One simple change to your business activity that will save you significant time and money, and make your life a whole lot easier and more successful.
As a business owner or independent professional you have enough to do without spending time and effort keeping track of expenses or working out who owes you what.
There are huge benefits that you can achieve by simplifying and automating essential accounting tasks, and you can gain a level of control over your finances that can be key to your success.
Here are 8 great reasons why you should be making the change to cloud accounting in 2015...
1. Make better decisions
With instant access to your financial information wherever and whenever you need it, you will be able to maintain an up-to-date view of all your sales, full details of any expenses and a clear view of your profit. You always know how you're doing.
2. Maximise your cash flow
Effective cash flow management comes down to maintaining good records, so you can see historical trends and identify areas for improvement. Good cloud accounting software like QuickBooks Online can be invaluable.
Not only does it speed up the process of invoicing customers and chasing payments, but it also includes useful reports to help you manage and forecast your cash flow and stock levels.
3. Save money
You can quickly and easily raise invoices, record expenses, generate your VAT returns and automatically match your bank statements, so there is no need to pay for bookkeeping.
Why pay extra for payroll? With good cloud accounting software it's a breeze to run your own payroll, generate payslips and submit real time information (RTI) data to HMRC.
Most accountants that make use of cloud accounting will offer to provide access to the software together with the accountancy support you need for a fixed monthly fee.
Your accountant has secure, instant access to the same information that you do, so they can help you with cash flow forecasts, and proactively work with you to put plans in place that will minimise your tax bill which will save you money!
4. Save time
Pull in data automatically from your bank and credit card, saving time and reducing data entry errors. Good cloud accounting software learns from your behaviour to automatically classify transactions, so there is no need to manually reconcile your bank statements.
You're probably used to dealing with your receipts and invoices once a month or even once a quarter.
With innovative software like Receipt Bank, you can capture expenses on-the-go using your smartphone and have the key data extracted and instantly transferred to your accounts. No more data entry.
You can input timesheet information into QuickBooks Online. This gives you a single, accurate source of time tracking and billing information, without having to collate timesheets yourself.
If you bill clients for your time, you can carry those hours straight through to your invoices, too. No manual calculations required.
5. Get paid fast
Accept credit and debit cards online or on the go. Send invoices by email, then check the real-time status of invoices — from customer opening to paying.
6. Take away the headache of VAT
Instantly view your VAT liability and automatically generate your VAT return, every quarter. You can also use instant reports like your P&L and balance sheet to see where you stand.
7. Reduce hassle
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.
8. Increase security
Your data is stored securely and continually backed up, so you never have to worry again about using up your own hard-drive or taking regular backups. Most suppliers will give you a cast iron guarantee that your data is safe and secure.
You can begin reaping these benefits in no time. Most of your existing data, whether contained in spreadsheets or a desktop accounting system, can be easily converted and quickly transferred into your preferred cloud accounting software to get you started with no fuss.