Cloud Accounting

Changing the way we work

Cloud accounting is the most exciting thing to happen in accounting in recent years. It has revolutionised the way we work, record information and maintain records.

Many businesses may already be using cloud accounting software as part of HMRC’s requirements under Making Tax Digital for VAT, but there are many additional benefits of using a cloud-based system.

Cloud accounting systems securely store information online so that it can be accessed by business owners and their advisers anytime, anywhere.

The benefits of cloud accounting

• Create real-time financial reports, providing all the information you need to hand – when you need it
• Set up automated bank feeds for effortless bank reconciliation
• Create invoices, record expenses and track cash flow online
• Easy access to your accounts on your desktop, smart phone or tablet
• Electronically store corresponding paperwork with transactions e.g. a Hire Purchase agreement
• Collaborate with your team and accountant online with multi-user access
• Run everything online, with no software to install, with the systems backing up everything automatically
• Reduce upfront business costs – with no version upgrades, maintenance and  system administration costs to worry about

Integrated apps

There are lots of clever apps and add-ons that integrate with cloud-based accounting systems. They can help with filing, electronically scanning expense receipts while you’re on the move and even automate your inventory control. We haven’t come across one that makes the tea yet – but it may only be a matter of time!

When looking at the right digital solution for your business, it’s important to see how everything fits together and ensure that the apps are integrated, so information is passed between them in real time. Our cloud accounting advisers are able to support you with how to find the right solution for your business.

The image below shows some of the key apps that businesses look at, from saving time with data capture to ensuring staff are paid on time with payroll and HR software. There are also lots of sector specific apps such as ECommerce platforms and Point of Sale apps.

An accountancy software package to meet your needs

We can help you choose the right cloud option for your business and we are proud to partner with Xero, Sage and QuickBooks. We also have an exciting partnership with DEXT – an invoice and receipt automated data capturing software which integrates with all cloud software models.

You may already have a preferred software provider or perhaps you are looking to find out more and discover which solution will best suit your business. Either way we have a wealth of experience and expertise on a wide variety of software packages and are able to support and help develop your systems so they are tailored to your business.

At Knights Lowe, we offer independent, non-biased information because we focus firmly on the needs of our clients.

Get in touch now to find out how we can help you take the next step into the cloud.

How can we help you with cloud-based accounting?

Transitioning to new software can seem daunting but our cloud accounting team are here to help. Whether you have an established family business or a start-up looking to scale up, we are able to provide a hands-on approach, ensuring your cloud-based system runs like clockwork and you and your staff are completely confident with how everything works.

You can find out more about our cloud accounting work in our latest case study from Coastline Graphics here.