Cloud accounting first emerged some time in the late 2000’s. This was after decades of a small number of big players with stagnant, undeveloped software (apart from updates around red tape).
Cloud accounting gives many benefits to businesses including:
- Automating menial tasks adding up to hours
- Ability to access accounting data on the go
- Backups of accounting records taken care of
- Bank data feeding in automatically
- Constant development from software providers
- Integration with other cloud business applications
- Real-time access to accounting data
100% of our clients choose and love cloud accounting for these reasons.
What Cloud Accounting Software is available?
There are many software options for cloud accounting, including:
These are the four that we use internally here at Inspire CA. There are other alternatives available, and many more in development, but these four are what we find are best suited to our clients.
How do you move to Cloud Accounting?
The transition from a desktop based accounting system to a cloud accounting package is an art.
1. Choose your cloud accounting package
Firstly, you will want to make sure you’ve chosen the right package for your business. The best way to do this is to discuss your needs with an adviser.
Sidenote: there are many accounting firms and advisers who align themselves with only one brand (we were one of them!). Remember that it needs to be the best fit for your business, rather than the one with the most hype.
2. Prepare for the transition
Having helped over 100 businesses implement cloud solutions, the transition can be a bumpy ride.
I heard a saying recently from a friend who served in the military, “Time spent in reconnaissance is seldom wasted”. This saying remains true when transitioning to the cloud.
You need to consider:
- The date that you will transition to the cloud (called the ‘conversion date’)
- Training for your accounting team
- Other applications that will synchronise with your accounting package
- Support required for the first few months from your accountant
- Additional time you will need to get used to the system
We find that the first few weeks of implementing cloud accounting software can be draining, and we offer 24 hour turnaround support through our help center. We strongly encourage you to stick with it though, as after that on-boarding period, things are a breeze!
3. Take the leap
Once you’ve done all of your preparation and ideally worked in with your adviser, you’re ready to take the leap.
Ideally, you will have had the training before the conversion date, and your accountant will have set up the accounting package ready for you to start working in.
So step 3 is relatively easy – log in, and start crunching those numbers away! Oh, and don’t forget to lean on an adviser that has experience in your accounting package.