FEATURE


ACCOUNTANCY SERVICES


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Cloud accounting software has been one of the biggest developments in the accountancy industry over the past decade. Dominic Staniforth (pictured), Partner at BHP Chartered Accountants, says it’s a trend that no business can afford to miss.


Today, almost every business, regardless of its shape or size, will use some form of accounting software, and these packages have evolved hugely in recent years. One of the biggest developments has undoubtedly been the shift towards cloud-based systems. Cloud accounting software packages store accounts


information entirely online, without the need for offline storage or applications. This means business owners can access accounts data remotely, via mobile devices and even through mobile apps. Such is the success of cloud accounting that it’s likely to replace traditional accounting software in the next few years because the advantages of these systems appeal to both large and small businesses. In the past, data would have to be manually inputted


into the software, detailing the money flowing in and out of the business, often with the user cross-referencing the data against the company’s bank statements. Today, though, manual data entry is becoming a thing of the past, freeing up valuable time for SME owners, financial personnel and administration teams. This is because cloud-based systems are now cash book


driven, meaning they integrate with online banking systems. They automatically ‘see’ when payments come in and go out of the bank and are helping to eradicate a lot of the paperwork traditionally associated with a company’s accounts. As a result, the data they hold is always completely up-


to-date, meaning high-quality management information is readily available whenever it’s required. Business leaders can have complete confidence in this financial information and therefore make smarter decisions on a daily basis. In addition, the information is sharable with other


26 business network February 2017


departments, and crucially it also enables businesses to proactively and successfully manage cash flow. As an accountancy practice, BHP regularly reviews this


data on behalf of its clients and offers information about client benchmarking and key performance indicators, as well as being able to immediately highlight any areas of concern that require attention. It also means BHP can have real-time conversations with clients about their finances. Most cloud-based systems are also very cost-effective,


which can be particularly important to SMEs and start-ups. Users pay a monthly subscription and can easily scale the number of users and system functionality up or down. There’s plenty of flexibility to turn applications and tools on or off, as and when they are required. Plus, as cloud systems develop, the technology is


constantly being improved, especially in terms of format and data analysis. System applications and add-ons are also in continuous development, as these relate to components such as payroll and credit card payments, this allows for systems to be completely tailored towards individual businesses. Recently, optical character recognition has also been


making strides into tax software. This technology can scan handwriting or images into readable text, meaning handwritten receipts can be uploaded straight into a cloud platform. This technology will continue to get better in 2017. All this combines to make it a very exciting time for the


accountancy industry and presents business owners and leaders with a fantastic opportunity to achieve a genuine 360-degree view of their company in a cost-effective way. It’s an opportunity that no forward-thinking business can afford to miss.


‘As cloud systems develop, the technology is constantly being improved, especially in terms of format and data analysis’


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