The internet has since its inception delivered many new words for our everyday personal and business vocabulary. Terms such Email, Social Media, E-Commerce, Firewalls, Spamming and Blogging have now become familiar to all of us.
10 years ago “The Cloud” was something in the sky that would bring rain or shade from the sun.
But now, “The Cloud” is a virtual place where you can store your information via the internet. The premise is simple, you can store information and access it from anywhere in the world. In fact the majority of us use it every day without even thinking about it. Online banking, Netflix, Facebook and other social media sites rely on the cloud to function.
For some this is an unwelcome addition in their lives, especially with cyber-crime on the increase. But really, it’s certainly something that all of us must accept in this information age. Quite simply, if you are not on the “virtual information highway” you and your business could be going nowhere fast.
For the accounting sector, “The Cloud” is an exciting addition which will transform the way financial data is collected and utilised, transforming key information into a format which is beneficial to you as a proprietor or business owner and us as your taxation and accounting advisors.
There are a number of benefits that can be received from introducing cloud accounting to your business with regards to accounts:-
- No further worries about making and storing backups, as the accounting software provider will have dedicated secure servers where your data is stored and backed up instantly.
- The software can make the communication of information between an accountant and the client much easier and more efficient. Instead of sending backups, an accountant can acquire access to the individual cloud account, where year-end journals can be posted, VAT Returns can be processed and submitted and accounting reports generated at the year-end.
- You can spread the cost of using accounting software by paying a monthly subscriptions rather than a yearly one.
- All the upgrades for cloud accounting software are carried out by the supplier at no extra cost, so you are always on the latest version. So no need to install updates or “patches”.
- Data can be input more efficiently into the cloud package. For example many banks now provide “bank feeds” where bank transactions can automatically be entered onto the cloud software avoiding the need to manually key in data.
If you feel that introducing Cloud Accounting to your business would be a positive move forward, your options are varied, as there are plenty of cloud software providers out there. If you wish to discuss your options please feel free to contact a member of the WHA team.