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Getting started with cloud accounting

The benefits of cloud accounting are more obvious as time and technology move on.

So if you are taking the plunge with cloud accounting, the chances are you are making a significant change in how you manage your business.

In line with HMRC’s introduction of the Making Tax Digital (MTD) for VAT programme, many businesses are already using cloud accounting and bookkeeping software.

There are various cloud accounting systems for small to medium-sized businesses, like Xero, Quickbooks, FreeAgent and Sage that enable you to share data with your staff or accountant.

Make sure you get professional advice, your accountant will help as it is their interest for it to link with their software seamlessly. Migrating your business to the cloud means a lot of planning and attention to detail.

How will it work for you?

There are three varieties of cloud, public, private and hybrid. Public moves your data to the cloud vendor’s facility. Private creates an on-demand, virtual infrastructure on your premises. Hybrid is a combination of private and public clouds, perhaps to support periods of high demand.

What is the best app for you?

Get help assessing the app that meets your needs. One of the main benefits for businesses is that cloud accounting means a more efficient compliance workflow, reducing the chance of duplication. This means your accountant can spend more time advising on how to grow the business.

Planning the migration and testing

If your business is running well, you will need to minimise any disruption. Take a close look at your schedule and figure out how to best time your transition. Determine the order of migration, and set some deadlines and metrics to define success. Make sure you can operate both systems for a short while to cover major teething problems.

Plan for the unexpected

Plan for its impact on business users, and your operations team, and work out an action plan for problems. Also, prepare for the worst with a disaster recovery plan.

We hope you have found this series of articles on cloud accounting useful. We next plan a series of blogs on Corporation Tax in the next few weeks.

Need help getting started with cloud accountancy? Contact us today.


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