Modern cloud accounting software (eg Accounts IQ, Xero, Quickbooks, Sage, Auto-entry, Receiptbank and FD Reporting etc) can provide business owners with relevant, real-time reports at any time. Maintaining your financial records has never been easier, with many UK businesses turning to cloud software.
At French Duncan we aim to provide you and your business with solutions, not just access to book-keeping software. From providing an outsourced bookkeeping service, VAT return preparation and bespoke management accounts to carrying out detailed systems reviews, implementation and training, our skilled team are on hand to work with you to find the right solutions to suit your needs.
As a future driven firm, French Duncan has invested heavily in cloud solutions for SMEs, ensuring our staff are fully certified and trained in all the main Cloud solutions, ready to help take you and your business onto an online platform tailored to your needs.
The benefits of cloud accounting are significant, but below are a few key points:
Readily available data at your fingertips. Faster bookkeeping from imported bank transactions to sending invoice reminders
Cloud accounting software is accessible 24/7. With the aid of integrations, you should have all the information you need anytime, anywhere.
Bank feeds allow for reduced data entry of bank statement lines into accounting systems. Activity data is collected from the bank and effortlessly entered into the accounting software.
Once the bank information is available, the accounting program can automatically suggest matches with transactions such as sales and purchase invoices. Upon completion of the bank reconciliation, automatic invoice reminders can be sent to customers to chase payment for outstanding overdue invoices enhancing the credit control functionality.
Decision making made simple. Effortlessly run customisable reports giving you a snapshot of your financials anytime
The reporting section gives the ability to understand your business from running real-time reports. This moves away from traditional, desktop bookkeeping and year-end compliance - allowing for a more meaningful advisory service.
As everyone’s needs are different, the customisation of reports allows for a personalised reporting pack to be created. You can have reports showing exactly what you need and in the format you need it.
Various add-on integrations such as AutoEntry, PayPal, Receipt Bank and more . . .
With the evolution of technology, cloud systems are becoming more advanced and intuitive. Through the developments of API’s, most software providers allow for seamless communication with other providers. This allows for you to have sophisticated platforms and integrate with add-ons when needed. Add-ons can save time and create efficiencies.
There are accounting software add-on apps that can assist with the following functionalities and designed specifically for the sectors noted below;
Multiple user access to your accounting package
No more restoring data from memory sticks or remotely connecting to servers. This information is available by simply having internet connection. Not only on a computer, but accessible from smartphones & tablets. Cloud accounting software is accessible 24/7. You should have all the information you need anytime, anywhere.
In relation to user access, the restriction that can be found with desktop systems is single user access only. With cloud systems, there can be multiple user access allowing for increased productivity.
Where staff manage different parts of the business eg staff for sales / staff for purchases, cloud systems manage this well. Different access rights can be given and tailored to all roles so individuals are only viewing what they need to see.
The ability to collaborate with your accountant is much easier when on the cloud. Both parties can view the system at the same time and give instant advice. Conversations that used to be held at year-end can now take place throughout the year with reliable information at hand resulting in proactive advice.
Automatic back-up to the cloud preventing loss of data
In comparison to desktop systems, spreadsheets and paper, the cloud has better security and reduces risk of loss of data. Cloud providers are always on top of data security and actively review and improve this functionality.
Sensitive data is secure and safe from loss. Even is computer crashes, everything is saved into the cloud. The risk of losing important data due to a server failure is avoided when data is backed-up in the cloud.
There is no need for manually backing up your data every night as this automatically saves into the cloud.
One of the best things is you shouldn’t have to spend money on IT staff resources for fixing server issues, downloading updates and for system assistance. All of this is covered in the software monthly subscription cost.
Technological innovation keeping up with fast-paced future thinking industry
Software is always being reviewed and updated with minimal interruption to your business. There is no need for manual updates as this is performed automatically in the background by the developers.
When Making Tax Digital comes in, the cloud systems will be updated without you even knowing and all necessary reporting available at your fingertips without any effort.
By choosing to move to a cloud accounting system now, your business will be compliant with the Making Tax Digital regulations set out by HMRC. The software providers we use are on the list of supported providers by HMRC.
Already VAT returns can be submitted directly to HMRC through the cloud accounting system. This saves having to manually enter return information on the HMRC website – everything dealt with in one system in one go.
Finally, a benefit of reduced carbon footprint as: