Cloud Accounting – What Is It?

 

What do a photographer, a quantity surveyor and an electrician all have in common?

Well, it’s highly likely that as small business owners, they each started up in business to serve their clients doing something that they absolutely loved. Not to spend countless hours every month pouring over their accounts or bookkeeping.

Traditional desktop-based accounting software can be somewhat tedious.

This is especially true for the entrepreneurs amongst us who insist on stuffing all their receipts into a plastic bag; then frantically cobbling things together in an Excel spreadsheet at the end of every quarter.

Thankfully, there’s an ever-growing range of online tools and technologies available that can help to reduce the monotony of managing invoices, bills and receipts. Whilst at the same time, freeing you up to do the parts of the job you really love.

Cloud accounting is the future when it comes to finding a solution that is simple to use. And it will almost certainly save your company a significant amount of time and money.
 

So what is this ‘cloud’ and how does it work?

It’s not that long ago that if we needed to use a specific piece of software, store data or run programs, we’d be completely reliant on the capacity and speed of our individual computer.

If we then wanted to share that data with someone else (our accountant for example), we’d either have to email it or else load it onto a USB stick. Neither of which is secure or reliable.

Plus – practically as soon as the data has been sent, it’s out of date again!

‘The cloud’ is a shortened term for ‘cloud computing’. And a cloud application (app or program) can run on multiple (sometimes dozens) of powerful internet-connected computers spread around the world.

So your hard drive is no longer relied on as the central hub.
 

How can Cloud Accounting help me and my business?

Cloud-based accounting software such as Xero, Clearbooks and ReceiptBank can be accessed from practically any device that has an internet connection.

Data can be accessed anytime, anywhere in the world, meaning that you’ll always have an up-to-date picture of how your business is performing, no matter where you are or what you’re doing.

Processing your accounts online means that you can successfully bridge the data-sharing gap between you, your business and anyone else that needs access to your data; such as an accounts assistant, a bookkeeper or an accountant.

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What do our clients have to say about Cloud Accounting?

An estimated 80% of our current client base is already using cloud-based accounting and are reaping the rewards that this technologically sophisticated medium affords.

Steve Tanswell, Managing Director of Smarter Heating Services, told us: “Cloud accounting has absolutely transformed my business over the past few years.

“Instead of just reporting last year’s figures – basically because the tax man says I have to – my input is now based on real-time activity. This has really strengthened the relationship between my company and Price Manchester and I feel that we get a much greater level of support from them.

“I have to admit that I was a bit apprehensive at first, but cloud software really is so easy to use and because it’s payable on a rolling monthly subscription, it’s much more cost effective. The Price Manchester team were absolutely brilliant when it came to getting us set up. And since they now have real-time access to our data, they’re often in a position to spot any errors or omissions early on, so that things can be quickly rectified.

“That’s’ just the day to day stuff – from a more strategic point of view, cloud accounting gives me instant access to accurate financial information which has been absolutely invaluable when it comes to planning the future growth of my business.”
 

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