Cloud Accounting

The future is here!

Cloud accounting - meaning using an accounting system which is “hosted” away from a company’s premises (known as “in the cloud”) has been around for a number of years, however with improved broadband speeds and investment in product development by the major accounting software companies, usage is becoming much more widespread.

The forthcoming introduction of Making Tax Digital (MTD) by HM Revenue & Customs, which will force most businesses to report their accounts electronically at quarterly intervals, is another reason why take up of cloud accounting is growing exponentially. Despite still being in the consultation phase, MTD is scheduled to become compulsory for most business during 2017 and 2018 so if you have not yet started planning for this, now is the time to act!

Advantages of Cloud accounting can include:

  • Time saving features such as automatic downloading of bank transactions “bank feeds”
  • The ability to access your accounts from wherever you are in the world provided you have access to a mobile phone or computer
  • Your accountant can view your accounts on a live in year basis, both to assist with problems but more importantly to work more closely with you in a “virtual finance director” capacity, helping to drive business growth.
  • Automatic backup of data to third party sites
  • Low cost monthly paid subscription models with instant and automatic upgrades to latest versions

There are some disadvantages, principally the need for a good quality broadband speed and the fact that data held offsite and accessed online could (arguably) be easier for hackers to target. The major software companies take security very seriously however and individual PCs connected to the internet are of course still vulnerable to attack, not to mention the risk of forgetting to back up.

At R T Marke & Co Ltd we can advise and assist with a number of cloud based accounting products, including selection, data transfer and optimising the chart of accounts setup to get the most valuable information from the reports available.

Two of the more popular products we support are Kashflow and Xero.  Please click on the icons below for further details on each product:

KashFlow Accounting Software logoXero logo

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