Cloud accounting has taken the business world by storm, but why is the software so popular amongst small to medium sized businesses? With four years of experience using cloud accounting, I explore the features that make the software so appealing to accountants and businesses alike.
Ultimately, the main advantage of cloud accounting software is the flexibility. You are no longer tied to a computer and are able to run your business from anywhere in the world and from any device. Through having access to up-to-date financial figures wherever you are, you are able to regain control of your business, keep on top of your finances and not be caught out by any hidden surprises. Unlike traditional accountancy software, you have the freedom to access your accounts at any time, not once a year when your year-end has been processed. I have witnessed first-hand how beneficial this is to businesses – improving their efficiency and helping them make the most of opportunities.
Automatic bank feeds are the key behind cloud accounting. Through linking your business account up with your cloud accounting software you can reconcile invoices and gain an accurate understanding of your cash flow. This feature allows you to access your finances in real time.
This is a great benefit that allows for collaboration. You can decide who has access to your software and what they can see. Through multiple accesses you can also share your data with your accountant. This is a great feature for us as it allows us to spot any discrepancies immediately, provide accurate forecasts and, ultimately, more relevant advice as we can see instantly what is working, what is not working and what can be done to help you grow. Through this feature you can allow internal employees to access specific areas of the system that you would like them to work on too.
Whatever your business needs, there is no doubt that there will be an add-on for it. With hundreds of cloud accounting integrated applications available, you can easily find add-ons best suited to meeting your businesses objectives. A few of my favourite add-ons include CrunchBoards, ReceiptBank and Chaser:
- CrunchBoards – CrunchBoards work alongside Xero, providing users with complete clarity of their data. What makes CrunchBoards so valuable is that every transaction from the beginning of time can be imported, which means absolutely any KPI can be looked at in real-time for operational, retrospective or future analysis. And, if anything is amiss you will be the first to know
- ReceiptBank – Receipt Bank extracts the key information from your bills, receipts and invoices, removing the need for manual data entry. Receipt Bank can then publish the data to Xero or it can be downloaded as a spreadsheet or used to create expense reports.
- Chaser – Chaser allows you to reduce your debtor days and gain a financial boost through automating the process you use to chase invoices. Through integrating with Xero you can set the chasers you want your customers to receive at different points until the invoice is paid.
Cloud accounting software is also synonymous with quick and easy billing. You can produce invoices quickly on cloud software, ultimately promoting better and improved cashflow.
You can find out more about the benefits of using cloud accounting software such as Xero on our website. We are offering 3 months free when you sign up today. For more information on this, please contact me at firstname.lastname@example.org