<div style="display:inline;"> <img height="1" width="1" style="border-style:none;" alt="" src="//googleads.g.doubleclick.net/pagead/viewthroughconversion/1028731116/?value=0&amp;guid=ON&amp;script=0">
6 ISSUES FOR JUST £6 Subscribe to Business & Professional Life today CLICK HERE

What is cloud accounting and how can it help my business?

PUBLISHED: 12:57 03 January 2018 | UPDATED: 12:57 03 January 2018

Cloud Accounting allows you to work securely whenever and wherever you want

Cloud Accounting allows you to work securely whenever and wherever you want

Archant

Everything in life is moving online – your accountancy records is no exception. Keeping your accounting in the cloud helps give you clarity and allows you to make smarter decisions, says Randall & Payne

A survey by the UK200Group, the UK’s leading membership association of independent chartered accountancy and law firms, showed that 38% of its members’ SME business clients do not currently use spreadsheets, let alone software, to manage their accounts. The UK200Group is in a unique position to collect this data, with a nationwide membership of over 150 firms, who service a total of around 150,000 SME clients.

The findings of the UK200Group’s survey are as follows with the bookkeeping method expressed as a percentage of firms surveyed: shoebox (15%), manual records (23%), computer and spreadsheets (27%), and software (35%).

What is cloud accounting?

Cloud accounting is when you use web-based software to manage your accounting online. Put simply, it allows you to work securely whenever and wherever you want. The cloud is a collective term used to describe any remote server, or computer, which stores your data when you use cloud-based software hosted on it. The software lets you access, interact with, and change your data online.

How can cloud accounting help you?

• Work anywhere: you can access your financial data from any device connected to the internet

• Real-time access: for both you and your accountant in separate locations and at the same time

• Improved communication: it’s easier to get closer to your business and financial data and gives a clearer picture of your finances as a whole

• Save time: can automatically generate invoices and can be linked to HR and payroll apps to generate payslips

• Secure: your data is stored on a secure cloud server and is constantly backed up so you don’t need to worry about your data being compromised

Choosing the right package may be confusing and occasionally, some support may be required. Randall & Payne have trained experts in the four main cloud accounting software packages: Xero, Sage One, QuickBooks and KashFlow.

Their experts can help you to choose the cloud package which best suits your business. If you are already using one but are not happy with it, they can help you decide if one of the other providers better suits your needs, and can help you with the transfer, too.

Recently a start-up business approached Randall & Payne with a package in mind, but during the set up and training process it became apparent that they wanted the ability to track the profitability of each individual project they were undertaking, so their records were transferred to a different package during the same meeting to enable this to happen. Another client had no access to reports because their bookkeeper was using a desktop version, but with cloud accounting software they now have full transparency. Training only takes a couple of hours and is tailored to individual requirements.

Keeping your records up to date has never been easier. Whether you want to automatically pull your bank statements into the software, or automate reconciling regular payments, cloud accounting can take care of it all for you. And, with most providers offering a monthly subscription, the benefits far outweigh the cost of the software.

To harness the benefits of cloud accounting, call the cloud transition experts at Randall & Payne on 01242 776000 or visit the Randall & Payne website.

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other Cotswold Life visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by Cotswold Life staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique Cotswold Life account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

More from Cotswold Life

12:42

The Cotswolds is home to an extraordinary range of companies operating on the global stage. Lucy Parford looks at 50 of the best

Read more
11:36

More than 360 people joined the Worcestershire LEP and Worcestershire County Council at Treetops Pavilion, West Midland Safari Park

Read more
11:24

A Wantage accountancy firm which specialises in helping small businesses grow has been internationally recognised at the Investors In People (IIP) Awards

Read more
11:15

Ecotricity’s new three-windmill site at Alveston, south Gloucestershire next to the M5, will provide enough electricity to power more than 3,000 homes for the next 30 years

Read more
11:04

Did you attend the Oxfordshire Business Awards launch? You could feature in our social photos...

Read more
10:28

From lone wolves to sophisticated gangs bringing down global services, the internet is a minefield for businesses. Simon Yeoman, General Manager of Fasthosts, negotiates the pitfalls

Read more
Yesterday, 16:31

The weekend is fast approaching and for those still deciding how to spend their Friday through to Sunday, we pick 5 of the best ways to spend your weekend in the Cotswolds

Read more
Yesterday, 14:53

Visit Farm491 at Stand 707 at the LAMMA Show 2018 on January 17 and 18

Read more
Yesterday, 14:37

The Passionate About People 20:20 campaign is a year-long charitable movement that celebrates the Groups’ 20th year anniversary, starting in January 2018

Read more
Yesterday, 14:24

A total of 21 new roles have been created to cater for the growing needs of the business across both electrical and plumbing, including engineers to work with New Build, Commercial and Homeowner clients, as well as support staff for administration roles

Read more
Yesterday, 14:04

The chamber looks forward to receiving your entries to make the 2018 Business Awards the best ever!

Read more
Yesterday, 12:48

The critically acclaimed comedy returns to our screens for series two, and you could be one of the first to see it!

Read more
Wednesday, January 10, 2018

We find out whose career is going places in the Cotswolds...

Read more
Wednesday, January 10, 2018

Driving a Great British future with the heritage of the past is what the Morgan Motor Company is all about. Frank Tennyson meets its MD Steve Morris

Read more
 
Great British Holidays advert link

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter

Latest Competitions & Offers

Topics of Interest

Food and Drink Directory
A+ Education

Subscribe or buy a mag today

subscription ad
Cotswold Life Application Link

Local Business Directory

Cotswold's trusted business finder

Job search in your local area



Property Search