Date31 Jan 2024
It’s often the case that business owners become bogged down in seemingly endless mountains of admin, meaning their time is taken away from focusing on running and growing their business. The introduction of best-in-class cloud accounting technology can alleviate the time constraints, as well as support you in enhancing your business.
scaling of your business often must take a back seat due to the ever-rising amount of admin that needs to be done. While you may be stuck in the detail of admin, the ambition that drives you to grow and scale your business never goes away.
Cloud accounting offers efficient and effective working practices aimed at reducing the time associated with routine administrative and processing tasks, giving business leaders more time to focus on running and growing the business, as well as time back to enjoy life beyond work.
A significant contributor to the heavy load of admin is the barrage of regulations facing SMEs.
As we move along the timeline for Making Tax Digital, having cloud accounting software in place will ensure MTD compliance well ahead of the deadline.
Automation and digital integrations built into Cloud accounting software help to reduce the laborious process of keeping your business on track with compliance filings such as VAT or PAYE.
Cloud accounting software offers you access to your current business data anywhere and anytime. Business owners don’t need to wait until books are completed to know how their business is performing. You can therefore be confident, with the ability to be proactive, that you have an up-to-date picture of your financial data.
Through cloud accounting software, both you and your advisor can see the same data, making discussions more informed and strategic.
Getting paid quickly is key to positive cashflow, profitability and business growth. Xero’s latest Small Business Index highlighted that, on average, payments to businesses were made 7.1 days late in the three months to September 2023, which is 0.7 days longer than the average for the first half of 2023. Late payments make it difficult for businesses to invest, pay their own bills and manage cashflow.
Using cloud accounting software allows for payment requests as soon as a good or service is delivered, encouraging quicker payments to be made. Software also easily allows you to forecast business cashflow – giving you time to plan ahead, and identify and respond to any potential issues early on.
Most cloud accounting solutions also include features such as bank feeds that automate postings into the software from entries on your electronic bank statements and provide the ability to upload scanned images of receipts and supplier invoices.
There are also a number of innovative add-ons available, such as Dext, which convert key information from receipts and invoices into data that is automatically posted into your software.
Removing manual processes is a key benefit of cloud accounting software, and these are just some examples of how you can gain time back, gather more data about your business’ performance and plan ahead.
The data offered within cloud accounting puts you in complete control of your business. Using cloud accounting technology reduces the potential for manual errors and mistakes so you know you’re working with accurate and live data about your business. Having access to this data and a trusted business advisor puts you in the driving seat of your business and back in control to run a healthy, profitable business - versus the business controlling you.
A trusted business advisor, like Azets, can remove the pain associated with running a business and leave you to focus on what you do best.
We provide bespoke cloud accounting solutions based on your business and operations. Any recommendations or suggestions we make are based on the areas you want to improve in your business, for example, cashflow, getting paid quicker, real time access to data about your business and time back to focus on growth priorities.
We can implement and embed innovative technology solutions and give you the advice you need to make informed business decisions.
Our local, trusted business advisors make sure you always know where you stand, how well your business is performing and give personal and practical advice along the way.
If you have any questions in relation to cloud accounting or would like to discuss how to embed cloud accounting within your business, please get in touch with your usual Azets advisor or a member of our specialist team.