Why small businesses need to use cloud bookkeeping?

Luckily, we do not have many clients that are still using spreadsheets for recording their business transactions but we have a few.

Technology has moved on and nowadays it is really easy to record your business transactions and it’s far easier than going back and entering everything on to a spreadsheet

Today you can use invoices recognition software and cloud bookkeeping and effectively most of your bookkeeping can be automated.

Not only that you don’t need to keep a box of receipts for the taxman as a copy of it will be stored online.

These are the benefits of cloud bookkeeping

Accessibility: Cloud bookkeeping allows business owners and their accountants to access financial information from anywhere with an internet connection. This means that business owners can easily view and manage their finances on the go, without having to be tied to a specific location.

Cost savings: Cloud bookkeeping eliminates the need for expensive hardware and software, which can be a significant cost savings for small businesses. Additionally, cloud bookkeeping typically requires less IT support, which can further reduce costs.

Real-time data: Cloud bookkeeping provides real-time access to financial data, which allows business owners to make more informed decisions. By having access to up-to-date financial information, business owners can quickly identify trends and make necessary adjustments.

Improved collaboration: Cloud bookkeeping allows multiple users to access and collaborate on financial data simultaneously. This can be particularly useful for businesses with remote employees or multiple locations.

Automated processes: Many cloud bookkeeping solutions offer automation features that can simplify and streamline bookkeeping processes. For example, automated invoicing and payment processing can save business owners time and reduce errors.

Better Compliance: Much less likely to be pulled up by HMRC for not keeping adequate books and records.

Most cloud bookkeeping packages are cheap (under £30 plus VAT per month) so I am not sure why anyone in business would not use one.

Disclaimer: Paul Stankiewicz is the owner and principal at Paul Marks & Co Chartered Accountants which is the trading name of Paul Marks Ltd a Limited Company registered in England and Wales (registered number 4487645).This article is designed for the information of readers only and is the opinion of the author only. Readers should not act on any of the information contained in this article without seeking professional advice. Nothing in this article constitutes advice, nor does the transmission, downloading or sending of any information or the Material create any contractual relationship. Links to third party websites are provided as a convenience to the reader, Paul Marks Ltd does not control and is not responsible for any of those websites or their content. Paul Stankiewicz and Paul Marks Ltd accepts no liability or responsibility whatsoever for any loss or damage suffered by any user of the information contained on or accessed through this article or the Material downloaded.