Cloud Accounting

Changing the way we work

Cloud accounting is the most exciting thing to happen in accounting in recent years. It has revolutionised the way we work, record information and maintain records.

Many businesses may already be using cloud accounting software as part of HMRC’s requirements under Making Tax Digital for VAT, which came into force in April 2019, but there are many additional benefits of using a cloud-based system.

Cloud accounting systems use servers that securely store information online so that it can be accessed by business owners and their advisers anytime, anywhere.

A cloud accounting system is able to:

• Create real-time financial reports, providing all the information you need to hand – when you need it
• Set up automated bank feeds for effortless bank reconciliation
• Easily create invoices, record expenses and track cash flow online
• Provide easy access to your accounts on your desktop, smart phone or tablet
• Electronically store corresponding paperwork with transactions e.g. a HP agreement with a purchase
• Provide multi-user access so that you can collaborate online with your team and accountant
• Run everything online, with no software to install, backing up everything automatically
• Reduce upfront business costs – with no version upgrades, maintenance, system administration costs and server failures to worry about

Did you know?

There are lots of clever apps and add-ons that link to cloud-based accounting systems. They can help with filing, electronically scanning expense receipts while you’re on the move and even automate your inventory control. We haven’t come across one that makes the tea yet – but it may only be a matter of time!

An accountancy software package to meet your needs

We can also help you choose the right cloud option for your business and will also ensure that your processes are automated, saving you time and increasing efficiency.

We are proud to partner with Xero, Sage and QuickBooks. We also have an exciting partnership with DEXT – an invoice and receipt automated data capturing software which integrates with all cloud software models.

You may already have a preferred software provider or perhaps you are looking to find out more and discover which solution will best suit your business. Either way we have a wealth of experience and expertise on a wide variety of software packages and are able to support and help develop your systems so they are tailored to your business.

At Knights Lowe, we offer independent, non-biased information because we focus firmly on the needs of our clients.

Get in touch now to find out how we can help you take the next step into the cloud.

How can we help you with cloud-based accounting?

Transitioning to new software can seem daunting but our cloud accounting team are here to help. Whether you have an established family business or a start-up looking to scale up, we are able to provide a hands-on approach, ensuring your cloud-based system runs like clockwork and you and your staff are completely confident with how everything works.

The perfect partnership

We can also help you choose the right cloud option for your business and will also ensure that your processes are automated, saving you time and increasing efficiency.

We are proud to partner with Xero, Sage and Quickbooks. We also have an exciting partnership with Receipt Bank – an invoice and receipt automated data capturing software which integrates with all cloud software models.

Employee Expenses

Receipt Bank can also be used to record employee expenses making it easier for both you and your staff to keep track of expenditure. We can also advise what ‘apps’ and ‘add ons’ would be suitable depending on your accounting requirements.