Embracing cloud-based technology in the workplace
Over the last few years, the development of cloud-based technology has transformed the way we work. So how has it changed the role of the accountant and how businesses deal with their finances?
Cloud-based accounting systems
Cloud-based accounting software, such as Xero, allows accountants and their clients to view data securely at the same time from anywhere in the world.
Gone are the days of wading through shoe boxes of receipts. You can now process paperless records and update data in real-time at the tap of a button.
Automatic bank reconciliation
Your latest banking, credit card and PayPal transactions can be imported directly into cloud accounting systems. After an initial setup period, those systems can also directly categorise much of that data for you automatically. This means that both business owners and their accountants can see up-to-date information every day, without the need for manual intervention.
Learning from data
Cloud accounting software allows you to make the most of your data by highlighting patterns. This will allow you to establish better and more accurate business and management forecasts for your business.
Time tracking and job costing tools, which can be added on to cloud-based accounting software, allow you to improve project budgeting and gain critical insights into your business. You can assign bills, expenses and sales invoices against each project allowing you to track profitability and fix any problems early.
It’s easy to feel overwhelmed when you’re running your own business and trying to embrace new technology so don’t be afraid to talk to the experts.
For more information and advice on how to integrate cloud accounting software into your working practices, contact Naylor Accountancy on 01892 807001.