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Driving business efficiencies is the key to increasing your company’s profitability - helping you to engineer a well-oiled machine that makes light work of essential business processes.
Accounting is undoubtedly an essential business process but, without a lean system in place, this can become an intensive and time-consuming endeavour that feels less like a streamlined system and more like a dreaded chore.
With the advent of cloud accounting, business owners can carve out precious time for the all-important running of their company and wage war on wasted resources.
In this post, we’re putting cloud accounting under the microscope and uncovering its many benefits for the modern business owner.
What is cloud accounting and how does it work?
Cloud accounting is the process of storing and managing your business’s books online. These financial records include everything from your top-level income and expenses to your liabilities, assets and more.
With a personal login you can use to access your digital books, you can view your business’s financial data at any time as well as accessing tools that help you to invoice customers, quote on new work, manage your bills and much more.
By investing in a cloud accounting software solution, such as Xero, you can migrate your business’s financial records to the cloud and even connect the software to your business bank account for seamless data transfer between the two. From here, you can log into your cloud accounting software from your work device, at home or on the go.
Business problems solved by cloud accounting
Embracing change in business can be a tough pill to swallow as the prospect of overhauling a central business process initially feels fraught with risk. There’s no denying there’s an upfront time investment involved with making the move to cloud accounting, but the problem-solving cloud accounting software is capable of more than justifies any initial expense - time or otherwise.
Here are just some of the many business challenges solved by embracing cloud accounting:
Make the move to cloud accounting software today
The UK government’s Making Tax Digital initiative means small businesses across Britain are now joining the cloud accounting revolution and digitising their books.
Now’s the time to embrace the change so you can get ahead of the curve and enjoy peace of mind that your business is fully compliant with MTD before this initiative becomes law.
Contact the team at Harlands Accountants now to find out more about the advantages of relying on the cloud for your company accounts and take your first step towards best-practice 21st-century bookkeeping.