Cloud Accounting

What is Cloud Accounting

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Put simply, cloud accounting is using accounting software that isn't installed on your company server or your company laptops or pc's, it's accounting software accessed securely through the internet on any PC, laptop or smartphone.

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Cloud Accounting is quite literally transforming the way businesses do business.  You can invoice on the customers doorstep, you can view reports and discuss with staff from remote locations.  You can monitor sales from the sun lounger. Cloud based systems can also save huge amounts of time.  No need to key in reams of bank statements.  The bank can be connected to your software and statements imported. 

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Which software is best?

There are several software providers.  We'll give you our opinion of some of the most popular below:

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Xero

We recommend Xero, it's our preferred cloud software.  It's not the cheapest but the reporting features make it best in class for SME's. 

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Key Features:

• Easiest to use for non-accountants

• Best reporting functions

• invoices and receipts can be scanned and uploaded

• Bank statements can be imported or the bank can be linked

• of all products best bang for your buck

• Great support via e-mail

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Quickbooks

Quickbooks is possibly the biggest company in this market and you've almost certainly seen their adverts. in our view some of the hype and promises are misleading.  The promise is that you can do your own books hassle free, but in many cases that is simply not true.  That said, it is good software that in our view isn't too far behind Xero.

 

Key Features:

• Cheaper than Xero

• Good Reporting

• invoices and receipts can be scanned and uploaded

• Bank statements can be imported or the bank can be linked

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Freeagent

Freeagent is a good, if basic piece of software.  But if you have a small business and just need to keep track of who owes you money, who you owe money to and want integrated payroll then this is the software for you.

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Key Features

• Free if you have a Natwest or RBS Business Current Account

• Easy to use

• Good Dashboard as standard

• Process invoices and expenses easily

• Bank can be linked

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Sage

Sage is probably our least favourite piece of software.  It's not as intuitive as those listed above, in our opinion and it's the most expensive option. However, we've included it because many businesses will be switching from Sage desktop and unless you want the steep learning curve of learning a new software, then Sage online is the obvious choice.

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Key features

• invoices and receipts can be uploaded

• bank linked

• similar layout and workflow to Sage Desktop

• Good reporting

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Ultimately the software you choose should be something you are happy with, not your accountant.  We recommend Xero but can work with any software.  You should change software when it makes business sense to do so, not because your accountant prefers a certain software. Unfortunately Making Tax Digital may make it obligatory to change software. If you are unsure which software is best for you, most will offer a free trial or a demo so take advantage and test the different software to make sure you choose the right software for you and your business.  As always we're on hand to help, whether to advise you on software or to ensure a smooth transition to your new software. 

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