Cloud accountancy solutions and add-ons can simplify the job of managing your business’s finances, mainly due to improved automation and the ability to customise. With one click of a button on your phone or tablet, the job is done!
How to save time through automation
Through automation, cloud accounting software will eliminate the need to manually process large numbers of transactions and therefore save you time and improve business efficiency in several areas:
Purchase invoices… can be processed more quickly
Cloud accounting software has the ability to read invoices and automatically recognise suppliers, amounts, descriptions and dates as well as allocate them to the correct nominal code.
Whenever an invoice is received via email it is automatically added as a draft purchase invoice without anyone needing to type up the data. Any physical invoices received can either be scanned or even snapped using a mobile phone camera and they will be posted automatically to your accounts.
Bank reconciliations… can be processed more quickly
Via the cloud, bank statement data is automatically pulled into the software using a bank feed. This completely removes the need to post up the statements and guarantees 100% accuracy. The software is also able to match outstanding invoices against bank payments and receipts, speeding up the reconciliation process further.
All the data you need, at your fingertips
Via the cloud, it is much easier to customise and tailor reports, allowing you and your finance team to get the best from your data.
- Updating reports via cloud accounting is a straightforward and pain-free process. This is due to the user-friendly software – you will not need to learn any code, which is commom for desktop alternatives
- The cloud also offers powerful and accurate reporting of budget vs actuals, as well as being able to produce a separate chart of accounts for audit purposes, without the need to send any data to Excel and manually adjust
Additional benefits of cloud accounting solutions
- Secure multi-user access
- Peace of mind that your data is backed up and secure at all times
- Regular automatic updates
- Quick and easy correction of posting errors
If you are considering a move to cloud accounting, please get in touch.