How is Cloud-Based Accounting Systems relevant to my Business? Times are changing fast and so have the way in which we run our businesses. We are constantly looking for new ways to improve our business to achieve efficiency without sacrificing quality. We look for ways to save time. The finance and admin functions of our businesses is not an exception to this. Cloud-Based Accounting Software can be one of the ways for your business to achieve this.
Desktop Accounting Software vs Cloud-Based Accounting Software
You may ask yourself: “Why would I move my business to a Cloud-Based Accounting Software if the Desktop Software has always worked?” Let’s answer that question.
Foremost, what is a Cloud-based Accounting Software? Accounting Software is cloud-based when accounting records are stored, managed, and processed on a network of remote servers hosted on the internet, rather than on local servers or personal computers. A person that is therefore given access to this Software can access these records from any electronic device as long as they have internet connectivity.
Advantages of Cloud-Based Accounting Software
There are many advantages to this of which I will be discussing a few.
The business owner, staff and the accountant can have access to the Accounting Software all at once. They may all have various types of processing rights depending on the function they fulfill. This can be done from anywhere and from any device. Yes, even your phone! It is clear from this fact that the days are gone where the accountant owns the accounting records processed on a desktop computer and the owner do not have control over their records. On the flip side of the coin, gone are the days where the accountant must visit the client site to work on the accounting records. And just the same for sending around back-up files and all the related challenges associated with this.
Now you can process your customer invoices from anywhere and even send customer statements electronically directly from the Accounting Software making use of your phone.
One major benefit of Cloud-based Accounting Software is the Bank Feed function where the bank automatically feeds bank statements into the Accounting Software. This avoids errors and saves time. A further advantage is that you can upload supporting documents such as supplier invoices directly into your Accounting Software. This is a great way to maintain supporting documents and go paperless.
It is clear that Cloud-Based Accounting Software can save you time, money and ad efficiency to your business processes.
Do I still need an Accountant?
You may well ask yourself the question: “Well, if it’s so easy, why do I still need an accountant?” The simple answer is: “Garbage in, Garbage out”
Your accountant should be assisting you by reviewing your accounts periodically to ensure that allocations are accurate. Furthermore, your accountant should confirm that you are charging and claiming VAT correctly. Your accounts should also be reconciled periodically to your Vat201 and Emp201 returns to ensure that it corroborates. These are examples of function that can not be replaced by Cloud-Based Accounting Software.
Finally, your accountant can help you get the operational benefit from your Cloud-Based Accounting Software by giving guidance. This is not only on how to use the software but also on how your Accounting Software can work for you. Your Accounting Software should support your business as a whole and on an ongoing base. It should not be just another item on your To-Do-List that will only keep your company compliant and out of trouble!
At PPHC Global we only recommend Cloud-Based Accounting Software to our clients as transparency becomes a key role player where a client has full control of his Accounting Software. If you want to migrate to a Cloud-Based Accounting Software today, or simply turn your Cloud-Based Accounting Software into something that works for you, call PPHC Global today!