How Cloud accounting can help you go paperless
Last year, more than any other year we witnessed a digital transformation among small and medium size businesses globally, with 70% of companies either having a digital transformation strategy in place or are currently working on one.
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21% of businesses think they have already completed a
digital transformation.
Businesses are increasing their use of digital tools as they seek to reduce costs and remove inefficiencies in order to remain viable and operational. Financial improvement is a big driver of digital change, however it is not the only driver. The Covid-19 pandemic has seen a rise in travel restrictions for people, as well as national lockdowns meaning more staff working from home and quarantining which has presented issues transferring or accessing physical documents, resulting in delays. These issues meant that many business owners were more likely to make an earlier than anticipated move to cloud accounting solution.
What is Cloud Accounting?
Cloud accounting helps to reduce the amount of paper used and is a great way for your business to become more environmentally friendly.
While a paperless office might not be viable or suitable for some businesses, cloud accounting solutions aim to make it easier when dealing with your accountant, and reducing the need to keep hard versions of you receipts, invoices and other documents.
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Cloud accounting solution will allow you to access your financial information on any device with an internet connection, meaning you have full access to your business finances wherever you are. However, it can transcend the level of traditional accountancy and combine multiple features into one area allowing you even more accessibility and saving you time.
Here are just a few ways Cloud accounting can help your business:
- Flexibility to work from anywhere at anytime
- Multi-user access
- Automation and streamlining processes
- Generally cheaper compared to traditional desktop solutions
- Requires less investment into servers and IT
- Multifactor authentication for higher levels of security
- Real-time overview
- Go paperless, de-clutter and create space
- Prevents data and documents from getting lost
- Environmentally friendlier
How easy is it to implement?
Although each piece of Cloud Accounting software is different, they do not take long to set-up and some even offer free trials so you can try before you buy. Although initially processes will be slightly different and take getting used to, it will be a positive step and Moore (South) can provide assistance when implementing and setting up cloud software for your business.
If you are looking for assistance with Cloud Accounting, Moore (South) will work with you to understand your requirements and we are able to advise on the most appropriate software solution and support for your business.
How we can help
- We can provide training, advice and support to set the appropriate cloud solution up and ensure that you feel confident in using it
- Provide regular or one off support to help you manage your accounting records
- Produce financial information, including management accounts, budgets and cash flow forecasts to help you make informed business decisions
- Review of your financial information when VAT returns are due, or prior to your year end
- All your finance requirements can be outsourced to Moore (South) as short term emergency cover, or as a permanent solution
What tools are currently out there
There is not a one-size fits all approach to cloud accounting software solutions. If you currently have a cloud accounting system, we can carry out a ‘health check’ to see if you are using it effectively. Below are some of our main solution providers that are currently serving our clients.
Which tool will fit your business?
The package you choose should be based on your business needs, most providers offer different packages, which should be applicable to your business no matter size or experience. If you would like to discuss a move to a cloud accounting platform and how it can have a positive influence on your office and business, please contact your local Moore office.
At Moore (South), we have a cloud accounting team that are trained and up to date on all of the major cloud accounting software providers in the market. We will work with you on finding the most suitable solution for your business.
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