Thinking differently about cloud accounting
Cloud accounting will transform your business but a package of companion apps can bring even more business benefits.
Most companies will now have, at the very least, a broad understanding of cloud accounting and the benefits it can bring. Online accounting products such as Sage, Xero and QuickBooks are becoming more widespread as businesses take advantage of their many efficiencies and capabilities in relation to their accounts and bookkeeping.
However, the real value to be had when adopting cloud accounting comes from the combined efficiencies and benefits of using cloud accounting products in conjunction with ‘companion’ applications. There are now hundreds of apps available which not only enhance the benefits of cloud accounting packages, but multiply them.
These apps cover a whole range of important functions, not covered by the accounting package alone and integrate seamlessly eliminating the need for repeated data entry or endless spreadsheets. Apps such as Receipt Bank and AutoEntry allow you to take a photo of your receipts and invoices and upload the data directly into your accounting software, with the PayPal app you can accept payments directly by credit card, debit card or bank transfer, and they’re recorded instantly in your accounting software package – reducing the need for manual entry. Other apps provide cashflow forecasting, workflow management and even expenses reporting.
With the apps ‘talking’ to your accounts, they can, together, automate your data input or produce powerful and insightful reporting outputs in a practical format that helps business managers to make the most of their financial data.
We are no longer seeing online accounting as a single software solution but rather as a suite or package of products that form a vital joined-up approach to businesses’ financial processes. Taking advantage of the ‘app culture’ – much as we do in other aspects of our lives – allows businesses to pick and choose the right additional functionality for them to produce results that are greater than the sum of their parts.
As business advisers we believe these apps are critical and integral extensions to the accounting packages. They add real value to the process from data input, to processing, to output.
If you haven’t yet moved your accounting to the cloud, make sure you find the best package of products and apps for you. If you are in this position, or if you are thinking about integrating apps with your existing cloud accounting package, speak to us and we can help.
For more information call; 01536 461900