Having tested the market, we have decided to partner with Quickbooks, Xero and Sage so that we are now able to offer a suitable cloud solution from among the market leaders that is most appropriate to our clients’ individual requirements.
Whilst many successful small businesses are already realising the benefits of moving to the cloud, a significant proportion remain on more traditional accounting platforms, or even, in a few cases, Excel or handwritten records.
If you are running a successful small business but you haven’t yet looked into making the move, it’s probably time to consider your options. Our Guide to cloud accounting is a great place to start.
Here are a few of the potential benefits of the cloud to successful and ambitious small businesses:
- It’s easy to use – modern cloud interfaces are very intuitive and user friendly
- It can save time – new working practices enable users to automate some of the bookkeeping, as well as working from home or on the move, freeing up your time to grow and improve your business
- It’s flexible – cloud solutions offer various add-ons such as time management, job costing etc
- It’s less hardware intensive – as data is stored in the cloud, you won’t need to perform backups or use up expensive memory, all that is needed is a good internet connection
- It’s seen as being secure – the reputable cloud providers operate state of the art security systems
- It can help informed decision making – when the data is kept real-time, you can access up-to-the minute information about the financial performance and position of your business, enhancing your control and decision making
- It should support the requirements of Making Tax Digital – leading cloud providers are incorporating solutions to support compliance with the requirements of MTD
- Better collaboration with your accountant – cloud accounting helps us work better together; with access to real-time information about your business we are well placed to advise you on how to grow and improve your business
Are there any downsides? Traditionally, one or two concerns have been raised about data security, and whilst this remains a legitimate point, the cloud providers take this matter very seriously and it is now generally perceived as being a manageable risk that is usually outweighed by the many potential benefits.
Another point is that cloud solutions may be unsuitable for small businesses that have very large volumes of transactions or very complex financial affairs, although as the technology develops, more and more businesses of this type will probably be well catered for.
At Scholes CA we provide a free cloud accounting consultancy service to help our small business clients consider the options and select and implement the most suitable solution for their specific needs. If you would like a free copy of our Guide to cloud accounting, feel free to contact me through Scholes CA.