or any business launching or modernising, implementing a cloud accounting system is a must. A cost effective means of managing all the business finances, from invoicing clients, tracking expenses and reconciling to bank feeds, these systems provide real time accounting data at your finger tips.
When first setting up a cloud accounting system, it is important to invest the right amount of time doing so in a structured manner. This should involve reviewing the various options to decide which software is right for your business, looking at the various add-on apps available, e.g. receipt scanning, e-commerce sales integrations etc. and making a plan for how you are going to use the system on a practical level. We specialise in Xero and FreeAgent set-up and training, and can take you through the process from start to finish.
Moving from a desktop application to a cloud based platform has many complications – when to do it, how to manage the transfer of receivable / payable balances, how long to run in parallel and how to deal with the intricate unique features of each system. Managing the change in a structured and efficient manner is essential and when done right the benefits can be realised immediately.
App stack advice and set up
As well as the various cloud software options available, alongside these are hundreds of add-on apps which provide additional functionality specific to your business. These include features such as:
- Receipt scanning and processing
- Employee expense cards
- EPOS system integration
- E-commerce sales integration
- Trade merchant account integration
- Cash flow forecasting
- Many many more
Deciding which apps are right for you and assessing the cost benefit an ease of use can be a minefield, so we can help you choose and implement the right tools for your business.
In today’s world of big data, accounting and book-keeping is as much a data management process as a financial function. Whatever systems are set up and used, a large amount of data immediately comes into use. When harnessed and used properly, this data can provide a huge source of value to a business. In the SME market, automation can be easily implemented in tools such as; Sales feed from EPOS till to accounting system, bank feed from bank to accounting system, data feed from accounting system to forecasting system, open banking access to accounting system for credit checking, data mining customer data for marketing purposes and much more.
ashflow, Xero, Quickbooks, Freeagent – there are a number of market leading cloud accounting software platforms available to small businesses, all performing roughly the same functions. With the advent of the government’s Making Tax Digital (MTD) project, the use of cloud accounting software is soon going to become less of a benefit and more of a necessity.
For any business still currently keeping paper records, it is imperative that they start looking at moving to a cloud system sooner rather than later and, most importantly, ensure that their accountants and book-keepers are competent enough to perform the transition, set up the system and ensure its efficient real-time use.
While these systems carry a small monthly cost, at an average of around £30 per month, we believe the benefit derived from operating with real time information and positioning your business in advance of MTD make the subscription fee immaterial.
As a Company we have used Steedman and Company expert services on Tax an Accountancy since 1995. They have consistently provided us with a first class service in terms of tax advice; accountancy support and the preparation and delivery of our Company and Personal Accounts to a high level with the necessary personal approach to all issues requiring attention.
Stuart Embleton Edinburgh
- Cloud based accounting systems offer a number of advantages to the business manager including; real time profit and loss report, real time debtor and creditor information, electronic invoicing, automatic link to digital banking (meaning no more bank statements), automatic links to EPOS systems, payroll integration and smart phone access
- Our teams of accountants and book-keepers are experts in most of these systems and have been converting clients onto could-based book-keeping platforms for some time. We have now taken the bold step to go fully cloud-based and are confident that there is no better time than now for paper and off-line businesses to take the leap with us.
- As a business owner you will be at an advantage by implementing cloud based accounting, especially in terms of being able to view ‘real time’ reports and fully utilising digital banking to banish paperwork forever.