Can I Trust The Cloud?
Cloud based software has excelled so far that we can operate major parts of our businesses remotely, accountancy included. Keeping accounts online can mean easier access, quicker communications and real-time information from your accountant.
But the cloud also brings with it trust issues. For technology to help us in our business and personal accounting we have to trust it as we would want to trust our accountant.
We explore how the cloud has given new potential to accounting businesses, changing the way accountants and businesses work together and communicate.
The transparency of the cloud helps build a relationship of trust between accountant and client
One of the major benefits of cloud technology is it allows a client to see exactly what is happening in their accounts. An accountant cannot put a spin on the facts and figures to please their client. They have to be honest and they have to be good – if they’re not it will soon become evident.
This is a great step forward in the industry as it means accountants are functioning at their best level. It also creates an open line of communication between client and accountant. With this we are enabled to build upon the trust that is essential to working effectively together.
Everyone becomes more efficient
As cloud technologies allow you to update your accounts on the go and can be accessed on many different mobile devices, the filing process is often sped up. Small businesses and freelancers will often find that many of their transactions take place out of office so being able to update on a phone, tablet or laptop eliminates the process of having to go back to the office and start filing.
It also means you can file important documents away immediately, so fewer lost or misplaced invoices and receipts.
Though it is important to keep hard copies where you can for HMRC, having this technology means that business and accounting can very much live in the now.
Having information at the ready means you can also check if you’re eligible for certain tax deductions, keep an eye on your businesses incomings and outgoings and make decisions quickly with all the relevant information at your fingertips.
Your accountants can take on a more active role
As your accountant will have to spend less time filling out spreadsheets or filing they may find themselves taking on a more active role in SME management. They become almost like a business manager which means you get much more service for you money.
At 3 Wise Bears we are excited about being able to take a more hands-on approach. We aim to use our expertise to help with the financial management of companies so that they can function at their highest level.
Your information is backed up
Some people find the cloud a bit troubling as it conjures an image of their files being in some kind of immaterial ether. In a way this is true, but the facts is your work is backed up. It is safe from the coffee spills of the office or worse accidents that physical documents can fall victim to.
Cloud technology can only prosper if we can trust in it and thus it is in every cloud software company to make sure everything is entirely safe. This is why we use Xero, software that we know we can trust due to their success history and the awards that have been won.
