At Cloud Accounting NI, we have been using cloud based accounting software packages to help our entrepreneurial clients keep their records efficiently and use them to help maximise profits. Here are just a few of the functions our clients have benefitted from:
1. No more waiting for bank statements to arrive
In recent years there has been a revolution in bookkeeping software. Entrepreneurs, or their bookkeepers, no longer need to type the information from their bank statements into their computer software. Often having to wait for it to arrive in the post first. It is now possible to have the information sent directly from your bank to the software electronically. Most high street banks will now accommodate this function. Obviously, this saves a lot of processing time and the software will also try and match the items on the electronic bank statements to the invoices showing as unpaid in your records.
2. Getting a computer to process your invoices
It is now possible to simply scan your purchase invoices into your computer and allow software to read the information on the invoices and add to your bookkeeping records. You will need to help the software identify the information on the invoices the first few times but after that, sophisticated software will read your invoices and extract the key information. The benefits here are not only the obvious processing hours saved but also the risk of human error is significantly reduced with a computer doing the work.
3. Records are kept online and can be shared
When software is cloud based the records can be accessed online by authorised users. This allows the entrepreneur to share up to date financial data with their accountants instantly, who can then review results quickly and give the entrepreneur timely advice. This is invaluable for those looking to grow their businesses.
Budgets and cash flow can also be monitored using these online software packages. It cannot be stressed enough how important these are for successful business planning.
4. Sales invoices can be raised away from your desk
Branded sales invoices can be raised on the software and emailed directly to customers. They can even be raised from smart phones and tablets allowing invoices to be produced when on the move or at customers’ premises. This is efficient as it does away with the need to keep a sales ledger that is later used by a bookkeeper to update the accounting software.
In summary it is not just important to keep accounting records on a software package, but it is also highly recommended that a cloud package be adopted. The benefits in time saving, and in many cases costs too, are simply too significant to ignore.
At Cloud Accounting NI we help our entrepreneurial clients find the right software to allow them and us to monitor their financial data. Should you wish to discuss how we could help you, please call Richard Graham on 07868 663538 or skype @ rgandco1