Cloud accounting software gives small businesses the opportunity to access cutting edge technology for a very low fee that offers both business efficiency and the ability to stay on top of financial affairs from anywhere and at any time. Furthermore, with the government’s plans to move all tax reporting digitally over time, with the first phase coming into force this year for VAT registered businesses, it is time for small businesses to embrace cloud accounting.

If you’re a small business owner searching for a new accounting solution which can keep up with the latest technology to help you work more efficiently and shift the focus of your discussions with your accountant to business forecasting, you’ve come to the right place. In this article we’ll cover everything you need to know to embrace and adopt cloud accounting.

What is cloud accounting?

Cloud accounting software is easily accessible online to download and use by anyone in your company through a simple login process and a very low monthly fee.  You and your employees enter accounting information such as sales, bills and company expenses either manually or through automated processes via download from your bank accounts and credit cards, and you therefore have the confidence that all business data is recorded and collated all in one place accessible by you and your clients.

For those unfamiliar with cloud technology,  the “cloud” connotation refers to the information you store, following you like a cloud above your head, accessible from anywhere on any device.  Data is in fact stored in large data storage sites in servers, rather than floating in the air!

Why use the cloud?

As a small business owner working with an accountant who advocates cloud accounting gives you a huge advantage and an opportunity to compete with your peers and competitors.  They say time is money and no truer word said when considering cloud accounting. As well as the main benefit of less money being spent on hardware and software as well as data storage, the amount of time saved on IT set-up and any issues that crop up are significant, resulting in more time to focus on your small business ambitions.

Business efficiency and processes are enhanced and you can scale your small business much more easily and quickly with the support of your accountant and the financial reporting capabilities available at a click of a button through a cloud accounting platform.

Is the cloud secure?

The whole premise of the cloud is the accessibility of your data securely without having to worry about storing your data in large severs. However, the safety of your data is relying on you keeping your login credentials safe. There is an additional risk accessing your data on mobile devices. leaving you vulnerable to attack if you do not have the right data protection in place and of course you are also vulnerable if your mobile device is stolen  and you do not have various layers of protection.

The good news is that cloud accounting packages offered by your accountant all have data encryption included as standard, mirroring for example the level of security you see when accessing your bank on the go.

As long as you take measures on the safety of your credentials, you can take comfort that your business numbers are safe in the cloud.

Southside Accounting can help

Southside Accounting are your local cloud accountants in Wimbledon and London. We’re local, like you. And we’re a dynamic small business. Just like you.

We are fully chartered, certified accountants so we’re well qualified to be the trusted advisers you need to help make your company a success.

All our clients are on the cloud and have access and support on cloud accounting software, in both QuickBooks and Xero.

Our fixed fee structure means there are no surprises. And our smart Service Plans are tailored to meet the particular demands of your business.

So whether you’re a sole trader just starting out, a Limited Company, PAYE, or an established business with employees, we can help.

We always offer an initial free face to face meeting with prospective clients, so we can get to know you and your business and understand your unique circumstances and business goals.

Call us to book a free no-obligation meeting today.

Written by Shaima Todd.