10 Sep How Covid-19 has revealed the true value of cloud accounting and virtual finance departments
While the coronavirus pandemic has accountants all over the world working overtime to provide their clients with critical business advice and support; the crisis has also given the profession an opportunity to reflect on their ability to provide full financial services to more businesses, especially small businesses, entirely remotely.
This requires more dynamic and remote access to a business’ financial records and systems by those needing to work on them as well as those that need to access accurate and up to date information to take financial decisions.
Here at Link Accounting in Banbury, we pride ourselves on being at the forefront of digital accountancy. We are advocates for tried and tested smart technology – particularly fintech – and the cost benefits it brings to businesses. The benefits of providing our full finance function virtually have probably never been so obvious or prevalent until now.
Stuck in the past
Clients often come to us because their old accountants are fixated on doing things as they always have done. They were trained in the traditional mindset of pen and paper and they like to keep it that way; ultimately failing to move forward with new technology and as a result limiting your potential for growth. If this rings true at all then it may be time to make a change to a virtual finance department.
Let me put it another way, if your accountant is still manually adding bank statements and then sifting through ledgers to reconcile them, you’re paying for that service. It is costing you money but not adding any value to your business.
By using online software, integrated fin-tech apps and online workflow platforms the process of completing clients’ basic accounts and tax returns has been made incredibly simple and efficient. Which means more time for your virtual finance department to focus on offering you higher value services; i.e. a service that DOES add value to your business.
These days modern business owners want more than just the accounting basics from their accountant.
In our highly connected digital world, where businesses can manage much of the financial workload themselves, the tech-savvy business owner wants more than just basic compliance services like annual accounts and tax returns.
Now business owners want more value from their advisers and in keeping with our digital need to know ‘now now now’ mindset, we want to be able to view our financial position from anywhere, at any time of day.
This is where cloud accounting and a ‘virtual finance department’ offering fulfil these needs.
Let’s all raise a glass for cloud accounting
Instead of an accountant checking in with your business occasionally at year-end and VAT return times – your virtual finance department will work collaboratively with you throughout the year to support your business growth.
For you, it means:
- No more spreadsheets or installing programmes on one machine– you can log into your account from anywhere with an Internet connection. Add multiple users to your account with role-based access so they only see what they need to (another great security measure).
- Data is sent into and saved in ‘the cloud’ where it is processed and returned to you in real-time – all your data is saved on the cloud server and constantly backed up – so its secure.
- You can pay monthly and start using it immediately – so you can spread the cost of the software from as little as £5 per month, which helps you manage your cash flow. (Or if you’d prefer to pay up front you get a great big discount.)
- The software is consistently updated (for free!) so you don’t have to do anything – this means if things change, for example auto-enrolment, the software does too, so you stay up to date without needing an IT team.
- No more manual invoicing, reminders and, following up with debtors–automate the whole process (really easily!) and even combine with your HR and Payroll applications to generate payslips and other HMRC documents.
The best bit? Cloud accounting software is built with non-accountants in mind – so it’s really easy to use.
How about a chat and a demo? We can show you just how intuitive it is… and if you like what you see we can have you set up, saving time and money in a couple of hours.