The Big Benefit of the Cloud
A cloud accounting system will make your life so much easier! To really see the difference, let’s take a look at four common types of accounting systems.
A manual system is cheap; you only have to buy a ledger book and pencils. But that’s a false economy. Manual systems simply take too long. And your time is too valuable. It also takes the accountant more time to produce accounts so you end up with bigger accountancy fees. Manual systems also do not provide that all-important management information for making great business decisions.They’re also prone to errors as all data must be entered by hand.
Excel and other spreadsheet-based systems are also cheap. And whilst you can automate some processes (e.g., adding up columns), they take time to set up, you need advanced Excel skills to produce management reports and you can waste hours changing the spreadsheet as your business grows and evolves. Plus, there’s all the manual data entry you need to do. No fun at all. And easy for a fraudster in your organisation to manipulate for personal gain. Spreadsheets are also prone to errors, even amongst the most skilful users. A dramatic example of this happened in 2012 — Using an Excel spreadsheet, an error was made that cost the bank JPMorgan $9 billion in revenue!
Then there is the old-fashioned desktop system. Whilst these are far better than manual and spreadsheet-based accounting systems, they come with a host of hidden costs. Yes, the software can be relatively cheap. But there is a huge hidden cost of customisation, implementation, maintaining your hardware to meet the demands of changing software, dealing with (often costly and compulsory) software upgrades, security, scheduling back up routines and restoring data when things go wrong.
In contrast a modern cloud accounting system gives you the following benefits:
- It saves you hours of your precious time
- Gives you 24/7 access to up-to-date financial information and reports (you can use cloud-based software from any device with an internet connection)
- You can sleep at night knowing your sensitive financial data is always secure and backed-up automatically
- No system downtime because all software upgrades are automatically installed. This worry-free maintenance saves you time and hassle
- It reduces your accountancy fees because it makes it easier for your accountant to produce end of year accounts
- Since your accountant can access your data 24/7, you get more value from an accountant — they will help you run and grow your business rather than just adding up the numbers
But it’s such a hassle to change…
Cloud accounting systems are so much better than manual systems, spreadsheet-based systems and desktop software. But just like those other three forms of accounting system, they are such a hassle to set up.
When setting up any accounting system you need to set up details of your business, set up the chart of accounts (that’s the specific types of sales, income, expenses, assets and liabilities unique to your business), and transfer any opening balances. Even for a small business this typically takes a full day — seven hours. And probably much longer.
Your time is precious. For a business owner who values his or her time at £100 per hour, this is £700 of cost just to get set up.
What we do
To take away this hassle, we specialise in setting up cloud accounting systems, which means you know it is set up the right way and will save you hours of time and frustration.
We also offer a range of fixed price packages so you can choose the one that’s just right for you. Our fixed price packages mean you can plan and budget. Not only that…
Cash is so important
For the Essential set up service, payment is due on commencement of the work. However, we want to help you with your cash flow, so…
With our Full and Premium set up options, as well as benefiting from on going support and training, you can spread the full cost over a number of months by direct debit. This makes it more affordable.