Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Look for cloud versions of the systems you’re using (if you’re happy), if not, check out some of the new offerings out there to make your life easier! Depending upon your needs, we come right to your doorstep on a daily, weekly, semi-monthly or monthly basis to pick up your file. AIS Solutions ensures moving your bookkeeping into the cloud environment is smooth and easy. With your financial records being stored in digital format it is vitally important to back up your business data.
You must be coming across the term – Cloud Accounting very often these days and wondering what it is anyway. According to this article on Wikipedia, Cloud computing is a term used to refer to a model of network computing where a program or application runs on a connected server or servers rather than on a local computing device such as a PC. For example, cloud accounting software – ProfitBooks is hosted on the centralized servers. Cloud accounting is the most exciting thing that had happened to the accounting industry in recent years. Business owners can access their data anytime from anywhere. Business owners are always on the move and are increasingly using tablets and smart phones to access latest financial data. Cost of ownership is lower as compared to traditional accounting softwares. There is nothing to install and maintain.
Cloud Accounting is secure. Normally, proper security measures are not implemented by small businesses to protect their financial data.
Rapid change and acceptance of technology has changed the way businesses and individuals operate and Self-Managed Super Funds (SMSF) are no different. Critics of cloud based environments believe the trade-off for greater functionality is security. Legislation regarding contributions, aged pension and compliance has changed significantly in the past five years together with an increase in penalties for non-compliance. Reputable cloud solutions invest heavily in their security and have the skillset to ensure your data is safe in the cloud.
Cloud services have revolutionised the accounting industry and accounting ledger systems and spread sheets are a thing of the past. If you are a trustee of a SMSF and looking for efficiency, accuracy and more informed decisions for your SMSF, then cloud could be the solution for you. This blog is dedicated to news, informational articles related to Accounting, Financial Planning and business orientated technology. It’s not surprising that cloud accounting systems are in high demand, especially since they streamline very important day-to-day accounting processes.
One of biggest considerations for switching to the cloud is to boost productivity and revenue. A cloud accounting service provider can manage overhead costs, version upgrades, maintenance, system administration costs, and server failures.
Many businesses have concerns over whether their data will be secure in the cloud, but it’s one of the most secure ways to store data. Transitioning your company to cloud-based software is fairly simple and there are many to choose from depending on your needs, whether it be accounting, payroll, or purchasing.
5 Tips to Help a Business Avoid Cash Flow ProblemsManaging cash is one of the most important functions of a business. Payment Terms: What Every Small Business Needs to KnowCollecting payment for services rendered is one of the most important parts of running a small business. This includes a review of your existing database, and systems which are currently in place to process your financial information. The transfer of your data into the cloud is very straightforward with the assistance of our IT professionals. AIS Solutions uses a remote backup service to maintain a copy of your important files at a remote (off-site) location. In simple words, its a new way of accessing your accounting software from the web browser without actually installing it. This hosted application can be accessed by any internet enabled device such as PC, tablet or a smartphone. Users can just open their web browsers and start using the application without installing anything on their PCs. This has enabled the bookkeepers and business owners to work on the same system simultaneously regardless of their location. For example, ProfitBooks can be integrated with popular file sharing application Dropbox to store and share files. Cloud accounting enables business owners and accountants to work on the same file simultaneously eliminating the need of data transfer and physical meetings.
He looks after UX, Testing and Support functions and occasionally writes for this blog on various growth hacking techniques.
David Mendelovits (Sales Manager) of Super Mate Product rightly said “Cloud has democratised the world”. The cloud removes the chains most businesses have to accounting systems, which can be expensive and tedious to maintain. Cloud accounting is Software as a Service (SaaS) and is often charged as a monthly subscription. Accurate data is crucial to successful financial management, and SaaS-based accounting systems automate identification of duplicate entries to prevent these types of errors. Cloud-based accounting solution providers maintain a greater level of security than most companies would be able to implement or afford on their own.
It’s crucial to identify the needs of your business and determine which software could benefit your company the most. Without access to liquid capital, a company may lose the ability to act quickly on investment opportunities or handle unexpected events.

By establishing payment conventions in line with industry standards and other similarly sized businesses, small-business owners will generate trusting relationships with customers, maximize their cash flow, and increase income potential.Managing Fixed Costs in a Seasonal BusinessTo manage fixed costs efficiently, small business owners need to think outside the box and consider new ways of leveraging their employees and products. Businesses that move to the cloud can make significant savings on many levels – IT hardware and software expenditure is cut dramatically and fewer staff or support resources are needed for IT maintenance. These backups are performed each and every day and scheduled to automatically run during off hours to always keep your data safe and secure.
We will always take the time to explain the financial terms and numbers, and pinpoint what’s critical to the performance of your business. Bookkeepers and chartered accountants no longer need to go through the pain of importing client’s data files into their systems. Backups are taken at regular intervals, servers are scanned for vulnerabilities and data is transferred over the encrypted connection. There are endless possibilities to extend the functionality by connecting with other online softwares.
Small and large businesses alike are already using the cloud to manage their financial data and reaping the benefits of efficiency and accessibility. Compared to legacy systems that often involve complex and costly hardware and software, the cloud holds many advantages. It can also grow with your business and expand functionality through integrated applications. In addition, confidential or proprietary information is secure in the cloud due to controls and approval processes. Here are five tips to help you maintain a healthy cash flow.How Cloud Accounting May Improve Virtual Office ManagementIncreased use of technology has allowed many small businesses to go virtual. The next step is setting you up with a customized pre-labeled accordion folder tailored to the specific needs of your business. Making cloud universal.If MTD comes to fruition - as we expect it will - HMRC will make it very difficult for people not to update the government without some sort of tool. By transitioning to the cloud, you eliminate the need for servers and the overhead costs that come with it such as IT staff, salary, and network costs. The cloud helps your business make more educated decisions, with increased productivity that boosts your competitive edge, rather than relying on outdated accounting systems.
Approval hierarchies within the SaaS ensure that the overall financial integrity remains whole.
However, your cloud protection is also dependent on how well you establish and implement internal policies for users. Cloud accounting systems, in particular, have helped improve virtual office management for many businesses.
Financial recordkeeping also increases in complexity as they increase in size and add new products or services. It will move everyone away from their online banking and their spreadsheet.Tax payersa€™ habits are hard to budge unless the government threatens them with a stick. The finance department is freed from directing documents and the burden of paper flow, and they can enjoy improved data flow and access to analytical tools anywhere, anytime. Our goal is to reduce your accounting costs by minimizing the Year End adjustment entries generated by your accountant. We’ve done it ourselves, and we have the accounting and financial experience to back it up. Furthermore, trustees are now able to establish new SMSF through the cloud as well as instantaneously open bank accounts for their fund. Here are a few clues to indicate that a small business is ready to step up and hire accounting help. If you prefer a paperless option, all of the documents can be scanned and electronically uploaded via our website into a confidential mailbox assigned to you. Once this initial setup process is complete, you are able to look at your financials or the details of your transactions, whenever you choose. The rest of the time you can focus your attention where it should be, on growing your business. Thata€™s No Longer an easy QuestionWhat is the primary purpose of a small business bookkeeper?
These questions were once easy to answer but a period of rapid change in the world of small business is challenging qa bookkeepera€™s identity.Business owners as well as accountants and bookkeeper's now have the ability to look at the same financial information and have connected tools at their disposal for analysis and interpretation. What services and service levels are expected by our clients?At Cloud Accounting NI our accountants focus on the value added services while our associated bookkeepers hold the key relationship with the clients and are responsible for day to day outsourcing of data entry - which can often be automated.
A So we simply allow bookkeepers to benefit from a high growth opportunity while we also gain advisory work - A WIN - WIN scenario for both.
This is where our accounting practice, Cloud Accounting NI really comes into its' own.Certain areas, such as technology setups, system conversions and associated training and support do require a deep understanding of the technologies but not necessarily deep accounting expertise. This work can also be repetitive and time consuming and Cloud Accounting NI can provide this service to set clients up with the right technology around them.If bookkeepers fail to embrace the wave of technology breaking across their accounting industry, they will lose their identity, their relevance and finally, their clients. Why let that happen - come on board with our Umbrella Organisation - Cloud Accounting NI.Call Richard on 07868 663538 to discuss how our partnering with us on our Partner Programme can help your bookkeeping services earn up to 50% more with 66% less effort!So what are you waiting for? This isna€™t just because HMRC require you to, but ita€™s also essential to know where you are in your business. If youa€™ve had a problem lurking in your books that youa€™ve been vainly hoping would just go away, nowa€™s the time to ask your accountant for guidance orA contact HMRCA to sort it out. A good program will help you keep on top of all your income and outgoings, however it's essential that you receive the proper training.
Either way, a good system will make your accountant's life much easier and keep your costs down. It's tempting to do them at the end of the day or week, but this is when you're likely to be most tired and potentially make mistakes. Try to do your books in the morning - and remember the more frequently you do your accounts the easier they are to maintain.Get help and advice whenever you feel things are going astray. It's counterproductive to let your accounts get on top of you as you're more likely to make potentially costly mistakes.

As well as making your life easier when it comes to your year end, good record keeping will also provide important financial information that will help you run your business more efficiently. The data they assess from the books can be interpreted to consider which way the business should progress in order to maximise their profit levels.The Role of a BookkeeperMany businesses, depending on their size and structure may employ a bookkeeper, either on a full time, part time or a€?ad-hoca€? basis. The bookkeeper will look at all incomings and outgoings and enter them into a ledger, known as a book.They have a number of legal obligations as they go about this in that they must act honestly and with good faith in order that the books are kept up to date and honestly. Their process is completed when the certified bookkeeper performs a series of final checks known as a a€?trial balancea€?. However, without the use of a bookkeeper, a bookkeeping organisation, or an accountant, the business would not be able to meet their legal obligations, could be subject to paying too much (or too little) tax and could potentially lose money as cost efficiency is a role undertaken by the accountant.CLOUD ACCOUNTING NI PROVIDES THE SOLUTIONAt Cloud Accounting NI we have a unique process to automate the Bookkeeping process in house in a highly cost effective manner. Alternatively, our process will also benefit your business if you already have a Bookkeeper (either in your business or external) and are unwilling to change.Using our unique cloud accounting process, we have a€?real timea€™ information on hand to help you grow your profits, reduce your tax and save on IT costs. No more waiting for bank statements to arriveIn recent years there has been a revolution in bookkeeping software. Entrepreneurs, or their bookkeepers, no longer need to type the information from their bank statements into their computer software.
It is now possible to have the information sent directly from your bank to the software electronically. Obviously, this saves a lot of processing time and the software will also try and match the items on the electronic bank statements to the invoices showing as unpaid in your records.2. Getting a computer to process your invoicesIt is now possible to simply scan your purchase invoices into your computer and allow software to read the information on the invoices and add to your bookkeeping records. You will need to help the software identify the information on the invoices the first few times but after that, sophisticated software will read your invoices and extract the key information.
The benefits here are not only the obvious processing hours saved but also the risk of human error is significantly reduced with a computer doing the work.3. Records are kept online and can be sharedWhen software is cloud based the records can be accessed online by authorised users.A  This allows the entrepreneur to share up to date financial data with their accountants instantly, who can then review results quickly and give the entrepreneur timely advice. This is invaluable for those looking to grow their businesses.Budgets and cash flow can also be monitored using these online software packages. Sales invoices can be raised away from your deskBranded sales invoices can be raised on the software and emailed directly to customers. They can even be raised from smart phones and tablets allowing invoices to be produced when on the move or at customersa€™ premises.
The benefits in time saving, and in many cases costs too, are simply too significant to ignore.At Cloud Accounting NI we help our entrepreneurial clients find the right software to allow them and us to monitor their financial data.
Scary stuff, and it is not just the preserve of our transatlantic colleagues, this is also happening across small businesses in Europe. So why is cloud accounting for small firms now garnering such bold predictions and senior focus?What has changed?
In the UK, cloud accounting usage has been doubling each year since the emergence of packages such as KashFlow in the middle of the a€?noughtiesa€™, when a small base of a few hundred users became a few thousand and then a few tens of thousands. Over the next eighteen months a huge wave of new firms in the UK, quite possibly hundreds of thousands, will be adopting this technology. Around half a million new companies will incorporate this year and hundreds of thousands of sole traders will also commence trading.Why is cloud so profoundly different?Five years ago, when there were just a few thousand evangelical early adopters, discussions around the merits of cloud versus desktop were very technical in nature (a€?where does the data sit?a€?), and phrased in terms that were frankly irrelevant to the average small business user. The key benefit of cloud accounting that is so often ignored or underplayed is better Collaboration. Cloud moves to the mainstream It was around 2011 that we began to see the true advantages of cloud really begin to emerge. It was not from inside the software but rather that cloud accounting enables far better collaboration with start ups, small business and fast growth organisations. This can only be a good thing but is just the beginning.A world of possibilitiesIta€™s in 2013 and beyond that wea€™ll really see why cloud will no longer just be about making life easier, but also giving firms significant competitive advantage by helping with their key business issues.A Hard to believe?
This is due in no small part to the challenges lenders have in getting the quality and quantity of information they need to extend appropriate finance.
These challenges lead them to put in place procedures and terms simply too onerous for the typical small firm to bear. As an example, less than 10% of firms that could use invoice finance products currently do so, even though this sort of working capital finance product could improve the cashflow position of many more firms. In the near future, small but growing firms will find it much faster and simpler to work with lenders, and to get the growth finance they need.Getting PaidA a€“ Late payment and bad debt is another critical issue for small firms, with existing best practice credit management tools often too remote and complex to be adopted in large numbers. Well, my accounting practice has been using the cloud for a number of years, and we have shared this passion with many of our business clients. We have seen firsthand how the cloud accounting systems impact our business clientsa€™ lives.
The cloud solution has reduced or eliminated redundant, time-consuming work thata€”leta€™s face ita€”is the bane of most businesses.Mostly, cloud accounting allows greater access to real-time data, which increases engagement with businesses financials and assists in making decisions. You have probably seen or heard yourself about all the cloud accounting systems that are now available for you to utilise in your business. No more time-consuming upgrades to that one computer that has the accounting software loaded on it, or large accounting data files taking up all that space. This allows the accountant to interact with you in real time and assist you with any questions about data entry or what the financials are reflecting. Cloud-based accounting systems allow you to upload or automatically bring a€?live feedsa€? of your bank account and credit card transaction data into your accounting stream. These days, you can run your business from an iPad or similar tablet device and mobile phone as most cloud accounting systems have apps you can download to the device. You can have certainty over the financials and banking even when you are not physically present in your business.

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