If you want your business to work smarter and faster, cloud-based accounting software is a wise investment. Working in the cloud will give you a better overview of your finances and improve productivity in your business

Keeping control of your business' finances shouldn't be a chore it should be a simple process using a system you can operate easily and understand.  It shouldn't be laborious, time-consuming and confusing!

 

So what is this thing called the cloud?

Think about when you use internet banking. Every time you access this data, you’re using the cloud. The cloud is a platform to make data and software accessible online anytime, anywhere, from any device. Your hard drive is no longer the central hub.

 
Problems with traditional accounting software

  • The data in the system isn’t up to date and neither is the software.
  • It only works on one computer and data bounces from place to place. For example, on a USB drive. This is not secure or reliable. 
  • Only one person has user access. Key people can't access financial and customer details.
  • It's costly and complicated to keep backups (if done at all).
  • It's expensive, difficult and time consuming to upgrade the software.
  • Customer support is expensive, slow or non-existent when you really need it!

Why the cloud and accounting software are the perfect match?

You can use cloud-based software from any device with an internet connection.

Online accounting means small business owners stay connected to their data and their accountants. The software can integrate with a whole ecosystem of add-ons. It’s scalable, cost effective and easy to use.

In the cloud, there’s no need to install and run applications over a desktop computer. Instead, you pay for the software by monthly subscription.

The cloud is a platform to make data and software accessible online anytime, anywhere, from any device.

Cloud-based security is world class.  

As a small business owner, you probably spend a lot of your time out of the office. So, it makes sense to be able to keep your accounts in order while you're on the move. Here's how to do it – and save yourself time and money

Plus keep your evenings free for things like life!

Managing your mobile business

Small business owners work hard and are often on the move. You may be out meeting clients, working on-site or travelling between jobs. If you have an office – at home or anywhere else – you probably don't spend a lot of time in it.

Mobile phones, tablets and laptops have made working on the go so much easier. You can check emails, manage appointments and edit documents anywhere. But did you know you can also manage your accounts on the go?

Mobile accounting apps (also known as mobile bookkeeping apps) let you manage expenses, send invoices and track your cash flow from anywhere and anytime. There is no need to wait until you get back to the office at the end of the day to check this information, worried about bank charges then check your reconciled business bank account before making that purchase.

 
Mobile bookkeeping app or mobile accounting app?

Bookkeeping and accounting have different meanings but, when it comes to apps, these words are often used interchangeably. So, when you’re shopping around, look for both.

A good mobile accounting app comes with a lot of capabilities, look out for think including:

1. Expenses App

Instead of stuffing receipts into your pocket or work bag, you can photograph them with your phone. The image is stored with your accounts, so you don’t have to worry about losing track of what’s been spent. You and your staff can also raise a personal expense claim using the App.

 
2. Receipt Scanner App

A receipt scanner app like HubDoc or Receipt Bank will make it even easier to stay on top of costs. Once you’ve photographed a receipt, these Apps will read the image and enter the data – like supplier, date and cost – into your accounting software for you. You just need to assign the expense to a Client, or a project and your job’s virtually done. You will have to get these Apps on top of the accounting App, so it will cost a little extra. Even if you can't afford to make that investment today, make sure you get an accounting App that will integrate with a receipt scanner so you have the option in the future.

3. Mobile billing App

Send invoices directly from your mobile device, straight after you finish a piece of work. You won’t have to waste your evenings on invoicing jobs, and you’ll be far less likely to forget about sending an invoice to a client. Mobile billing helps you get invoices out faster, which can do wonders for cash flow.

4. Mobile invoice tracker

Because mobile accounting Apps receive fresh bank data every day, you can easily see when payments have occurred.  The software identifies payments and matches them to invoices for you – so you don’t have to sift through a bunch of transactions to figure out what’s been paid and what hasn’t.

5. Automated bookkeeping

These sorts of Apps connect to your business bank account over the internet and copy across transactions into your business accounts. That’s a massive time saver and explains why these are also called mobile bookkeeping Apps. This bank connection means that you get a very recent and accurate picture of money coming in and going out of your business. You will still need to reconcile and categorise this information, but a lot of the raw data entry is taken care of.

6. Bank reconciliation app

One of the least-loved jobs of any business owner is bank reconciliation. That’s where you make sure the data on your bank statements matches the data in your accounting records. Most people sit down at a desk once a month and work through hundreds of transactions at a time. But a mobile accounting App will show you fresh bank transactions every day and allow you to reconcile them right there on your phone or tablet. You can do your bank reconciliation anywhere, for a few minutes at a time, which prevents ugly backlogs of work from forming and frees up your evenings and weekends for life!

7. Live cash flow dashboard

Keeping tabs on money coming in and going out is vital. Mobile accounting Apps help you check cash flow whenever you like, with simple dashboards that show you things like revenue, expenditure, overdue invoices and payments that are due. The report refreshes every day, so you always have a current picture of cash flow.

Mobile bookkeeping and accounting Apps allow you to take care of important financial administration while you’re out and about. You can capture expenses, send invoices, see what you’re owed, chase payments, reconcile accounts, and see what bills are coming due. And because these Apps keep pulling fresh data from your business bank accounts, you know you’re working with accurate numbers.

It’s accounting for busy business people that don’t sit at desks all day long. Mobile accounting Apps allow you to get the basics done, no matter where you are. 

 

                     

 

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