• Cloud Accounting - save time to make money
Article:

Cloud Accounting - save time to make money

13 December 2017

Craig Shorto , Manager, BDODrive |

Time is money, and therefore, for your business to grow you need more of both. For healthy growth, or continued sustainability, your company needs streamlined processes that allow you and your staff to focus on the core business strategy that drives your business forward.

Don't worry - there's a solution!

Cloud accounting solutions no longer just act as a process improvement technique, they are actually making time for businesses and facilitating growth.

Both Xero and QuickBooks Online ("QBO") support a large suite of add-on applications which allows a bespoke accounting package to be designed for all types of businesses.

So, why switch to the cloud?

Despite the obvious reason: everything is going to be cloud based soon and desktop accounting won't exist, switching to the cloud allows 24/7 access to financial information, is highly automated (when designed correctly!) and comes with a significant support network.

24/7 Access - Xero and QBO facilitate 24/7 access to your financial information via your online dashboard. With direct bank feeds this provides real time information on any web-connected device, allowing you to make decisions in your office or from your bed, you decide! No longer will you have to wait until tomorrow (or until your annual accounts are prepared!) to make a decision or catch-up on your bookkeeping before making an investment - approval of urgent matters has never been simpler.

Automation - A short term investment is required from the outset in setting up your bespoke package, but once this is complete the strains and stresses of manual bookkeeping, invoicing and billing becomes automated.

Accounting has now evolved from the red general ledger book to spending more time with your clients (or on the Golf Course!) and deeper-dive reporting, both of which facilitate growth and assist businesses in their success.

Support - Xero and QBO are both hosted software packages which means that all of your maintenance and support comes directly from their in-house teams. Software updates happen automatically in the cloud which means no downtime for a product update and no time spent updating your package each year for new releases.

Online support allows you direct access to your adviser or to the help center's which have a wealth of information focused directly on problems that others, like you, have experienced.


So, what does this all mean for you? The pros and cons

Pros

  • Accessible from any web-connected device
  • Automatic updates and maintenance
  • Significant support networks
  • Real time financial information
  • High levels of automation
  • Reduced risk of human error
  • Secure cloud services
  • Improved client/supplier relationships

Cons

  • You will need to decide what to do with the extra money!


How can BDODrive help?

We don't sell software, we use it to improve our services and to help our clients succeed. If you want to find out more about cloud accounting and how a bespoke package could work for your business, please get in touch for a no obligation consultation.