Cloud accounting’s advantages in the post-pandemic environment
The basic hallmark of successful organisations has always been excellent accounting, but in a time when so many firms are fighting for survival on a daily basis, cloud accounting is demonstrating its true value.
How cloud accounting benefits companies
Even if cloud accounting was quickly becoming a must-have for companies in good times, the epidemic has undoubtedly made it a game-changer for many. Cloud accounting services give business owners and their accountants quick access to the organisation’s financial information while they are under pressure and concerned about their financial security.
In essence, cloud accounting works by putting in place the infrastructure necessary to track financial information about your company in real-time. This can be configured so that the cloud automatically transfers the data to your accounts. The amount of human work needed to maintain financial records is significantly reduced as a result, enabling income and sales data, as well as expenditures, to be current on a daily, hourly, and even minute-by-minute basis. It also lessens the quantity of errors in the data brought on by incorrect human input. Even if there is a mistake, it can be identified in a matter of minutes.
Due to the fact that this financial data is accessible from anywhere and isn’t kept in a single location, it is also possible for various staff members and accountants to access it. Cloud accounting is a great approach to provide consistency and clarity when it comes to your finances while minimising the number of emails, phone calls, or meetings that need to be sent or held.
It is crucial that business owners have quick access to up-to-date financial data whether for looking at cashflow, submitting a VAT return or annual accounts.
Which cloud accounting service is best?
The answer to the issue of what makes the best cloud accounting solution truly relies on the size and nature of your company. A robust accounting software suite is available from Sage and is well supported by specialists and their flagship Intacct offering. The simplicity of usage and expansion potential, should more services be needed, are what make Sage’s Intacct such a great choice.
Maximising the use of Sage Intacct
It’s best to work with an accountant when it comes to Itacct to ensure you get the most out of the programme. Itacct is a fantastic tool that business owners who are knowledgeable about finances may want to use. But with a constantly shifting environment to consider, this is as good a time as any to leave the books in the hands of an experienced expert. We at Itas Solutions saw the likes of the recent pandemic as an emotionally charged period for our clients, and as a result, our accounting services have grown in importance as a resource for business owners in tumultuous times.
The Real Value of Virtual Finance Departments and Cloud Accounting
The coronavirus pandemic had accountants working overtime to provide their clients with crucial business advice and support, the crisis had also given the profession a chance to consider their capacity to provide full financial services to more businesses, especially small businesses, entirely remotely.
With offices closed over the pandemic period, it necessitated more dynamic and remote access for people who need to work on a business’ financial records and systems as well as those who need to obtain correct and current information to make financial decisions and you can’t do that if the information is stored on a server on the business premises.
Here at Itas Solutions, we take great satisfaction in being innovators in the field of digital accounting. We are proponents of tried-and-true smart technology and cloud accounting services and the financial advantages it offers companies. The advantages of essentially performing our entire finance role have probably never been so clear or commonplace before.
Remaining in the past
Clients sometimes turn to us because their previous accountants are obsessed on carrying on in the same manner. They want to maintain the archaic attitude of pen and paper since they were taught it, which prevents them from embracing new technology and eventually limits your potential for development. If any of this applies to you, it might be time to switch to a virtual financial department with Itas Solutions and Sage’s Intacct.
Or, to put it another way, you are paying for that service if your accountant is still manually inputting bank statements and then searching through ledgers to reconcile them. Although it costs you money, your company does not benefit from it.
The process of finishing clients’ basic accounts and tax returns has been made really simple and efficient by employing online software platforms. This gives your virtual finance department more time to concentrate on providing you with better value services, i.e., services that ACTUALLY create value to your organisation.
Modern business owners expect more from their accountants than just the fundamentals of accounting these days. In keeping with our digital need to know ‘now now now’ mentality, business owners now want more value from their advisors, and we want to be able to check our financial condition from anywhere, at any time of day.
What cloud accounting in the post pandemic world signifies to you
As you probably gather by now, spreadsheets and installing applications on a single computer are no longer necessary because you may access your account from any location with an internet connection. Create numerous users with role-based access so they can only see the information they need (another excellent security measure we love).
As we’ve also mentioned, all of your data is saved on the cloud server and is regularly backed up, so it is secure. Data is sent into and saved in “the cloud,” where it is processed and returned to you in real-time.
You can spread the cost of the software each month, which helps you manage your cash flow. You can pay monthly and begin using it right away.
You don’t need to do anything because the software is routinely updated as part of your subscription. As a result, if something changes, like auto-enrolment, the programme adapts as well, keeping you current without the help of an IT professional.
Automate the entire procedure and even combine it with your HR and payroll apps to produce payslips and other HMRC forms and say goodbye to laborious invoicing, reminders, and follow-up with creditors.
About Us
Here at Itas Solutions, it’s our passion to assist our clients in getting the most out of their Sage Intacct subscription as one of the authorised partners we will hold your hand as much or as little as you need.
We like it because of the types of different reports the system generates, the cloud-based accounting solution, multiple users can use the system at the same time and integration with other business systems means we’re big fans of Intacct.
We started off serving one client in 1995 and now services over 200 businesses across the UK. We are always available to assist our clients.
Itas is a business that our customers have trusted for more than 20 years, and we have expanded thanks to recommendations from them and IT professionals who value our educated but personalised service.
To discover more about how Itas can help your business with finance automation, Sage implementation, and increased purchasing management, contact us at info@itassolutions.co.uk, phone us at +44 (0) 1824 780 000, or send an email.
