Advantages of using cloud accounting software

In addition to helping you comply with HMRC’s launch of Making Tax Digital (MTD) from April 2019, CBW is a strong advocate of cloud accounting which will also help our clients achieve the following:

  • Real time financial reporting – The accounting records remain in real time, at all times, which gives businesses a clear overview of their current financial position
  • Collaboration – Multi-user access makes it easy to collaborate online with various users and advisors
  • Reduced costs – Maintenance, system administration costs and server failures will no longer be an issue. Instead, these are managed by the cloud service provider
  • No version controls – With automatic updates, businesses can on save time & version upgrade costs
  • Data integrity – Everything is run online and is backed up automatically

Disadvantages of traditional desktop based accounting software

  • Often only one person or a limited number of users have access and therefore key people often can’t access financial information
  • The data in the system isn’t up to date and neither is the software
  • It only often works on one computer or one location and data files needs to be transferred from place to place
  • It’s costly compared to cloud based systems and complicated to keep backups
  • It’s difficult and time consuming to upgrade the software
  • Customer support is expensive

Disadvantages of keeping records in Excel

  • Difficult to spot errors
  • Not a double entry system
  • There’s no audit trail
  • Excel doesn’t integrate with other business applications such as inventory, ecommerce and payment systems
  • Transactions recorded in Excel are difficult to track

Further information

Contact a member of the team or email: cloud@cbw.co.uk to find out how our cloud accounting system could help you reduce the administrative burden of running a business.