The benefits of cloud accounting in the post-pandemic world

Great accountancy has always been a foundational hallmark of successful businesses, yet it’s cloud accountancy that is showing its true value during a time when so many companies are struggling to survive each and every day.

How cloud accounting helps businesses

While cloud accounting was fast becoming essential for businesses at the best of times, it’s undeniable that it has become a game-changer for many during the pandemic. With business owners feeling the strain and worried about financial security, cloud accounting services provide both owners and their accountants easy access to the company’s financial data.

Cloud accounting works by essentially setting up systems that allows the real-time tracking of financial data related to your business. This can be set up so that this data is automatically transferred to your accounts via the cloud. This drastically reduces the amount of manual labour required to keep track of financial records, allowing income and sales data, as well as expenditures, to be up to date on a day-to-day, hour-to-hour and even minute-to-minute basis. Additionally, it also reduces the number of mistakes in the data resulting from human input error. Even if a mistake is present, it’s possible to track the error down in just minutes.

As this financial data can be accessed from anywhere, due to it not being saved in just one place, this also allows multiple people to access this information – including selected members of staff and accountants. As we are currently living in a time of social distancing for the foreseeable future, cloud accountancy is a great way to provide cohesion and clarity when it comes to your finances while minimising the amount of emails, phone calls or meetings that need to be sent or made respectively.

Lastly, it is very important that up-to-date financial data be available for business owners to consult at speed as this is the type of information that will be required to make an application for any potential government subsidies that could be absolutely vital to keep a business running. The sooner this data can be accessed, the better.

What is the best cloud accountancy service?

The question of what constitutes the best cloud accountancy service really depends upon the size of your business and what your business does. Xero offers up a powerful suite of accounting software that receives excellent support. It’s the ease of use, as well as the ability to scale up if more services are required, that makes Xero such an attractive option.

Getting the most out of Xero

When it comes to Xero, it’s best to have an accountant to help you get the most out of the service. Xero is a great tool that can be used by business owners who are savvy when it comes to finances. However, with an ever-changing landscape to worry about, now is as good a time as any to let a trained professional handle the books. At RDA, we are finding that it is an emotionally charged time for our clients and, as such, our accountancy has become an even more valued service that business owners can rely on during uncertain times.

As one of Xero’s certified Platinum Champion Partners, we help our clients get the most out of their Xero. It also means we have more access to Xero benefits which helps our clients get the most from cloud accounting. With this status, we gain more benefits and values that we pass on to our clients.

To find out more about how we can support you, simply give us a call on 053 9170507 or get in touch with us via our contact page and we’ll be back in touch as soon as possible.