Cloud Accounting Solutions

When I wrote my Cloud Accounting article for our last newsletter at the start of the year my plan was to focus on a different cloud app in each edition. A lot has happened since then and we are all considering what the “new normal” will look like for our businesses and our lives. I therefore thought it would be useful to look again at some simple cloud solutions that can be part of this and help us find our way through these uncertain times:

• With social distancing measures in place, and wanting to keep touching and handling to a minimum, using paper based records which need to be physically delivered between you, your bookkeeper and us is not not practical.
• Desktop systems which can result in your records being on the computer in your office or business premises when your bookkeeping needs to be done somewhere else is not viable.
• Getting paid quickly and keeping up-to-date with your finances is even more important than than ever.
• You need to focus on running your business and not wasting time on labour intensive systems.

Cloud Accounting solutions include:

• A cloud-based accounting system can be accessed anywhere there is internet. Anyone with the correct security permissions can access the same set of data. You can therefore access your accounting records along with your bookkeeper and us without having to leave home.
• Your cloud system can be linked to your online banking so that your bank transactions are fed directly into your accounting system No more handling paper statements and manually entering into your records.
• Invoice processing can be automated with systems that capture, analyse and post invoices, receipts and statements into your accounting Documents can be uploaded using a mobile device, desktop, email, or scanner and then all your documents can be accessed in one centralised, digital system of record. Next time you are asked if you want a paper receipt say no thanks and get it emailed directly.
• Cash and cheques pass through many hands before they reach your bank Get paid more cleanly and quickly by adding a payment service to your invoices. Systems such as Stripe allow you to receive online payments from the full range or debit and credit cards. A portable card machine is also an excellent way to get paid if you don’t raise invoices and enables you to take contactless payments.

Pulling these together, a perfect solution is a Xero subscription for your Cloud Accounting with an Open Banking feed from your bank account and Hubdoc invoice automation. With the AG Xero discount applied, this system costs from just over £20 per month plus VAT. Payment services can be added for an additional cost.

Further apps and solutions are available to suit you and your business, and we have a team of Cloud Accounting experts who can help get you up and running.

Please speak to your usual AG contact for more details on any of the above and more, and let us help you find the “new normal” for your business.