26 March 2018

Thinking differently about cloud accounting

Cloud accounting will transform your business but a package of companion apps can bring even more business benefits

Most companies will now have, at the very least, a broad understanding of cloud accounting and the benefits it can bring. Online accounting products such as Xero are becoming more widespread as businesses take advantage of their many efficiencies and capabilities in relation to their accounts and bookkeeping.

However, the real value to be had when adopting cloud accounting comes from the combined efficiencies and benefits of using products like Xero in conjunction with its ‘companion’ applications. There are now hundreds of apps available which not only enhance the benefits of cloud accounting packages, but multiply them.

These apps cover a whole range of important functions, not covered by the accounting package alone and integrate seamlessly eliminating the need for repeated data entry or endless spreadsheets. With the apps ‘talking’ to your accounts, they can, together, automate your data input or produce powerful and insightful reporting outputs in a practical format that helps business managers to make the most of their financial data.

We are no longer seeing online accounting as a single software solution but rather as a suite or package of products that form a vital joined-up approach to businesses’ financial processes. Taking advantage of the ‘app culture’ – much as we do in other aspects of our lives – allows businesses to pick and choose the right additional functionality for them to produce results that are greater than the sum of their parts.

As business advisers we believe these apps are critical and integral extensions to the accounting packages. They add real value to the process from data input, to processing, to output.

If you haven’t yet moved your accounting to the cloud, make sure you find the best package of products and apps for you. If you are in this position, or if you are thinking about integrating apps with your existing cloud accounting, speak to us and we can help.

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