Paul New, Accounts & Business Advisory Services Partner at Azets, discusses the benefits of cloud accounting technology in viewing data as a business partner and key to driving business performance

Technology is faster, cheaper and easier to implement than ever before and as accountants and business advisors, at Azets, we know that ambitious businesses should be constantly looking at how it can help them power ahead.

To grow a business, business leaders need to understand where they are now, have the ability to review their business and use that information and reliable data to plot their plans for growth.

What is cloud accounting?

Cloud accounting works in a similar way to desktop accounting software. Instead of installing the software on your computer, cloud packages run on remote, secure servers which are accessed using the internet. Data is securely stored on the cloud, giving you instant access to real time information.

The benefits

• Time saving
Cloud accounting brings new working practices aimed at reducing the time associated with data inputting. Most cloud accounting solutions include features such as bank feeds that automate postings into the software from entries on your electronic bank statements and the ability to upload scanned images of receipts and supplier invoices.

• Flexibility
Multiple users can login to cloud accounting software at the same time, from different locations.

• More informed decision-making
Cloud accounting software means you can be confident that you have an up-to-date picture of your financial data – allowing you to make more informed decisions about your business operations.

• Enhanced data security
Cloud accounting is more secure than traditional accounting methods as there is no requirement to transfer data between your business and your accountant and business advisor.

• Requires minimal IT support
Your cloud service provider will do much of the required IT maintenance, such as the backing up of your data and installing software updates.

• Compliance
Cloud accounting software can help ensure compliance with regulation such as Making Tax Digital (MTD) as we move along the timeline. Cloud accounting puts in processes to simplify procedures and ensure easier management.

For more information on how you can use technology to power up your business, please get in touch:
hello@azets.co.uk or visit www.azets.co.uk