The benefits of cloud-based accounting systems for SMEs

cloud-based accounting system is a package of software that you purchase the right to use but it is stored off-site on a remote server – the cloud – rather than on your desktop.  It’s cost-effective, can be simple to use, is secure, and provides all the relevant financial information you need at a click of a button. It has been said that small and medium-sized businesses are the biggest beneficiaries of cloud accounting for all of these reasons but cloud computing is not for every business. If you have minimal transactions, for example, or you are the type of person that just isn’t tech savvy, then we would strongly recommend retaining your manual spreadsheet as it is possible to get in an accounting pickle. However, if you’re a SME with manually intensive bookkeeping requirements, you can gain real benefits from implementing a cloud accounting system. Here are a few.  

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This is the time to take a Business MOT

We’re part way through the Covid19 lockdown. Easter is over and at the time of writing, we do not know exactly when quarantine will be eased. As the days stretch before us business owners, who may or may not be currently trading, there is time for many to give your company a MOT: to get prepared for the future, whatever this may bring.

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Accounts tools: Aged debtors report

Does your business make use of an Aged Debtors Report? All businesses compile annual accounts as part of their statutory duties. Many also use management accounting tools to improve their business performance, especially if they are mid-sized businesses. This type of financial report is often completed each month and sheds light on the effectiveness of current business strategies. Here we put one such tool, the Aged Debtors Report, into the spotlight.

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