More and more businesses are transitioning to cloud accounting to take advantage of its many benefits. For those who haven’t, we have outlined the questions we are asked by clients to help you to understand more about cloud accounting and how it can help you and your business.
To use desktop accounting software, you must install it on your computer – standalone or server – and run it there. All the data relating to your accounts is also stored on your computer, or server, and is subject to your back-up procedures. Cloud accounting software runs on the internet so there’s nothing to install on your computer. To access the software, you visit a website and sign in with a username and password, which means you can use cloud accounting software from virtually any computer, most tablets and smart phones, anywhere you have an internet connection.
The primary benefit of using cloud accounting is the mobility. Cloud accounting software tends to be more user-friendly and requires less technical expertise to set up. Being able to log on to your accounts from any device with an internet connection means you can generate invoices on the go or process payments immediately, saving you time and effort.
Data capture and entry are more automated using apps, reducing the time spent on that element of your business. Your data is always safely secured and backed up online, so you never need to worry about your computer crashing and losing your data.
You will also be compliant with HMRC’s Making Tax Digital.
Another potential cost saving for a business is the fact there is less requirement for IT hardware with the use of cloud packages. A good internet connection is important but you no longer need to ensure your in-house server is up to the latest specification to use resource intensive desktop applications.
No is the simple answer. Most cloud accounting packages are designed for non-accountants to use. The right accounting software can make your accounts more accessible and easier to understand. You will find that accounting software helps you identify trends, spot opportunities and give you confidence that you understand where your company stands.
You will need some basic accounting knowledge to use it – if you put inaccurate information in to your accounting software, you’ll get inaccurate figures and information out. So it’s still wise to have some basic knowledge, like the difference between accounts payable and accounts receivable. However, another of the advantages of cloud accounting software is the ability of us as your accountant to log into the live data with you should questions arise.
We can help you evaluate what you need from a package by considering your existing accounting methods, take into account your plans for the future business, and for you personally, and ensure the software package, with any ‘add-ons’, fits with your needs and works with your current business processes.
We will ask some key questions about you and your business which will help to ascertain which software package you should use, or trial. We also suggest that we get key employees involved when evaluating different packages as they may be able to provide a different perspective, or offer helpful insights into how the software might be used.
We are here to help you during working hours and in our experience it would likely be a simple issue we have resolved before. However most established providers such as Sage and Xero have dedicated support teams available 24/7, 365 days a year.
Yes in terms of providing the base data with which to calculate potential tax liabilities. With one of the benefits being shared access with us as your accountants and with the help of automation the accounting information being more regularly up to date, we can help plan for potential liabilities.
Your data is hosted on secure servers with multiple sites in order to provide resilience against server failure. Most, if not all, cloud accounting software providers use 128 bit encryption and also two-level user authentication for access.
If you have any further questions, please give us a call on 01242 776000 or arrange a free advice clinic by emailing clinics@randall-payne.co.uk. You can also use our contact form to submit a query online.
Learn more about how we support our clients through our Accountancy page.
I am very grateful for all the help and assistance that Carrie and the team at Randall & Payne have given me over the years. Nothing has been too much trouble and you guys are always there to help.
They have taken care of all the ‘less exciting’ yet immensely important parts of running a business, making sure all the accounting boxes are ticked and highlighting opportunities that may have otherwise been missed. Shaun is great to work with. Whilst incredibly professional and thorough, he still has a sense of humour which makes meetings a pleasure instead of a chore.
The support we have received Shaun and the rest of the team has allowed us to focus on our real strengths… riding bikes, (falling off bikes), making great films and sharing our passion for ebike adventures.
It’s good for us to meet the staff who are assisting with the production of our accounts and they enjoyed getting out of the office and getting more of a feel for what we do.
I’d like to say a big thank you to Shaun Pegler and the team at Randall & Payne for always being there and for the invaluable support they give to me and the Applied Change team. They regularly go above and beyond and recently have delivered quickest turn round in year-end accounts so far, including an R&D tax credit. In my case, they haven’t just talked about clients’ success they have actually delivered it, time and time again and in all areas of finance, from tax to payroll to year-end and now book-keeping too. Thank you all and looking forward to continuing to raise the bar together!
Payroll, and getting it right for our employees is hugely important to us and Randall & Payne’s sleek processes and refreshing professionalism made this happen effortlessly. From the ease of uploading data into the portal to Naomi taking that extra care to call rather than emailing queries, has quickly built up the trust and confidence that we have made the right choice. Also, being all encompassing we can talk to a specialist for the right advice when needed and their repeated professionalism affirms Randall & Payne’s commitment to excellent client service.
Randall & Payne produced cashflow forecasts based on our accounts and projected income that were used by the bank to approve a business loan. This will enable us to add to our portfolio of properties within the company and expand the services we can offer. A big thanks to Will and the team.
Randall & Payne have been our accountants, auditors and financial advisors for well over 25 years and continue to be a trusted partner. They act quickly and efficiently, covering all aspects of the fiscal side of our business, including administering our payroll, looking after our tax affairs, year-end accounting and financial planning. As we look to the future, we are happy in the knowledge that Randall & Payne will be working with us to face the challenges ahead.
I have been a client of Randall & Payne’s for many years now, both for personal and company accounting services, and I cannot fault them. The firm is excellent across the spectrum, from business leadership coaching and financial planning to practical tax advice. I feel I know the advisers personally now and am always met with the same level of professionalism and friendliness. Even when I feel I may be asking very ‘simple’ questions, they still make me feel valued.
Randall & Payne LLP has provided audit and accountancy services to us for more than 12 years, and I would not hesitate in recommending the firm to others. The partners and staff are professionals to their fingertips, and the advice and support we have received has been first class. They have an interest in, and a commitment to, our organisation that is genuine and we see them, really, as a part of our team.
Over the past three years, we’ve built a very strong relationship with Randall & Payne and they’ve worked extremely efficiently and diligently in filing our accounts, supporting the transition we’ve made from a small to well-established business. They have also been instrumental in educating our business on R&D tax credits, their attention to detail and guidance through this process has resulted in consistent successful outcomes.
Officeworx Ltd have been using the services of Randall & Payne for 25 years. In this time, they have supported us with everything from our standard year-end accountancy through to business advice, consultancy, acquisitions and mergers. They have experts for every requirement and offer a wide range of services. With the team at Randall & Payne behind us, we can get on with doing what we do best – running our business.
The Partners and team at Randall & Payne simply gave us what we needed to turn our plans into reality. We are excited about the future and are already working with them on the next three-year plan.
