With Making Tax Digital (MTD) just around the corner, businesses are looking towards cloud accounting as the ideal solution to help with their transition to digital tax reporting.
However, cloud accounting can benefit companies in a number of other ways far beyond MTD. In fact, adopting a cloud accounting solution can help to completely revolutionise a business.
The multiple benefits of cloud accounting
Cloud accounting enables businesses to store all of their tax and financial information in one safe location online, which is accessible 24 hours a day.
This means that owners can view their accounts on the move via apps, keeping on top of their accounts whenever and wherever is convenient.
This ease of access can prove extremely beneficial during the decision-making process, as can many of the other features associated with online accounting, such as forecasting tools.
Other examples of the great benefits of cloud accounting include:

• Being able to deal with current and prospective clients on the go – managing debtors, compiling quotes, receiving payments and checking for cleared funds with a cloud-based platform such as Xero.
• Making business decisions with real-time information – with services like iwoca, you can apply for short-term finance of up to £200k to plug cashflow gaps, buy stock or make investments. This can take just a few minutes to apply; a manager reviews your accounts via direct connection to your cloud platform and can make an offer to you in hours – allowing you to draw funds 24/7.
• You can outsource your debtor management to services like Chaser from your cloud platform.
• Sales teams that are “on the road” can invoice and take payments with services like iZettle, Paypal, Gocardless – enabling real-time info to be reviewed back at base.

 
How can Grunberg & Co help?
Our team has been hosting regular Making Tax Digital workshops in recent months, which have educated new and existing clients alike on the benefits of our fully-optimised online accounting service. These include:

• Saving time – by being able to access online accounts in seconds.
• Improving organisation – by keeping all records in one place.
• Using the best software to suit you – with support for Xero, QuickBooks and Sage One.
• Agility improvements – by being able to access accounts ‘on the go’.
• Expert advice – from Grunberg & Co’s team of forward-thinking accountants and tax advisers.
• Secure service – thanks to certified online software with bank-level security and 24/7 customer support.
• Collaboration with accountants – as users can communicate with our team via the platform.

Of course, with so many different online accountancy platforms on the market these days, it can be difficult to differentiate between the various packages on offer.
At Grunberg & Co, we have been helping businesses to review the various systems to see whether they are a good fit for their organisation, whilst also ensuring they are compliant with the latest requirements of MTD.
If you would like to learn more about Grunberg’s cloud accounting services, why not contact us or join us at one of our upcoming free workshops today?