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Working in the New World – with cloud-based accounting software

COVID-19 has shown business owners and employees that working remotely, from home or elsewhere, is not only possible but in many cases, has many advantages. Remote working applies to servicing clients and for many has been keeping businesses running on a day to day basis. Maintaining business finance is a key part of running a business. And cloud-based accounting software is a key part of running a business remotely.

Cloud-based accounting software – flexible and affordable

The beauty of cloud-based accounting software is the flexibility it gives in running a business from the office, home, or on-the-go. Everything is run on-line, so there’s nothing to install, there’s instant access and everything’s backed up automatically. Updates are free, automatic, and instantly available.

Cloud-based accounting software keeps the up-front business costs to a minimum. In the cloud, there’s no need to install and run applications on a desktop computer. You can use cloud-based software from any device with an internet connection, keeping computer hardware costs low. Instead of buying software outright, you only pay for the software with a manageable, monthly subscription.

Most cloud-based accounting solutions can automate processes and save you time. Bank transactions can be imported into the software, purchases automatically entered and payment reminders automatically sent to customers.

Cloud-based accounting software – paperless and time-saving

For businesses that want to be more environmentally friendly, cloud-based accounting software can help deliver the paperless office. Sales invoices can be emailed directly to customers instead of being printed and posted, purchase invoices and expenses can be scanned and attached to associated transactions within the software. Storage is significantly reduced as all documents can be stored digitally in the cloud.

Because software and financial information are hosted in the cloud, sharing data with business owners, employees and their accountants is an extremely straightforward process. You can set up access for users so they can log into the software as needed and multiple users can work simultaneously on the same files and projects.

At CFW Accountants, we recommend Xero for cloud-based accounting, but we work in systems from all the main providers such as Sage, QuickBooks, IRIS Kashflow and Freeagent. Our experienced team can support businesses at any stage of their cloud-based journey from training, set up and with any ongoing support.

For more information, or to discuss how CFW can help you choose the right accounting software for your business needs, please get in touch

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