Why Scunthorpe businesses should use online cloud accounting software

Making Tax Digital is going to affect us all.

Every business will have to use some form of cloud accounting software to be MTD compliant but by using online accounting software to handle all the accounting entries, Scunthorpe businesses can really benefit.

Online accounting software is needed for MTD 

Online accounting makes for more secure business accounting, which is organised and hassle-free, allowing you to work on growing and improving your business. When compared to manual accounting, accounting software provides clear advantages.

It may seem daunting to take the plunge and take on online cloud accounting software, but the aim of the accounting software is to be user-friendly, and easy to use, therefore it shouldn’t take you long to become accustomed to it. You may need to take time out to learn all the features, which will enhance your accounting experience, but it will be worth it in the long term. Many online cloud accounting software providers offer online and telephone support to help you in the early days.

What are the business benefits?

There are major benefits of using online cloud accounting software, which can really make your life easier as a business owner:

Organisation

Online cloud accounting software allows you to have all your data in one place. Storage of the files makes the accounting for your whole business organised, which then allows you to access files and data easily. Many software packages offer the ability to be able to access accounting records online, from multiple devices. Investing in accounting software will allow you to get your accounting done with more ease and proficiency than doing it manually  

Accuracy

Human error is inevitable, but you can at least minimise the room for error by investing in a system that will do a lot the work for you. The online cloud accounting software will essentially do your calculations etc. to help reduce human error, thus making your accounts more accurate.

Some online cloud accounting software even allows you to work out some of your taxes with the most common being VAT. This can be beneficial as it will again reduce the work you have to put into your accounting, saving you time, safe in the knowledge that the software you are using is accurate and reliable.  

Cost

There are multiple ways in which you can save money when you opt for online cloud accounting software. Firstly, you can save money by cutting the costs of basic stationery or equipment you may need to file and store your manual accounts. Many accounts packages will be capable of producing management reports to help you identify cost variances to highlight areas that can be monitored and controlled more effectively. You can also cut the costs of things like paper, paper clips, printers, ink etc. and these small costs can soon add up to a significant saving. When you are running a small business, saving money should be a key target and having accounting software will help you do that.  

Speed

Time and money are the two things that you need the most when running a small business and getting online cloud accounting software can give you more of both. Initially however, you will need to invest time in practising and learning the processes of the accounting software. You should take time to fully understand all the features and the help that is available to you as this will improve and enhance your accounting experience.

Once you have become proficient in running and using your online cloud software though, you will see how much time you save when compared to doing the accounting manually.  

Security

When running any business, you will have data that you need to keep protected. It is essential that personal data is protected with care and is stored appropriately as the new regulation (GDPR) has recently come into effect.

You will have sensitive information about clients and customers on your accounts which need to be secured. Therefore, using password protected accounting software will give you greater security and peace of mind. It will enable you to rest assured that your data is protected and safe.

Switching from manual to online cloud  accounting software should be something that all small businesses should be currently considering, as there are some major benefits to be had from using it.  

Unsure about the move to online cloud accounting software for your small business?

Here at Haines Watts Scunthorpe we can help you understand online cloud accounting software for small businesses and advise you on any steps that need to be taken to ensure that it is implemented effectively. This can be done as part of a free no obligation consultation to discuss the opportunities and options available to you and your enterprise. Call 01724 844876 or email scunthorpe@hwca.com to get the business help and advice you need today.

Did you know we are Xero partners?

Yes, it’s true! We have an accredited Platinum Partner status with Xero Accounting Software. This means we are now able to access further services which support, guide and help our clients grow their businesses. Find out more about our Xero partnership.