Accounting and bookkeeping have changed a huge amount in the last decade. Here's our top 5 reasons for why the team at Think Forwards love cloud accounting, and why you should make the switch if you haven't already.
1. No more paper
No more digging through lever arch files to find that invoice from 2 years ago, cloud accounting means that invoices and receipts are stored electronically and accessible from anywhere at any time.
2. Accounting has moved mobile
Working from a cafe? On the train on the way to a meeting? Cloud accounting means that you can knock those small tasks on the head, on the go. Our favourite cloud accounting systems Xero (www.xero.com) and Quickbooks (www.quickbooks.intuit.com/uk/) both have user friendly apps for updating your finance records at anytime.
3. Machine learning and automated bank feeds
Wondering if that last invoice has been paid? And whether they paid the full amount? It's easy to set up an automated bank feed; cash receipts and payments can then be viewed from your dashboard. Match this off to your supplier or customer and invoice, made even faster by machine learning and automated matching by Quickbooks or Xero, and you will always know where your business stands.
4. User friendly
Gone are the days when only your accountant can brave getting within 10 meters of your accounting systems. Fabulous user experience design and simplified workflows mean that every business owner can get to grips with simple tasks such as raising invoices and creating expenses. Giving you the option to take some of the workload back in house and save costs if its right for your business.
5. Decision making
With your finances at your fingertips, real time information via cloud accounting allows you to make decisions based on accurate and up to date data. If you need some help from experienced finance business partners who can help you look at decisions from all angles ensuring you make the best decision for the future of your business then give the team at Think Forwards a call. We'd love to help.
6. Making Tax Digital
With MTD by HMRC on the horizon (1 April 2019) if you run a VAT registered business (above £85k) you will need to keep digital records and use cloud accounting software to submit your returns. Xero has a great short video with more information https://bit.ly/2IID4S3 There's never been a better time to switch to cloud accounting.