Accounting technology is growing at a rapid rate. New cloud-based software is constantly being released and existing software is being updated and made more readily available. This means your accountants have more tools to quickly give you valuable information about the financials of your business.
What accounting technology is available?
Cloud based accounting packages are becoming more common for small business owners to employ. These allow information to be input into accounting software in multiple locations, allowing data to pass quickly from accountants to their clients and vice versa. This means small business owners can be confident that their data has been input correctly and is reliable. If desired this can then link with an app to allow employees to see up to date financial information about the company from their mobile devices anywhere they go.
How do these new cloud-based systems help small business owners?
Accurate information gives company directors and other decision makers a competitive advantage in the market. Having up to date information helps in cost planning and control. Reports can be generated that can show costs that are rising unexpectedly over a few weeks, and a problem can be correctly more quickly than otherwise. If a company is able to identify out of budget rising costs and take corrective action sooner than the competition, then the company will have more capital to work with to position themselves in the market.
The effect can also help on the sales side of business. If your accountant notices sales in a target area are lower this week compared to last week/month, the problem can be looked into before it grows. A result of this may be finding a competitor has a sales campaign that launched recently. Being able to draft your own plan in response and putting it into action quickly will give you an edge over firms who do not notice this for a couple months. All this just from faster accounting information!
Sounds great, where can I start?
Book an appointment to come talk to us about choosing the right software for your business. If you already have Sage or similar software and are interested in seeing what options are available we can help. It’s never too late to start seeing the benefits of cloud accounting and what it can do for your business.
This blog was written by Alan Novitzki, assistant accountant at the Chichester Accountants. Find out more about our cloud-based accounting solutions or get in touch with a member of the team to learn more about how our cloud accounting solutions can benefit your business. Call 01243 532490 or email firstname.lastname@example.org.
Tel: 01243 532 490
Professional Indemnity Insurers:
Hiscox Ltd Policy Ref:CHICIOWQ01
Territorial coverage is Worldwide excluding claims brought in USA/Canada.
Forum House, Stirling Road, Chichester, West Sussex, England, PO19 7DN
Company No: 07327325