During the Covid-19 pandemic, many businesses have been forced to adjust to new ways of working, and those with cloud-based accounting software have seen significant advantages.
Despite several industries gradually coming out of lockdown (retail and hospitality), the threat of Coronavirus is still very much here. UK citizens are still being urged to work from home where possible, which means for many office-based workers, remote working is here for the long run.
This new way of working requires more dynamic and remote access to a business’ financial records and systems by those needing to work on them as well as those that need to access accurate and timely information to take decisions to manage financial affairs.
Here are just a few of benefits of cloud accounting software that have been exposed during the Covid-19 pandemic…
1) Remote access to financial information can be difficult, with remote desktops not always reliable or available on certain devices. Desktop financial software also limits what can be done and can often be tedious and slow. In contrast, cloud accounting software can easily and quickly be accessed using varying devices and from any location, many of which have real time information.
2) Cloud accounting software is built to be easy to use. This makes it quick and simple to get your remote workforce set up and using the system to its full potential.
3) No paperwork! Lockdown has meant its no longer viable to work though mounds of paper receipts and invoices. Cloud accounting brings all this information straight to your computer screen.
4) The Coronavirus crisis has escalated the risk of cyber attacks as many businesses are increasing their reliance on remote working and online services. Cloud accounting software offers the most sophisticated digital security possible, including data encryption, password protection, multi-factor authentication and data backups.
5) Coronavirus Business Interruption Loan Scheme (CBILS) applications benefit from a cloud accounting solution. The software enables businesses to have fast access to regular and accurate management information and proves efficient in producing financial forecasts including cashflow to support your application.
6) Lockdown has heightened the need for more integrated business applications to allow for slicker processes. Cloud accounting software easily integrates with many business applications including point of sale software, inventory management, payment management, receipt management and document collection and management.
7) With cashflow a concern for many businesses, there are many payment options for cloud accounting software. Most offer a basic package which allows businesses to pay a low monthly fee, rather than large lump sums. They also offer varying packages dependent on the size of your business. As a bonus, it also frees up costly space on your servers.
Get the right Cloud Accounting Software
There is a huge range of cloud accounting software out there, making it difficult to decide what will work best for you. We have experts in-house to help you with standard cloud accounting solutions (Xero, Sage, etc.), and for those who have more sophisticated software requirements, we have partnered with a firm of expert cloud consultants to ensure you get the right package for your business.
For help and support in setting up and the ongoing management of cloud accounting software in your business, please get in touch!