Your Business Magazine 2022 - 115

Cloud accountancy
more to increase your storage, which is a possibility
as your needs evolve. When selecting a provider,
try to make a decision with one eye on the future
and potential growth plans.
Always current
Cloud-based software is automatically updated.
You have the peace of mind of knowing that every
time you log in, you're using the latest version.
There'll never be a need for any manual restarts or
reinstallations, saving you valuable time and energy.
Plus, your software provider will handle any security
fi xes that need to be applied. That leads us nicely
onto the next point...
Security
There may be occasions when you need to share
data with others - for example your accountant or
someone at your bank. There was a time when this
had to be done on paper, but over the years this has
evolved to CSV fi les sent over email, or USB sticks.
These aren't always totally secure though, so cloud
accounting software off ers a safer (and quicker)
option. You can simply grant people permission to
access your fi nancial information, and then revoke
it again when needed.
Using the cloud can also reduce the risk of data
breaches. If you use a laptop with software installed
on it, there could be a risk if the device gets stolen.
But keeping everything in the cloud means there's
nothing on a device - everything is stored online.
Of course, nothing is foolproof, and there have
been instances where cloud servers have been
hacked. This makes it even more important for you
to do your research when choosing software - and
follow best practice in terms of security protocols.
Live feeds
Many cloud accounting platforms off er you real-time
access to your fi nancial information. You'll often be
able to set up a dashboard that will show you exactly
how much money you have in the bank, what bills are
due, and what invoices you're waiting for. Essentially,
the live feeds link your banking directly to your
accounting, ensuring you have the most accurate
information and can reconcile the numbers quickly.
Easy integrations
Most cloud platforms will also have an open API
(application programming interface). This basically
means third party software can connect with your
system to enhance the experience for you and
your customers. For example, you can connect a
payment app to your cloud accounting platform,
so customers are able to pay you automatically.
Not only does this make it faster for you to receive
payments, it also removes another admin headache
for you and your team.
Sage Business Cloud Accounting
Another veteran of the accounting software world, Sage Business
Cloud Accounting offers a range of services, with the recent
addition of payroll integrations. Having been a favourite of
medium-sized enterprises, it now also caters to small businesses
with less than 50 heads, as well as sole traders.
" Data is sent into the cloud
to be processed and returned "
Money matters
Knowing your numbers is key to scaling a business
profi tably, explains Lisa Dickson, cloud accountant
at Caseron Cloud Accounting
" As accountants, we are seeing three distinct issues at the
moment: making great sales, but too little profit; overdrawn
director's loan accounts, where directors have drawn more than
the business can afford; and too much money - what should
you do when you have surplus cash in your business?
" Cloud accountancy is simple, really. All the tools we use are
online - Xero for the accounts, Dext for the bills/receipts, Chaser
for credit control, Stripe or GoCardless payment facilities, Zoom
and Skype for meetings and screen-shared troubleshooting,
and Trello for query tracking. This means we can work with our
clients quickly, easily, efficiently and in real time.
" So how can you scale a business profitably? You need to
know your numbers. Set your 90-day profit goal, create your
90-day profit plan and set your expenses target - every spend
must contribute to your goal. Reverse engineer your revenue goal,
work your plan and achieve your goal, one 90-day plan at a time.
" We can help in three ways: on a one-to-one basis with
accounting clients to help them achieve their profit goals; with
the Profit Programme, which is exclusive group accountability
and coaching; and as part of our Profit Hackers Membership
Club, which is open to everyone. "
115
Top three cloud
accounting systems
QuickBooks Online
One of the largest providers around, QuickBooks can be used
both on the web, and via its mobile app. All the pricing plans
offer third party integrations, and it also includes plenty of
training resources for you and your staff.
FreshBooks
Unlike many other cloud accounting systems, FreshBooks offers
the option of customising your invoices. This is particularly
useful for service businesses that need to vary their invoicing
and/or collect retainers.
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