Accurate and timely Management Information is key to running a successful business. Decisions made based on out of date or inaccurate information can be detrimental to your growth plans – it's like driving with one hand behind your back, possible, but not advisable and a sure way to send you off down the wrong track!
What would happen if you...
- Knew what your costs and overheads were at anytime, anywhere.
- Had easily accessible financial data at your fingertips.
- Were able to see how you're performing against your financial forecasts.
- Didn't have a large outlay for bookkeeping software and updates.
- Were able to solve queries swiftly with detailed financial knowledge.
All of the above can be achieved by moving your financial function into the 'cloud'.
You may or may not have heard about this 'cloud' thing, it seems to crop up in many parts of our lives in this ever changing, fast paced world in which we live. However, if you aren't that familiar with all the jargon, the following may help....
In basic terms Cloud Accounting means that instead of having financial and accounting software on your computer or held on your own server, it is hosted remotely offsite enabling you to access your information at a time to suit you, from anywhere in the world. In other words - up there in the ether, hanging about, in the clouds as it were.... makes sense now doesn't it? This means an end to upfront software costs and expensive licences which are instead replaced with an agreed, cost efficient monthly payment.
Not everyone enjoys working with numbers and looking through piles of paperwork can be daunting and extremely time consuming. The reality when running a business is that you will often need to have accurate financial information immediately available in order to make the best quick and timely decisions. Cloud Accounting puts you in control of your data and allows online, easily accessible, real time information at your fingertips. Perhaps most importantly for our clients, all of this is done in a safe and secure online environment - in fact the same security level as you will be receiving from your online banking provider.
Most quality Cloud Accounting platforms are accessible via numerous devices - be it PC, Android, iPhone or iPad - providing instant access to your business KPIs allowing you to drive your business forward on an hourly, daily, weekly basis; in other words whenever you want, wherever you want. So the management of Cashflow, Management Accounts, Sales and Debtors, Banking, VAT and Supplier Purchases becomes something that can be done far more easily and at a time that suits you.
Article by Andrew Rowe of Evolution LLP.
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