Xero, Sage, QuickBooks – with so many cloud-based accounting software products on the market, it’s difficult to know which one will be the perfect fit. But how much does your decision really matter?
The truth is, your platform choices won’t define your success – it’s much more important to know how to use your software effectively. Let’s dive in.
How to make the most of your cloud-based accounting software
While every platform has its strengths and unique features, they have a few core goals: to streamline your financial processes and make your life easier. But how can you make the most of your cloud-based accounting software?
Automation, automation, automation
Pave the way to efficient financial management by taking advantage of all the automation tools your cloud accounting software has to offer.
With your online accounting software handling your routine data entry tasks behind the scenes, you’ll free up every business owner’s most valuable resource: time. You could spend those extra hours building relationships with clients, developing growth strategies or implementing marketing campaigns — the world is your oyster.
That’s not all. Whether it’s transaction categorisation or invoice processing, automation features can significantly enhance accuracy in your accounts. Say goodbye to human error and hello to data you can rely on.
Generate in-depth financial reports
Most cloud accounting software providers go beyond the accounting basics by offering robust financial reporting capabilities. Users can generate comprehensive reports and forecasts at the click of a button, providing insights into everything from sales trends to cashflow.
If you run a limited company, you can use these reports to help you meet your statutory reporting obligations to Company’s House – but that’s not all. With direct access to your business bank account, your software will create up-to-the-minute reports based on your real-time financial data. This paints a more accurate picture of your business’s performance, allowing you to make better-informed decisions that help you mitigate risk and move your business forward.
Combine technology with real-life expertise
Your accounting software can generate complicated reports and cashflow forecasts in the blink of an eye, but it can’t tell you how to interpret that financial data – at least, not with any real accuracy. If you want to unlock its full potential, you need to work with experts.
Accounting professionals know how to leverage technology to help you boost productivity, achieve your business goals and save you time. They can also keep you in line with new initiatives like Making Tax Digital.
With both technology and real-world accounting expertise on your side, you’ll gain an in-depth understanding of your business’s past, present and future.
And thanks to the remote nature of online accounting, you don’t need to be in the same room as your accountant to collaborate effectively. Most cloud accounting subscriptions let you add extra users, so you and your financial adviser can work on the same data at the same time, no matter where you are in the world.
Embrace innovation
Cloud-based accounting software is evolving at break-neck speed, and platforms are constantly introducing innovative accounting tools and building on existing capabilities to keep up.
While it’s tempting to stick with what you know, embracing change and trying new features can help you keep up with the latest advancements. If you’re unsure which tools to try, your accountant can help you get started.
Choose cloud-based accounting software that works for you
The perfect decision doesn’t exist, but finding software that works for you is still important. Understanding your business requirements, workflow nuances, and long-term goals is essential in helping you make an informed choice.
Those with growth ambitions should seek out cloud-based accounting software that can easily scale with their business. If you don’t consider yourself tech-savvy, you may prefer a platform provider that offers focused customer support and a user-friendly interface.
There’s no right or wrong choice when it comes to which platform to choose; it all boils down to what works best for you.
Cloud-based accounting software that works for you
If you’re still undecided, why not get in touch with us? With years of cloud accounting experience, we can help you find a solution that fits you like a glove.
Check out our comprehensive cloud-based accounting software services to find out more.
