cloud software providers upgrade packages as needed. This is particularly critical in the UK due to the government’s switch to digital returns for VAT, payroll, and business and individual taxation.
Find out more about start-up and business financial matters on the SQK Accountancy website, or get in touch to discover all the reasons we’re number one for small business cloud accounting.