Like many, you may have been watching from the side lines as cloud accounting has taken hold of the accountancy industry. Perhaps you’ve started to wonder whether you’re ready for such a leap or whether it’s even right for your firm.
Is it something just for the big names or can smaller practices benefit too?
We think that any accountancy firm, no matter how big or small or what clients you specialise in could benefit from adopting cloud accounting. Today, we’ll discuss how you know if you’re ready to take the jump into cloud accounting and how you can benefit from it.
Spreadsheets can only go so far
If you’re relying on your clients submitting spreadsheets, both you and they are missing out on the chance to save time and make bookkeeping so much easier.
Spreadsheets can quickly become messy and are at the mercy of whoever is inputting the data and whether they’re doing it correctly. Mistakes happen, typos are common but these can have disastrous results for a business if errors aren’t caught in the bookkeeping system before submission.
The risk of fines, HMRC investigations and the poor client reviews that come along with submitting accounts incorrectly mean you can’t afford to have weak points in your bookkeeping system. Even if you’re not providing bookkeeping as a service, clients will often blame their accountant for inaccurate records (whether it’s their fault or not). This means that having a solid bookkeeping system is imperative to the functioning of your practice.
Unfortunately, spreadsheets and even some pieces of bookkeeping software are outdated. The modern age of cloud-based bookkeeping software that uses automation and machine learning can ensure your bookkeeping system is more efficient and accurate.
Client mistakes are taking up too much time
Manual data input, which is prone to errors, means that when you use it with your clients, you’re setting yourself up to wasting time correcting mistakes.
With modern cloud accounting software, you can link up to a bank account and have transactions automatically pulled over, error-free. The beauty of using software in the cloud is that even if errors do occur, they can be corrected easily by connecting remotely anytime, anywhere. This will save you a lot of time and unnecessary stress to ensure accounts are completed promptly and on time.
You want to expand your capacity
As mentioned above, cloud accounting software can help you reduce errors and therefore save time, particularly when automation and machine learning are used. The amount of time you spend inputting records, sending out invoices and payment reminders or chasing up records from clients can be drastically reduced.
This can free you up to expand your capacity and boost your client list without straining your resources – leading to improved sales and profits.
You’re looking to modernise
Are you looking to take your accountancy firm to the next level? Adopting cloud accounting software is one of the simplest changes you can make to modernise your firm and take advantage of new technology.
Modernising your firm allows you to start competing in the modern market and meet the needs of modern clients. Millennials and Generation Z are your new generation of clients and they have very different expectations of what an accountant can do for them.
Security is a priority
While it should be for any kind of company, accountancy firms handling financial data and other sensitive information have a responsibility to ensure this data is secure.
Good cloud accounting solutions prioritise data security and encryption and can also ensure that you remain GDPR compliant. Soon in Pandle, users will be able to remove all personal data held on customers and suppliers without affecting transactions – essentially making the data anonymous.
This ensures that the ‘right to be forgotten’ laws are adhered to as well as HMRC’s regulations about keeping data for a period of 6/7 years.
You’ve been at the mercy of offline solutions
Computers break down, theft, fire or flood damage are all possibilities, meaning that the data stored locally on your system is at risk in any of these events. If you’ve ever suffered any of these unfortunate occurrences, you’ll no doubt want to avoid risking data loss again.
With cloud based solutions, your data is protected and accessible from different devices should the worst happen.
You work on the move
Having a base where clients can come and visit you is great, but sometimes accountancy firms find it beneficial to send accountants out to meet clients on their turf.
In these instances, the cloud can be incredibly useful. Having access to these records remotely means you can talk clients through the software, make necessary changes
and additions wherever and on any device.
Ready to try cloud accounting software?
If you’re ready to give cloud accounting software a go but are unfamiliar with it, you’ll want one that’s simple and easy to learn. At Pandle, we use new technology like automation and machine to make digital record keeping easy for accountants and their clients.
We currently offer two partnering options for accountancy firms that will allow you to save time, reduce errors and switch seamlessly between client accounts. For information on how you can use Pandle in your accountancy firm, you can take a look at our website or download our guide to Brandle – to learn about our unique white labelling solution.