What are the Benefits of Cloud Accountants?

Finance Equation Ltd are an award winning cloud accounting service provider. We ProAdvisors with Xero and QuickBooks. Both of which are leaders in their field. Online accounting has come a long way since its inception and it’s transformed the way we work. As little as three of years ago the vast majority of businesses still did their accounting using accounting software on a desktop or on their business servers. This will be

come a thing of the past within a few years. Particularly as the chancellor has stated that the Self-assessment tax return will be abolished by the end of this parliament, 2020, and replaced by digital tax accounts. This is likely to be catered for by Cloud accounting software.

So given the landscape is changing fast are their any benefits to using cloud accountants?

Cloud accountants – The simple answer is yes some of the benefits are as follows:

You no longer need to keep paper records of your sales/purchase invoice. Just scan or take a picture and upload it onto your Cloud accounting software.
Your Cloud accounting software is automatically upgraded to the latest versions.
You don’t have to worry about data storage or data backups, it’s all taken care of for you.
All virus and firewall issues are taken care of for you by your provider.
You can access your financial information anywhere in the world provided you have internet connection.
A Cloud accounting system means that can add your bank account to the system which makes reconciling your bank account extremely easy.
Your Cloud accounting system intelligently matches income with sales invoices and payments with purchase invoices.
Monthly management information can be accessed on the go.
Sales invoice can be generated on the go and emailed to your customer as soon as you have completed the work or dispatched goods.
VAT returns are made simpler and easier to submit to HMRC.
There are numerous paid add-on that you can use to streamline your processes.

The benefits are endless and depend very much on the nature of your business.

Cloud Accountants Finance Equation Ltd are ProAdvisors with Xero and QuickBooks, both industry leaders in the field of Cloud Accounting. We can assist you to migrate your data to an online accounting system.