Moving to cloud accounting – the benefits for your business
Last editedJan 20202 min read
When managing business finances, you want the processes to be effective and consistent – and to take up as little time as possible.
But if you’re still managing accounts using Excel spreadsheets, paper files or traditional desktop accounting software then you’re losing a huge amount of that potential productivity. Time-consuming data-entry, poor integration with your systems and hours messing around with complicated formulae all eat into the working day and stop you achieving your goals.
By moving to one of the new breed of cloud accounting platforms, you not only improve the efficiency of your processes, but also gain a whole raft of benefits that can only be achieved by using an online financial management solution.
So, what are these benefits? And why is cloud accounting such a positive move for the longer-term success of your organisation?
Cloud accounting as the ‘new normal’
Cloud accounting is rapidly gaining a foothold as the solution of choice for businesses that want an improved level of control over their finances.
Recent research by the Cloud Industry Forum showed that 38% of UK businesses are now using cloud-based accounting solutions, with that figure increasing to 46% for the small and medium-sized business market. CIF research also shows that 16% of surveyed businesses are looking to expand their use of cloud accounting over the next year.
But when we spoke to our GoCardless customers, we found that 38% of our business users don’t currently use any accounting software at all, creating a huge opportunity to improve your productivity and financial control by embracing cloud accounting.
Access anytime, anywhere – with online accounting you have 24/7 access to your accounts, wherever there’s an internet connection. So you can check your cash situation from the local coffee shop, or send an invoice from your front room. Real-time reporting and forecasting – live bank feeds, smart-scanning apps and automated data processing come together to deliver a 100% current, real-time overview of all your important finance information. And that’s a huge benefit when you’re looking at future business planning.
An integrated system built on business apps – cloud accounting platforms allow you to add apps and FinTech tools to customise the functionality of your systems. Connect to a live bank feed, scan in expenses or improve your reporting with your choice of apps.
A more efficient way to control your finances – intelligent automation completes your bank reconciliation, chases your outstanding invoices and takes payment in an instant. Get real control over your financial management and focus your time on customer relationships rather than admin.
Better collaboration with your accountant – instant shared access to your data, and the real-time reporting that cloud accounting delivers, make it easier to have a productive and forward-looking relationship with your accountant and advisers.
Integrating GoCardless with cloud accounting software
Your GoCardless solution integrates with all the major cloud accounting platforms. Whether you need simple bookkeeping functionality, or full-blown multi-company accounting, there’s an online accounting solution that fits your needs and keeps you fully connected with GoCardless as your payment collection option of choice.
For freelancers, micro businesses and sole traders, FreeAgent, Sage 50 and QuickFile are a good basic place to start your cloud accounting experience. If you’re a growing small business, then Xero, Kashflow, Clear Books or QuickBooks all offer great functionality and helpful integration with a range of business apps. If your business is more complex, with multiple subsidiaries and group structures, then the Netsuite accounting and ERP system has scope to grow alongside the organisation.
Whichever online accounting package is best suited to your business, GoCardless will remain fully integrated as your Direct Debit solution, with full integration that pulls payment data straight into your accounts.
A hassle-free Direct Debit solution.
Full integration with your accounting platform.
Flexible payments and pre-authorisation of amounts.
Automation of recurring invoices and cash collection.
Low cost – just 1% per transaction capped at £2.
If you’ve never considered cloud accounting, now’s the time to do so! Why not move to a more powerful, flexible and integrated system? It makes perfect sense.
Find out more or give our sales team a call on 020 8338 9537.