Cloud accounting represents, arguably, the biggest shake-up in the history of the accounting sector. This is no more aptly highlighted by HMRC’s Making Tax Digital scheme. First published in 2015, it’s hoped that by 2020, online accounting will completely revolutionise how commercial enterprises and people meet their fiscal responsibilities.
So, why is this such a big deal? Cloud accounting platforms allow businesses to manage their finances easily and efficiently – anywhere in the world. You can create invoices, pay creditors and manage your cash flow with just a few simple clicks. For example, using receipt capture technology, all expenditure is tracked and securely saved in the Cloud – meaning that you’ll never need to worry about any financial oversights – ever again.
The core benefits of Cloud accounting have been well publicised. However, for those left scratching their heads when they hear someone talk about receipt OCR or Cloud accounting, here are four solid reasons why you should take your commercial finances online.
Let’s start with the most obvious reason first – Cloud accounting will save you money. For starters, there are no expensive software upgrades or upfront licence fees. You won’t need to worry about repeatedly installing the latest software just to keep track of your liquidity and expenditure.
Any new features are instantly available to users, and all your files can be automatically saved to the Cloud, so you won’t need to spend money (and time) on data back-up. Cutting-edge technology is also assured at no extra cost as the technology is updated in real-time, giving you access to additional features that allow you to streamline processes at no extra cost. All of this for a nominal monthly subscription fee!
How much time have you spent looking for, and sifting through receipts, before handing them to your bookkeeper or account for processing? It’s not uncommon for employees to spend hours making sure all their receipts are accurately reimbursed after a business trip. This wastes valuable
Cloud accounting allows you to store and upload transactional data in just a few clicks – thanks to receipt OCR. You’ll never have to worry about losing a receipt again, and more importantly, spend hours finding and sifting through receipts for your reimbursement.
Not only that, Cloud accounting also allows you to integrate your bank account and credit card data into your accounting stream – saving you much time cross-referencing transactions using different statements.
We’d all like to be free of trudging into the office on a cold winter’s morning, shackled to our desk until the clock strikes five. Once thought to be a pipe dream, for many, this is now becoming a reality – thanks to a simple internet connection.
Accounting, however, is one sector that has been slower to join the party. However, Cloud accounting and receipt capture has allowed some too, not only manage their accounts but, their
business anywhere in the world.
View account balances, outstanding invoices, commercial expenditure and your retained profit anywhere in the world. Have you always had the dream of emigrating to Rome or Barbados, yet feel trapped, knowing you need to live near to where you work? The flexibility Cloud accounting affords will help you to get on the plane!
Real-Time Information – 24/7
Real-time information allows us to make quicker and smarter decisions – at the right time. It bolsters collaboration and allows you to keep up to speed with what’s happening inside your business, solving any issues immediately and striking whilst the iron’s hot.
Cloud accounting allows the sharing of real-time information between colleagues. Whether you’re using receipt OCR to capture and communicate your expenses to the accounts department or are prepping for that important meeting and need access to that important file, Cloud accounting has you covered!
These are just four of the reasons why your business needs to have Cloud accounting. If you’re yet to take the financial leap online, what’s stopping you? It will be one decision that you won’t regret.
To discover why AISCAN, a notable Cloud-based receipt scanning API, can help transform your business, click the “Email Us” button .