Outsourcing and Cloud Accounting: Keep your business running from home

For many business owners, the disruption of the coronavirus crisis has been a period of reflection and consideration. As the March lockdown forced entire offices and teams to work from home, those with strong foundations in technology were able to adapt quickly and seamlessly.

Now more than ever before, it is vital to have up-to-date business information at your fingertips. If you have found your business data has dried up and financial information is no longer free flowing, now should be an opportunity to review your current accounting systems and processes. In this ‘new world’ we find ourselves in, you need to be able to make important business decisions, using accurate information at any time and in any place.

Outsourcing your finance function

During the pandemic businesses have had to furlough staff whilst looking to reduce costs, and therefore the work of key personnel may have fallen to you, the business owner. This is not an efficient use of your time and it can often be counterintuitive when your focus is needed elsewhere.

Your accountant is there to support you, and for you to draw upon as and when you need help. Outsourcing of the finance functions - in full or in part - will help your business to remain up-to-date, compliant, and ready to hit the ground running as soon as the world returns to normal.

We have access to the latest technology and can streamline processes to meet specific needs and timescales. In recent weeks we’ve stepped in to help clients prepare current and accurate cash flow forecasts using cloud accounting software; helped business owners to access government funding and help mitigate cash shortages; and prepared current management accounts to enable clients to access business insurance. We have also helped with the day to day running of clients’ businesses through the preparation of wages, accessing furlough payments and preparing and submitting VAT returns.

An opportunity to adapt

For many, this has been the first experience of having full teams working remotely. This creates many challenges but can also be used as a catalyst for change. A cloud-based accounting system can help you build operational resilience, ensuring you can keep your business running effectively and allowing you to easily outsource the finance function of your business whilst keeping control.

Cloud accounting software is designed to be inherently simple to use. Information can be transferred from current desktop software with minimal effort and cost. The cloud-based system can be accessed from multiple locations by business owners and their accountants, with users given access rights to the system using secure, unique logins and passwords.

Data driven decisions

Data driven decisions will give your business a much stronger footing now and as it looks to recover from the current crisis. The juggling act of supporting your customers and handling the challenges of running a business, all whilst ensuring that you are keeping on top of finances is incredibly demanding in the current climate.

But there is light at the end of the tunnel. We are here to talk if you have any concerns or need support. Get in touch with our team of outsourcing specialists, to see how we can help you and your business.