Editor | 3 February 2017

Time to switch from spreadsheets to online accounting

If you work as a freelancer, or run your own small business, then using a spreadsheet may seem like the most natural bookkeeping solution.

And spreadsheets can work well, for a while.

Lots of freelancers and small business owners are rebelling against the finances spreadsheet and using cloud accounting software to reclaim their time and their sanity.

The winds are changing for small business finances. Here are four reasons for you to get on board with the online accounting revolution.

Cloud accounting is everywhere

And we don’t just mean everybody is using it.

Cloud accounting software stores data in the cloud. This means that it can be accessed anywhere, and on any device.

It means that you can check your cashflow on the go, pay your taxes from a beach in the Caribbean or get your accountant to check some figures without having to post lots of sensitive documents.

The online software is more secure as well. If your spreadsheet is on a laptop which is lost or stolen, then your accounts will be lost forever if you haven’t backed up. Or worse, your precious accounts could end up in the wrong hands.

Cloud accounting software comes with bank-level security features, and everything is backed up in the cloud so you will never lose your data.

Cloud accounting is easier

Spreadsheets are labour intensive. You have to enter everything data by hand, and if you want to automate anything then it takes a lot of research and formula writing, which isn’t easy.

Not only does this lead to more errors, but it also eats into more of your time that could be better spent growing the business.

Cloud accounting software is much more guided and there are a lot of automated features that save time.

Depending on which software you choose, you can generate and chase up invoices automatically, snap photos of your expense receipts and file them digitally and generate reports at the touch of a button.

Tax season is a breeze

We’ve all been there in the days and weeks before tax deadline day, struggling to gather all your receipts and invoices and hoping you don’t make a mistake before submitting to the taxman.

Tax season is a stressful time, but cloud accounting software can make it much simpler.

The software tracks your income and expenditure throughout the year and can give you an idea of how much you’ll need to pay on deadline day – minimising surprises.

Some software can even integrate into HMRC’s systems, enabling you to submit your VAT return and self-assessment to the taxman directly.

Cloud accountancy is supported

Spreadsheets don’t come with any help or support (except maybe Clippy, the Microsoft paperclip helper).

Online accountancy software, on the other hand, comes with lots of support. Cloud Accountant offers support packages where you get fully qualified accountants managing your books, always on the other end of the phone to answer your queries.

To find out more about Cloud Accountant’s software support packages please get in touch. Call: 0808 281 0303.