Cloud Accounting.

What is cloud accounting? 

Cloud accounting simply refers to accounting software that is accessed via an internet browser log in and is hosted online or “in the cloud”. There are several options in this area including;

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What are the Benefits of Cloud Accounting?

Probably the main benefit is the ability to access and control your data anywhere and on any device – all you need is an internet connection!

Gone are the days of paying for a software license for each user, most cloud accounting software’s allow unlimited users and you can all be logged in and work on the data at the same time!

Create, send and track sales invoices – you can even see if the customer has viewed the invoice!

Automatic credit control – no need to chase the payments in and worry about cashflow, you can set automatic reminders to be sent at intervals of your choice. You can even create your own templates for the reminders.

No more data entry as HubDoc and Receipt Bank take your supplier invoices and extract the data straight into the software.

Bank feeds allow the software access to your online banking data via a secure connection. This again saves time on manual entry.

All the software’s that are available are packed with cutting edge artificial intelligence, meaning they will learn from previous entered data and grow smarter the more you use them. 

Reporting – at the click of button find out who owes you more, what your largest sales stream is or how profitable you have been in a certain timeframe.

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Which Cloud Accounting Software is the Best?

The majority of the online software choices have a broadly similar functionality behind the scenes. However, they are very different user interfaces and experiences. 

For businesses who have used Sage line 50 previously the familiar layout and feel of Sage Business Cloud may be a welcome familiarity.

Or, for the smaller clients QuickBooks may be a great fit. But we consider the market leader currently to be Xero.

Xero Features and Benefits

Xero has tonnes of built in artificial intelligence, from creating, sending and tracking sales invoices, using the inbuilt HubDoc software to input purchase invoices to automatically connecting to your business bank account securely. Xero is fantastic to aide a streamlined and process driven accounts function. We often find the clients who really invest in integrating Xero in to their business can cut data entry time down to as little as 25% of previous levels! 

For growing businesses Xero allows up-to-date information to be available to aid with cashflow management and raising finance. Reliable management information is a prerequisite for banks and a robust accounting system can help you in the market place.

As with any piece of software it is crucial that the set up is undertaken by a professional as you will never harness the full power of the software without this. That’s why at Ryans we offer FREE software set up and assistance with integrating other useful applications and we also offer FREE training and ad hoc advice within our monthly fixed fee retainers!

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