Cloud accounting is a term that you are probably hearing a lot more, especially following the impact of the pandemic and the needs for businesses to engage in real time with their accountants.

Furthermore, with the upcoming Making Tax Digital rules being enforced in April, cloud accounting is becoming key to remaining compliant.

What is cloud accounting?

Despite the increase in use, there may still be some confusion over what the term ‘cloud accounting’ means, as well as the many benefits that it can provide.

Cloud accounting means that all data is stored in the cloud (online) so that it can be accessed remotely, as long as there is an Internet connection.

What are the benefits of cloud accounting?

At finzo, we use cloud accounting and associated Apps for a wide variety of reasons including:

Flexibility  

Thanks to remote access, cloud accounting allows business owners to work much more flexibly and can collaborate with their accountants with greater ease.

The cloud ensures that data is stored securely online and removes the need to back-up data, making the process a lot more efficient.

One of our clients, SeedL Group, has commented on how we work so closely together and have a more familiar relationship than ordinary external suppliers. This is partly to do with the technology that we use, so that we can collaborate in real-time!

Accuracy

Cloud accounting also means that information is being updated in real-time. Not only does this enable financial reporting to be up to date, but it also removes the errors from manual data input and human error.

Eco-friendly

Opting for a more digital approach has the added pro of being more environmentally friendly, as more people choose to go paperless.

Of course, this also means that files are very handily all in one place and there is no flicking through piles of documents!

We strive to always utilise the best technology to ensure that our clients’ businesses are running as efficiently as possible. Aside from cloud accounting, there are other available apps that we use at finzo to encourage more automated processes.

When commenting on our tech services, SeedL Group said:

“finzo has worked with us to identify what practical solutions can facilitate the most scalable and sustainable set of software solutions that are right for our business.”

Find out more about how we implement technology in our services here or contact our experts today.