How Cloud Accounting Can Benefit Your Brighton Business

As an emerging hub of innovation, digital technology and creativity, it's no wonder that Brighton, or ‘Silicon Beach,’ has fast become an exciting home for new businesses. Despite fears of an economic downturn after the referendum on Brexit, new research shows that Brighton and Hove will see one of the biggest rises across the country in small business growth over the next four years, the fifth highest increase in the UK.

Running a small business can be challenging, without the larger teams of bigger corporations, it may sometimes seem that you’re spending less time on growing your business and brand, as you are bookkeeping, which can feel at times like a tedious distraction. Luckily the technology to keep on top of invoicing has improved drastically over the past few years, with online and cloud accounting radically streamlining core processes and freeing up your time to focus on the bigger picture. 

What is cloud accounting?

In reality, cloud accounting is just like internet banking. Providing you have the correct login details and a working internet connection, you can access a real-time picture of your data immediately, anywhere, anytime.

Whilst switching your accounting to the cloud can seem daunting, there are a number of benefits, especially for small businesses, for making the technological leap.

Top 5 benefits of cloud accounting for small businesses

1. Greater flexibility

Using a cloud-based accounting app gives you easy access to your figures anytime, anywhere. The beauty of this software is the flexibility it gives you to run your business from work, home, or on the go, with the confidence that you have an up-to-date picture of how your business is doing, no matter where you are.

Software updates can be developed and delivered faster and more easily in the cloud. The latest versions are downloaded automatically, allowing you to get access to new features instantly. With cloud accounting software, you have the option to run your business remotely, from anywhere in the world. 

Not to mention cloud accounting is easily integrated and totally scalable, no matter your business needs, you can fully adapt your cloud accounting to suit your business experience.

2. An up-to-date view of the business

Using traditional accounting methods, you’d have to scroll through pages of out of date management reports to try and get a picture of where your business is at.

When you use the cloud you’ve always got a completely up-to-date view of your current financial situation. Allowing you to make better-informed decisions about the financial future of your business. 

With the cloud, you can look at your company’s finances in real time – and that’s a pretty amazing benefit when you’re a fast-growing company.

3. A better relationship with your accountant

As a business owner, you’ll still need to regularly collaborate with your accountant to make sure your financials are up to date, especially when it comes to filing your end-of-year tax returns to the revenue. As a result, you may spend a lot of time travelling to and from your accountant – which can be both costly and time-consuming. 

With the cloud, you and your business advisers are always looking at the same online ledger. The ability to talk about your finances in real-time conversations, regardless of either of your locations, results in a much more valuable experience. Your accountant goes from being an expensive compliance overhead to being an integral part of your management team.

4. Reduce Your Costs, Maximise Your Profits

By running your accounting through the cloud, you’ll be able to minimize a multitude of upfront business costs. As everything is run online, version upgrades, maintenance and administration, alongside server failures, are all rectified and cost absorbed by your service provider.

Moreover, the ability to grant access to team members and advisors working remotely removes the need to travel for real-time updates and collaborations.

Both a labour and cost reduction, as well as an ethical improvement, cloud software allows your accounting to be completely paperless.

5. Increase Your Security

One of the many concerns people have over switching their business to the cloud is its security. Throwing all your invaluable data onto the internet may seem a little reckless, but the cloud is actually one of the most secure ways to store information. By utilising the cloud, and removing the need to store all your information on your hard drive, your information remains protected from theft and loss, as no one can access your data unless they have a login to the online account.

In addition to this, if you invite users to view your data, you can control the level of access. This is much more secure than the old-fashioned way of emailing your files or sending out a USB stick with your data on it.

Even in the event of a natural disaster or fire, being in the cloud means business productivity doesn’t need to be affected because there’s no downtime and all of your information is safely and securely stored off-site. As long as you have access to any computer or mobile device connected to the internet, you’re back up and running.

 

The biggest benefit, one that I’ve left off the list, is that through all of this, the cloud allows you to spend less time on the boring number stuff, and more time on the one thing you love, growing your business!