Murray Taylor Look at the Future of Accounting

Is your head in the cloud? It should be!

cloud head

From e-mails to video calling, social media to online shopping, the internet has changed the way business is done, and it will continue to do so.

With advances in technology, the needs and requirements of business owners have advanced with it. Businesses now not only want, but need more real-time financial data to keep on top of their targets and goals.  If they can ‘one click’ to reorder stock items why can’t their financial administration also be as straightforward and simple as possible.

Traditional accounting software and spreadsheets are unable to provide this, but Cloud Accounting steps up fits the bill.

 

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‘The Cloud’
Cloud accounting means using powerful remote computers, called ‘servers’, to store your data and run your business applications. You usually access these servers via a website, where you log in, and send and receive data through a secure, encrypted connection.

 

So, how can businesses benefit from cloud computing? Here are five reasons why:

Work from anywhere at any time 

Cloud Accounting will let you and your employees work anywhere and anytime allowing access to edit and share information and documents. A cloud-based workflow can make all the difference to employees who require a more flexible approach to work or, indeed, a better work – life balance.

Affordable and scalable

Anyone with an idea can now set up a business and get it up and running on a digital platform without having to invest in a dedicated IT infrastructure. The upfront investment is minimal.

The main difference between cloud-based and traditional software is that by accessing the cloud, your desktop, laptop, or mobile device isn’t doing the actual computing. The computing takes place in a large data centre outside your organisation. This means the company doesn’t have to invest in an expensive IT infrastructure from the start. Most cloud computing services are accessed through a web browser or via a dedicated mobile app therefore, cloud services don’t require users to have their own computers running their own software. In addition to this, licensing traditional software for multiple users can be expensive. The cloud, on the other hand, is available at much cheaper rates and hence, can significantly lower the company’s IT expenses.

Integration with apps and technology

There is now almost no business function that someone has not built a cloud application for. This includes linking your EPOS system to record transactions automatically or shopify for selling and even Royal Mail Mailshot. Small businesses now have access to the kind of functionality that allows them to realistically compete with larger competitors and build their businesses.

Intuitive and easy to use

We have come to expect ‘one-click’ functionality in our personal lives so why should business be any different. The Cloud Accounting packages are interactive and provide the same instant access that we have grown to live with. They are also aesthetically pleasing and provide the user with information in an easy to understand format. This means that with little or no training businesses can be up and running on the cloud in no time at all.

Real time data

The ability to send invoices directly to customers and download transactions straight from your bank make the Cloud packages perfectly positioned to provide real time financial information to your business. As Accountants, we have access to your live data and can work together with your business, allowing you to have financial experts at your fingertips. From cashflows/projections to profit & loss, accountants can assist you with live data instead of historic.

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The question is simple, would you rather make business decisions based on last years accounts or today’s figures?

 

To find out more about how Murray Taylor can help you with your cloud accounting needs e-mail office@murray-taylor.com

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