Gain financial clarity during COVID-19 and beyond with Cloud Accounting Technology 

 

The COVID-19 pandemic has hugely impacted all our lives and the way we do business.  Where possible, we are trying to adjust to a new normal, which means many of us are now working from home but still require remote access to accounting systems.

For many businesses, there has never been a more critical time to ensure accounting information is accurate and up to date, allowing business owners to make informed decisions to protect the business and its workforce during the lock down period and beyond.

Cloud accounting is allowing many businesses to maintain ‘business as usual’ when it comes to keeping on top of their finances.  It is not just about the base accounting package, but the key apps too which enhance the system and provide further benefits to the ability to have remote access. Together, an electronic finance function results in accurate real time accounting information, which is essential currently. The key features of a cloud accounting platform are:

  1. Xero – as Platinum partners, this is our preferred cloud accounting package.  A user-friendly software for non-accountants and accountants alike, where sales invoices can be raised, issued, and be chased electronically and all accounting information is stored and reconciled. Bank feeds in Xero allow banking transactions to flow into the software daily providing up to date information without the need to manually enter bank transactions.
  2. Receipt Bank – a data capture add on to Xero which reduces the need for manually entering receipts and invoices into your accounting system. Documents can be photographed, scanned, or directly emailed to the app. OCR technology is then used to ‘read’ the document and create the transaction that can then be published to your accounting system. Your purchase invoice is created in Xero through simply uploading the document to the app.
  3. Approval Max – invoice approval app that allows traditional manual invoice approval to continue to take place remotely, a critical control needed to preserve cashflow, especially at the current time.

If you are running your business using a desktop solution and finding it difficult to obtain financial clarity, it is still possible to transition to the cloud and start to feel in control once more.

We offer a full cloud conversion service which includes training and support that can be delivered remotely so you and your team can be up and running in a matter of days. We will also cover the cost of your subscriptions to all the above software for the first 3 months of using, reducing the cost commitment in the initial period.

If you would like to explore how cloud accounting technology can help you gain financial clarity and allow your business to function remotely, please contact Aaron Sutton (Author), Cloud Systems & Integration Advisor, asutton@garbutt-elliott.co.uk, for a free initial discussion.