Why the Cloud for Accounting? – A strategic advantage for SMEs
At Price & Accountants, we have heavily invested in the Cloud because we can see how Cloud-based accounting systems add value to our clients. In today’s market, businesses need to be scalable in order to succeed and cloud accounting platforms offer enterprises variety of services which traditional and non- cloud accounting systems just couldn’t offer.
Published on: Mar 4, 2016
Transcripts - Why the Cloud for Accounting? – A strategic advantage for SMEs
At Price & Accountants, we have heavily invested in the Cloud because we can see how Cloud-based accounting systems add value to our clients. In today’s market, businesses need to be scalable in order to succeed and cloud accounting platforms provide enterprises with variety of services which traditional and non- cloud accounting systems just couldn’t offer. Statistics published in 2013 reveal that exclusively adopting the cloud for your accounting will be a fundamental game changer for your enterprise.
The adoption of cloud accounting systems by businesses in the UK is growing rapidly. Historically, accountancy firms in the UK have been too risk-averse to buy into a fully integrated Cloud. With a document delivery service bosting a revolutionary combination for facilitating cross-departmental and departmental teamwork the cloud gives enterprises a cost effective, secure and flexible foundation for organic growth.
In the start of 2013 something changed, A survey by Fasthosts recorded that there was an estimated 4.9 million business in the UK which employed 24.3 million, and had a combined turnover of 3.300 billion. In fact, SME’s accounted for 99.9 per cent of private sector turnover. With 841,000 private sector business, London had more firms than any other region in the UK. The south east had the second largest number of business with 719,000. The business landscape was changing and many new players were beginning to take advantage of how the digital revolution could change the way of doing business and create measurable value in a fundamentally new way. Almost a year later, in 2014 more than two thirds (70%) of small businesses and medium-sized enterprises (SMEs) in the UK have stated that an early adoption of the cloud will be an important factor to contribute to the growth of their business in the next 12 months.
We understand that for many SMEs, shifting into the cloud is giant leap but for this particular group this leap has been proved to be extremely beneficial. The scalability of the Cloud allows your business to upscale and downscale your business requirements to accommodate your needs or changes. This in turn allows you to support your business growth organically without the highly expensive changes with other more traditional accounting systems.
Today’s cloud offers business more than just Mobility, scalability, real-time info, visualisation and cost effectiveness, It is revolutionising the way in which we do business. Leaping into the cloud isn’t merely a technology shift it’s a cultural shift. Cloud computing brings forth a wave of closer collaboration by bringing the business together in one central, accessible location. One of the many key benefits of the cloud is the scope of information it provides on where a business is exhaling, thus enabling owners to make the right decision on how to make significant improvements for more efficient systems and closer collaboration.
Using a best-of-breed cloud accounting system, like Xero has enabled us to provide our clients with
Why the Cloud for Accounting? –
A strategic advantage for SMEsAccounting SystemPurchasesSalesBank TransactionsPersonal ExpensesBusiness managers and RTICompliance Reports i.e. VAT Trial Balance etcRTI: •Debtors Control•Creditors Control•Monthly ProfitabilityCRM: •Customer Analysis•Supplier AnalysisBook keeper’s input & bank reconciliation Education and SupportMonthly/Yearly adjand reporting
Our Cloud Accounting Process
real-time accounts and cash flow information, and an enterprise mobility strategy which is changing the way they do business dramatically. Management can harness the power of real time bank data thus saving time and enhancing their ability to make fast and informed business decisions. Data visualisation for finance is changing the way SMEs work by making complex finance data simple and accessible. Armed with the right insights business Xero allows owners can explore and understand the relationship between a global market, investors and their current clients.
Traditionally, it was only large corporates that had vast databases on their customers, with Xero’s engineering SMEs have cloud databases with a secure and safe API which can connect in real time to systems and other databases around the world. Xero gives business owners a platform to refine their internal date and make informed strategic decisions to boost performance.
We have noticed that a lack of education with regards to the cloud is having massive impact on the amount of small and medium sized enterprises that are considering making the leap. At Price & Accountants, we are committed to providing our clients with a quality service in an efficient manner. We have helped and continue to educate our clients through our top-notch educational consulting services and free online resource materials.
So in conclusion, moving your infrastructure into the cloud will enable you exploit saving opportunities and make better business decisions based on credible data. So if you want to minimise risk and maximise your ROI with an accurate, actionable and transparent business intelligence then migrating into the cloud with our cloud accountancy tool is most probably your best bet.
Want to know more?
If you would like more in-depth guidance regarding your current finance system, a business accounting consultation, or tax advisory, please contact 02037 355 110, email firstname.lastname@example.org or visit www.priceandaccountants.com.
Author: Sinderella Elizabeth A’cen,
Sr Marketing Executive & Strategic Planner