What They Haven’t Told You About Cloud Accounting

What They Haven’t Told You About Cloud Accounting

It seems like Cloud Accounting is the solution to all our woe’s, but wait surely there’s a catch?

Well there’s not a catch as such but one thing is for sure……. you need to be FULLY aware of how, where and why these platforms benefit your business and most importantly understand what tasks and functions still need to be performed and completed by you and your staff.

There seems to be a common misperception that moving to a cloud accounting solution will reduce the number of administrative tasks required by your business.   This is not always the case.  There are still many administrative tasks required to be processed and managed eg data input, document scanning and uploading.

Many accounting cloud solutions would also lead you to believe that by signing up to and using their platform means you automatically become compliant in certain areas however this also is not the case.  Take for example, Making Tax Digital (MTD), this has been a focal point for many of the Cloud Accounting platforms advertisement campaigns lately and whilst their solution has the functionality to ensure you submit your tax returns correctly it does not automatically mean you are set up for MTD.

We strongly believe in and advise using a cloud, software as a solution (Saas) platform to help manage and improve your businesses accounting processes as the pros far outweigh the cons.  We maintain and manage many of our clients online systems, ensuring business costs are being reduced and the highest rates of efficiency are being achieved within the organisation.

Before researching and purchasing a new system we feel it is essential to speak with someone first (ie an independent expert or user) who has a good deal of knowledge and experience with cloud accounting packages.   This will enable you to understand fully if and how the solution will best fit and suit your business needs.

We are an official certified Xero Cloud Accounting Partner however we also advise and have knowledge and experience of many other accounting solutions so if you have any questions or would like to speak to us further about Cloud Accounting in more detail and our outsourced accounting services, please email us at hello@ratiobox.services or call us on 0800 955 3350.